Preferred Bank Review

Overview

Preferred Bank was founded in 1991 and is headquartered in Los Angeles, California. Preferred Bank handles assets of $4 billion and deposits totaling $3 billion, classifying it as a large bank. Preferred Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at an average 3.9 stars out of 5, Preferred Bank is a good bank that gets the job done. Preferred Bank offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for getting the most income from your deposits alongside easy access to your funds.

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

With a savings rate of 0.20%, Preferred Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 2.32%, while its highest-yielding money market account has an APY of 0.30%. Given Preferred Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Preferred Bank's Savings Rates Compare

There is insufficient data on Preferred Bank's fees to provide a full SmartAsset rating.

Preferred Bank is a brick-and-mortar bank, with 13 total bank locations in California and New York. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 5:30 p.m. PT. You can use Preferred Bank's app to manage your funds by checking account balances, sending and receiving funds as well as reaching support representatives. Preferred Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Preferred Bank is currently a large bank and manages $4 billion in assets and $3 billion in deposits. Preferred Bank's Texas Ratio is 2.75%, suggesting a low likelihood of failure. Additionally, Preferred 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.

Products Offered

Preferred Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Preferred Bank does not have the best savings rate, which means you should consider 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. Preferred Bank's CD rates are fair compared to the national average.

Find a Preferred Bank Near Me

Preferred Bank has 13 physical branches in the U.S.