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Pilot Grove Savings Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Pilot Grove Savings Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Pilot Grove Savings Bank started in 1911 with headquarters located in Pilot Grove, Iowa. It handles $589 million in assets and deposits totaling $524 million, classifying it as a medium-size bank. Pilot Grove Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Pilot Grove Savings Bank is a top-tier bank that warrants a strong look, with a score of 4.5 stars out of 5 from our experts. Pilot Grove Savings Bank provides customers with a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Pilot Grove Savings Bank's standard checking account does not have a monthly charge. Using a bank with no-fee checking and a high savings APY is the best bet for returning the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.8
SmartAsset Average: 3.5

Pilot Grove Savings Bank has a savings rate of 0.25%, which is poor as compared against the national average. Its one-year CD earns at a rate of 1.51% and the five-year CD has a rate of 3.02%, while its highest-yielding money market account has a rate of 0.25%. Given Pilot Grove Savings Bank's noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Pilot Grove Savings Bank's Savings Rates Compare

Pilot Grove Savings Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Pilot Grove Savings Bank charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Pilot Grove Savings Bank's checking account is ideal for people who want an easy banking experience. Pilot Grove Savings Bank does not reimburse out-of-network ATM charges, which means you will need to find a Pilot Grove Savings Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Pilot Grove Savings Bank is a brick-and-mortar bank, with 13 total branches in Iowa. It also offers access to mobile and web apps for straightforward access and banking on the go. Pilot Grove Savings Bank's online and mobile banking platforms receive reasonably good ratings from customers. Out of 32 customer reviews on both Apple and Android platforms, the Pilot Grove Savings Bank mobile app rates a 4.3 out of 5 (compared to the national average of 3.8). Pilot Grove Savings Bank's mobile app allows you to manage your bank accounts by looking at account balances, transferring funds and reaching customer service. Pilot Grove Savings Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Pilot Grove Savings Bank is a medium-size bank and handles $589 million in assets and deposits totaling $524 million. Pilot Grove Savings Bank has an excellent Texas Ratio of 1.76%, denoting a low probability of failure. Additionally, Pilot Grove Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Pilot Grove Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.25% APY $1000
Certificates of Deposit
  • 12 Month: 1.51% APY
  • 24 Month: 2.01% APY
  • 36 Month: 2.52% APY
  • 48 Month: 2.77% APY
  • 60 Month: 3.02% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Pilot Grove Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Pilot Grove Savings Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Pilot Grove Savings Bank's CD rates are fair compared to the average U.S. bank.

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Find a Pilot Grove Savings Bank Near Me

Pilot Grove Savings Bank has 13 locations across the U.S.

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