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Progressive Bank 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
Progressive Bank Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Progressive Bank first started operating in 1975 with its headquarters in Monroe, Louisiana. It manages assets of $525 million as well as $436 million in deposits, classifying it as a medium-size bank. Progressive Bank lacks premium access to support representatives, 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. SmartAsset experts rated Progressive Bank 4.5 stars out of 5, indicating that it is among the best banks, and should be given strong consideration. Progressive Bank has the complete slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Progressive Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly fee. Using a bank with free checking and a high savings APY is the best option for gaining the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.2
SmartAsset Average: 3.5

Progressive Bank has a savings rate of 0.40%, which is poor in comparison to the national average. Its CD rates are 1.40% and 2.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.50%. Given Progressive Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Progressive Bank's Savings Rates Compare

Progressive Bank Savings 0.40 National Average 0.26 Compare Offers
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Fees

4.6
SmartAsset Average: 4.4

Progressive Bank generally has extremely low fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Also, at $35.00, its overdraft fee is lower than the national average. Progressive Bank does not refund out-of-network ATM charges, which means you'll be required to search for a Progressive Bank ATM or pay the fee.

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

4.3
SmartAsset Average: 3.7

Progressive Bank is a brick-and-mortar bank, with seven total bank locations in Louisiana. With mobile and web apps, Progressive Bank makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Progressive Bank gets high praise from customers for its mobile app. With 25 ratings on iOS and Android platforms, the Progressive Bank mobile app has an overall rating of 4.7 out of 5 (compared to the national average of 3.8). You can use Progressive Bank's mobile app to control your finances by monitoring monthly statements, transferring money as well as reaching support representatives. Progressive Bank gets an excellent consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
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

Progressive Bank is a medium-size bank and manages assets totaling $525 million as well as deposits totaling $436 million. Progressive Bank's Texas Ratio is 0.58%, denoting a negligible possibility of failure. Additionally, Progressive 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.

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Compare Progressive Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $1
Checking Account 0.35% APY $1000
Certificates of Deposit
  • 12 Month: 1.40% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.15% APY
$1000 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

Progressive Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Progressive Bank 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. Progressive Bank's CD rates are fair as compared against the national average.

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Find a Progressive Bank Near Me

Progressive Bank has seven physical branches across the U.S.

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