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Progressive Bank Review

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

Overview

Progressive Bank started in 1975 and has its headquarters in Monroe, Louisiana. Progressive Bank has assets of $525 million as well as deposits totaling $436 million, which makes it a medium-size bank. Progressive Bank 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. With a score of 4.5 out of 5 stars, Progressive Bank should be solidly in contention for your choice of bank. Progressive Bank provides customers with the full slate of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Progressive Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Progressive Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for accruing the most income on your deposits alongside convenient access to your funds.

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 compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.40% and 2.15%, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given its poor savings rate, you should consider choosing another bank 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 charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Progressive Bank's checking account is perfect for people who need a hassle-free checking account. Additionally, it has an overdraft fee of $35.00, which is on par with the national average. Progressive Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to find a Progressive Bank ATM or accept 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 branches in Louisiana. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Progressive Bank gets positive ratings from customers for its online presence. Out of 25 ratings across Apple and Android platforms, the Progressive Bank mobile app rates a 4.7 out of 5 (compared to the national average of 3.8). Progressive Bank's mobile app lets you control your funds by reviewing current statements, sending and receiving money and accessing support representatives. Progressive Bank gets a superb consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 ranks as a medium-size bank with $525 million in assets and deposits totaling $436 million. It has an excellent Texas Ratio of 0.58%, signifying a minute probability 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 Account 0.5% APY $2500

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 compared to other U.S. banks.

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Find a Progressive Bank Near Me

Progressive Bank has seven locations across the U.S.

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