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Platte Valley Bank Review

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Platte Valley Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1996, Platte Valley Bank has $567 million in assets along with $464 million in deposits, ranking it as a medium-size bank. Platte Valley Bank, whose headquarters are in Scottsbluff, Nebraska, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 stars out of 5, Platte Valley Bank proves it is a great choice and should warrant serious consideration. Platte Valley Bank has a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Platte Valley Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best option for returning the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

Platte Valley Bank features a savings rate of 0.50%, which is fair in comparison to the national average. Platte Valley Bank's CDs feature a rate of 2.01% and 3.02% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.60%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Platte Valley Bank's Savings Rates Compare

Platte Valley Bank Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Platte Valley Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Platte Valley Bank is perfect for those who want a basic banking experience. For those who routinely visit the ATM, Platte Valley Bank is perfect because it has no out-of-network ATM fees. Additionally, at $25.00, Platte Valley Bank's overdraft fee is significantly lower than the average U.S. overdraft fee. Platte Valley Bank reimburses any incurred out-of-network ATM charges, making ATM withdrawals a free and simple process.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $25.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Platte Valley Bank is a brick-and-mortar bank, with seven total bank locations in Nebraska. With mobile and web apps, Platte Valley Bank makes mobile banking easy, even on the go. Platte Valley Bank gets unsatisfactory reviews from users for its mobile banking services. Out of 7 customer reviews on both Apple and Android platforms, the Platte Valley Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). Platte Valley Bank's mobile app lets you manage your finances by monitoring monthly statements, transferring funds and accessing customer service. Platte Valley Bank receives an excellent consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Platte Valley Bank is currently a medium-size bank and manages $567 million in assets as well as $464 million in deposits. It has a strong Texas Ratio of 7.84%, signifying a small opportunity of failure. Additionally, Platte Valley Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.84%
High Risk 75% 50% 20% 10% Low Risk

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 Platte Valley Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $1
Checking Account 0.15% APY $500
Certificates of Deposit
  • 12 Month: 2.01% APY
  • 24 Month: 2.36% APY
  • 36 Month: 2.57% APY
  • 48 Month: 2.62% APY
  • 60 Month: 3.02% APY
$1000 for all terms
Money Market Accounts 0.5% APY 0.6% APY $10000 $15000

Platte Valley 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. Platte Valley Bank does not have the best savings rate, which means you should think about other options 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. Platte Valley Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Platte Valley Bank Near Me

Platte Valley Bank has seven branches in the U.S.

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