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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

Platte Valley Bank started in 1925 and its headquarters are located in Torrington, Wyoming. It handles $373 million in assets as well as deposits totaling $319 million, ranking it as a small bank. Platte Valley Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.4 stars out of 5, Platte Valley Bank is a solid pick to be your bank. Platte Valley Bank provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Platte Valley Bank's ordinary checking account does not have a monthly fee. Banks that offer free checking, in addition to a high savings APY are the best bet for getting the highest income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

4.4
SmartAsset Average: 3.5

Platte Valley Bank has a savings rate of 0.50%, which is fair compared to the national average. Its one-year CD earns at a rate of 2.01% and the five-year CD has a rate of 3.02%, while its highest-yielding money market account earns at a rate of 0.60%. Given its noncompetitive 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 generally has extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who often withdraw money from the ATM, it is perfect because it charges no out-of-network ATM fees. Also, it has an overdraft fee of $25.00, which is considerably lower than the national average. Platte Valley Bank refunds any incurred out-of-network ATM charges, which means handy access to cash at any time.

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

3.7
SmartAsset Average: 3.7

Platte Valley Bank is a brick-and-mortar bank, with six total branches in Wyoming. It also offers access to mobile and web apps for simple access and banking on the go. Platte Valley Bank's online and mobile banking services receive moderate feedback from users. Out of 13 customer reviews across both iOS and Android platforms, the Platte Valley Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Platte Valley Bank's mobile app lets you control your bank accounts by looking at current statements, transferring funds and accessing support representatives. Platte Valley Bank receives a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Platte Valley Bank is a small bank with $373 million in assets and $319 million in deposits. Platte Valley Bank's Texas Ratio is 8.46%, suggesting that the bank is in good financial health and unlikely to fail. 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

8.46%
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 $100
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 including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Platte Valley Bank does not have the best savings rate, which means you should think about looking 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. Platte Valley Bank's CD rates are fair compared to the average U.S. bank.

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Find a Platte Valley Bank Near Me

Platte Valley Bank has six locations in the U.S.

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