Premier Bank (WV) Review

Premier Bank Savings

0.10% APY

Started in 1998, Premier Bank has $1 billion in assets as well as deposits totaling $915 million, which makes it a medium-size bank. Premier Bank, whose headquarters are in Huntington, West Virginia, does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Premier Bank is a fair bank that does not compare with some of the larger banks at a score of 3.3 stars out of 5 from the SmartAsset experts. 

Premier Bank provides customers with a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking account maintains a monthly fee of $7.95, although banks sometimes have requirements that allow you to waive the fee. Why keep checking and savings accounts with one bank? Seamless transferring between the two accounts translates to higher interest rates in your savings account with the ability to spend from your checking.

Service Quality

Premier Bank is a brick-and-mortar bank, with 33 total bank locations in District Of Columbia, Maryland, Virginia and West Virginia. With mobile and web apps, Premier Bank makes mobile banking convenient, even on the go.  

Premier Bank receives moderately high marks from customers for its mobile app: the Premier Bank mobile app has an overall rating of 3.6 out of 5 (with 33 customer reviews on iOS and Android) compared to the national average of 3.8. Premier Bank's mobile app allows you to manage your finances by looking at account balances, sending and receiving funds and accessing support representatives. Premier Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Premier Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Premier Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

With a savings rate of 0.10%, Premier Bank ranks below the mean as compared against the national average. Its one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 2.25%, while its highest-yielding money market account earns at a rate of 0.35%. Premier Bank has a fair savings rate, which means other popular banks have higher rates. Think about taking a look at other banks for savings accounts.

Fees

Premier Bank charges customers high fees compared to other U.S. banks. Its standard non-interest bearing checking account has a monthly fee of $7.95, which makes it fair for anyone looking for a hassle-free account. 

Financial Health

Premier Bank ranks as a medium-sized bank and handles $1 billion in assets as well as deposits totaling $915 million. Premier Bank has a good Texas Ratio of 21.88%, indicating that Premier Bank is in satisfactory financial condition. Additionally, Premier Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Premier Bank Near Me

Premier Bank has 33 physical branches across the U.S.