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Progress Bank and Trust Review

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Progress Bank and Trust Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Progress Bank and Trust started in 2008 and is headquartered in Huntsville, Alabama. Progress Bank and Trust manages $1 billion in assets as well as $825 million in deposits, which makes it a medium-size bank. Progress Bank and Trust lacks premium access to customer service, 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 apps. Coming in at a commendable 4.2 stars out of 5, Progress Bank and Trust is a solid contender in your bank search. Progress Bank and Trust offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Progress Bank and Trust has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a $3.00 monthly fee, which is acceptable as compared against the national average. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best option for returning the most income from your deposits alongside easy access to your funds.

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

3.5
SmartAsset Average: 3.5

With a savings rate of 0.10%, Progress Bank and Trust ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 1.25% and the five-year CD earns at a rate of 2.00%, while its highest-yielding money market account has a rate of 0.15%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Progress Bank and Trust's Savings Rates Compare

Progress Bank and Trust Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

Progress Bank and Trust typically has low fees as compared against the national average. Progress Bank and Trust's checking account has a monthly fee of $3.00, making it slightly worse for anyone looking for a hassle-free account. For those who often withdraw money from the ATM, Progress Bank and Trust is ideal because it charges no out-of-network ATM fees. Progress Bank and Trust unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to locate a Progress Bank and Trust ATM or pay the fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Progress Bank and Trust is a brick-and-mortar bank, with nine total bank locations in Alabama and Florida. It also offers access to mobile and web apps for simple access and banking on the go. Progress Bank and Trust's online and mobile banking services receive moderate marks from users. With 6 ratings across both iOS and Android platforms, the Progress Bank and Trust mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). You can use Progress Bank and Trust's mobile app to manage your finances by looking at monthly statements, transferring money as well as accessing customer service. Progress Bank and Trust receives an exceptional consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Progress Bank and Trust is a medium-size bank owning assets totaling $1 billion as well as deposits totaling $825 million. Progress Bank and Trust's Texas Ratio is 1.65%, suggesting that the bank is in terrific financial well-being and far from failure. Additionally, Progress Bank and Trust 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 Progress Bank and Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1000
Checking Account 0.1% APY $2000
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.46% APY
  • 36 Month: 1.71% APY
  • 48 Month: 1.75% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Progress Bank and Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Progress Bank and Trust 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. Progress Bank and Trust's CD rates are fair compared to other U.S. banks.

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Find a Progress Bank and Trust Near Me

Progress Bank and Trust has nine branches across the U.S.

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