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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

Established in 2008, Progress Bank and Trust has assets totaling $1 billion and deposits totaling $825 million, classifying the institution as a medium-size bank. Progress Bank and Trust, whose headquarters are in Huntsville, Alabama, 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 offerings. With a score of 4.2 stars out of 5, Progress Bank and Trust should be solidly in contention for your choice of bank. Progress Bank and Trust has a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a monthly fee of $3.00, which is acceptable in comparison to the national average. Finding an institution with no-fee checking as well as a high savings APY is the best option for accruing the highest income from 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

3.5
SmartAsset Average: 3.5

Progress Bank and Trust has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Progress Bank and Trust's one-year CD earns at 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 an APY of 0.15%. Given Progress Bank and Trust's below average savings rate, you should consider choosing another bank 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 charges its customers low fees compared to the national average. At $3.00 per month, Progress Bank and Trust is not ideal for those who want a simple banking experience. For those who often withdraw money from the ATM, it is perfect because it has no out-of-network ATM fees. Progress Bank and Trust unfortunately doesn't reimburse out-of-network ATM charges, which means you will have to locate a Progress Bank and Trust ATM or accept 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 branches in Alabama and Florida. With mobile and web apps, Progress Bank and Trust makes mobile banking easy, even on the go. Progress Bank and Trust receives moderate reviews from customers for its online presence. With 6 customer reviews across both iOS and Android platforms, the Progress Bank and Trust mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). Progress Bank and Trust's mobile app allows you to control your funds by monitoring current statements, sending and receiving funds as well as accessing support representatives. Progress Bank and Trust gets a superb consumer satisfaction rating based on 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 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 ranks as a medium-size bank with assets totaling $1 billion as well as $825 million in deposits. It has an excellent Texas Ratio of 1.65%, denoting a negligible likelihood of 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: 1.35% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.75% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Account 0.15% APY $25000

Progress Bank and Trust has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Progress Bank and Trust does not have the best savings rate, which means you should consider 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 as compared against the national average.

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Find a Progress Bank and Trust Near Me

Progress Bank and Trust has nine physical locations in the U.S.

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