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Primebank Review

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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
Primebank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Primebank first started operating in 1901 with headquarters located in Le Mars, Iowa. It has $424 million in assets and deposits totaling $368 million, making it a medium-size bank. Primebank 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 offerings. At a SmartAsset rating of 4.2 out of 5 stars, Primebank should be solidly in contention for your choice of bank. Primebank has a complete 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 compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for getting the most income on your deposits while having 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

4.5
SmartAsset Average: 3.5

Primebank has a savings rate of 0.50%, which is fair in comparison to other U.S. banks. Primebank's one-year and five-year term lengths CDs earn at a rate of 1.75% and 2.75%, respectively, while its highest-yielding money market account has a rate of 0.80%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Primebank's Savings Rates Compare

Primebank Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Primebank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Primebank is perfect for people who want a basic banking experience. Primebank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll be required to locate a Primebank ATM or eat the withdrawal 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
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Service Quality

2.5
SmartAsset Average: 3.7

Primebank is a brick-and-mortar bank, with three total bank locations in Iowa. It also offers access to mobile and web apps for straightforward access and banking on the go. Primebank's mobile app lets you manage your finances by reviewing monthly statements, sending and receiving funds as well as reaching support representatives. Primebank receives an excellent 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.

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

Primebank is a medium-size bank and handles $424 million in assets and $368 million in deposits. Its Texas Ratio is 3.04%, suggesting that the bank is in outstanding financial health and improbable to fail. Additionally, Primebank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.04%
High Risk 75% 50% 20% 10% Low Risk

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 Primebank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $1
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.45% APY
  • 48 Month: 2.65% APY
  • 60 Month: 2.75% APY
$10000 for all terms
Money Market Accounts 0.7% APY 0.8% APY $10000 $15000

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

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Find a Primebank Near Me

Primebank has three physical locations across the U.S.

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