Loading
Tap on the profile icon to edit
your financial details.

Prime Meridian Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Prime Meridian Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Prime Meridian Bank first started operating in 2008 and has its headquarters in Tallahassee, Florida. It has $347 million in assets and $314 million in deposits, ranking it as a small bank. Prime Meridian 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 4.3 stars out of 5, Prime Meridian Bank is a solid contender in your bank search. Prime Meridian Bank has a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. Prime Meridian Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Prime Meridian Bank offers an option without a maintenance or monthly fee. Banks that offer free checking and a high savings APY are your best bet for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

Prime Meridian Bank features a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. Prime Meridian Bank's one-year CD has a rate of 1.01%, while its highest-yielding money market account has a rate of 0.40%. Given Prime Meridian Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Prime Meridian Bank's Savings Rates Compare

Prime Meridian Bank Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Prime Meridian Bank typically has extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Prime Meridian Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will need to search for a Prime Meridian Bank ATM or eat the fee.

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
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

Prime Meridian Bank is a brick-and-mortar bank, with three total branches in Florida. With mobile and web apps, Prime Meridian Bank makes mobile banking easy, even on the go. Prime Meridian Bank gets relatively satisfactory reviews from customers for its mobile app. The Prime Meridian Bank mobile app is rated at 4.0 out of 5 (out of 3 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Prime Meridian Bank's app to control your finances by looking at account balances, transferring money and reaching customer service. Prime Meridian Bank receives a superb consumer satisfaction score due to 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 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Prime Meridian Bank is currently a small bank and handles assets totaling $347 million and deposits totaling $314 million. Prime Meridian Bank has an excellent Texas Ratio of 0.37%, denoting a minute chance of failure. Additionally, Prime Meridian 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.

Back to Overview

Compare Prime Meridian Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.31% APY
  • 36 Month: 1.41% APY
  • 48 Month: 1.51% APY
$500 for all terms
Money Market Accounts 0.35% APY 0.4% APY $10000 $15000

Prime Meridian Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Prime Meridian 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. Prime Meridian Bank's CD rates are fair in comparison to other U.S. banks.

Back to Overview

Find a Prime Meridian Bank Near Me

Prime Meridian Bank has three locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure