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Preferred Bank Review

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Preferred Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Preferred Bank was founded in 1991 with its headquarters in Los Angeles, California. It handles $4 billion in assets as well as $3 billion in deposits, making it a large bank. Preferred Bank lacks premium access to support representatives, 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. We gave Preferred Bank a 3.9 stars out of 5, suggesting it is a good bank that deserves your consideration. Preferred Bank has a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Preferred Bank has a fair savings rate; other popular banks have higher rates. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best option for accruing the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

4.2
SmartAsset Average: 3.5

Preferred Bank features a savings rate of 0.20%, which is fair in comparison to other U.S. banks. Preferred Bank's one-year CD earns at a rate of 2.00%, while its highest-yielding money market account has a rate of 0.30%. Given Preferred Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Preferred Bank's Savings Rates Compare

Preferred Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

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

Monthly Fee N/A 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

2.5
SmartAsset Average: 3.7

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 provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 8:30 a.m. to 5:30 p.m. PT. Preferred Bank's mobile app lets you manage your accounts by checking monthly statements, transferring money as well as accessing support representatives. Preferred Bank gets an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.9
SmartAsset Average: 4.8

Preferred Bank is a large bank owning assets totaling $4 billion and $3 billion in deposits. Its Texas Ratio is 2.75%, denoting that Preferred Bank is in terrific financial well-being and unlikely to fail. 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.

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Compare Preferred Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.2% APY $1
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.30% APY
$1000 for all terms
Money Market Account 0.2% APY $1

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 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. Preferred Bank's CD rates are fair compared to the average U.S. bank.

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Find a Preferred Bank Near Me

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

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