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Platte Valley Bank of Missouri Review

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Platte Valley Bank of Missouri Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Platte Valley Bank of Missouri was founded in 1933 with its headquarters in Platte City, Missouri. Platte Valley Bank of Missouri handles assets of $552 million as well as deposits totaling $461 million, which makes it a medium-size bank. Platte Valley Bank of Missouri lacks premium access to support representatives, 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. On the whole, Platte Valley Bank of Missouri is a solid contender in your bank search, with a rating of 4.2 stars out of 5 from the SmartAsset experts. Platte Valley Bank of Missouri offers a mixture of banking products, 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 interested in stress-free personal checking, Platte Valley Bank of Missouri's most basic checking does not carry a monthly charge. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best bet for gaining the most income from your deposits alongside convenient access to your money.

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

2.9
SmartAsset Average: 3.5

Platte Valley Bank of Missouri features a savings rate of 0.05%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 0.30% and the five-year CD has a rate of 1.10%, while its highest-yielding money market account earns at an APY of 0.05%. Given Platte Valley Bank of Missouri's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Platte Valley Bank of Missouri's Savings Rates Compare

Platte Valley Bank of Missouri Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Platte Valley Bank of Missouri has generally extremely low fees compared to the national average. With no monthly fee, Platte Valley Bank of Missouri is perfect for those who want a basic checking account. Platte Valley Bank of Missouri doesn't reimburse out-of-network ATM charges, meaning you'll need to locate a Platte Valley Bank of Missouri ATM or eat the ATM charge.

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

4.0
SmartAsset Average: 3.7

Platte Valley Bank of Missouri is a brick-and-mortar bank, with nine total branches in Missouri. With mobile and web apps, Platte Valley Bank of Missouri makes mobile banking straightforward, even on the go. Platte Valley Bank of Missouri's online and mobile banking services receive fairly high marks from customers. The Platte Valley Bank of Missouri mobile app has an overall rating of 4.1 out of 5 (with 74 ratings on Apple and Android) compared to the national average of 3.8. You can use Platte Valley Bank of Missouri's app to manage your bank accounts by checking monthly statements, transferring money as well as accessing support representatives. Platte Valley Bank of Missouri gets a superb consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
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

Platte Valley Bank of Missouri is currently a medium-size bank and has assets totaling $552 million and deposits totaling $461 million. Platte Valley Bank of Missouri has an excellent Texas Ratio of 0.10%, indicating a low chance of failure. Additionally, Platte Valley Bank of Missouri 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 Platte Valley Bank of Missouri to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $50
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.10% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Platte Valley Bank of Missouri has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Platte Valley Bank of Missouri 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 of Missouri's CD rates are fair in comparison to the national average.

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Find a Platte Valley Bank of Missouri Near Me

Platte Valley Bank of Missouri has nine physical locations across the U.S.

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