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Prosperity 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
Prosperity Bank Savings
0.40% APY

Prosperity Bank runs more than 200 full-service branches throughout Texas and Oklahoma. Here, you can find anything you’d expect to find at a major national bank.

Prosperity offers checking, saving and money market accounts as well as certificates of deposit (CDs). You can also open one of several individual retirement account (IRA) options. In addition, the bank also offers several lending and mortgage products.

And to keep with the times, Prosperity Bank provides its customers with access to the some of the latest mobile and online banking features. 

However, you may not find the best savings accounts here. Still, you can find very decently-priced banking products that can help you get your finances on track.

Products Offered

Product Key Features
Savings Account
  • One savings account and two money market options
  • Tired interest rates on one money market account 
Certificates of Deposit
  • Terms range from 30 days to five years
  • Decent interest rates
Money Market Accounts
  • Two options
  • One account generates a tiered interest rate
Checking Accounts
  • Seven choices
  • Free Checking option available
  • Bank allows you to avoid monthly fees by keeping different minimum balances across these accounts
IRA
  • Several options to choose from including Roth IRAs

Prosperity Bank Interest Rate Comparison


Prosperity Bank Overview

Prosperity Bank can trace its roots back to 1983. It still calls Houston home. But the bank currently runs 234 full-service branches throughout Texas and Oklahoma. They offer everything from checking and savings accounts to IRAs and other investment products. 

You can also apply for a mortgage or loan with Prosperity Bank. As a tech forward bank, Prosperity also offers different online and mobile banking features. 

The bank’s website also allows you to manage your accounts online, report a debit card lost or stolen and use savings calculators to help you manage your finances.

Bank Account Features

Prosperity Bank offers seven total checking accounts. So you’re likely to find something that meets your needs here. Your options include a bare-bones account with no monthly fees, one designed for minors, and a premium account with some additional features like the ability to earn interest. The bank also waives monthly service fees across several of these accounts as long as you meet certain minimum balance requirements. Its basic savings options aren’t the strongest out there, but you can find decent rates on CDs. 

Compare Prosperity Bank to Other Competitive Offers

Prosperity Savings

Key Features Details
Minimum Deposit $200 
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees $3 minimum balance fee unless you keep at least $200 in your account 
Current Terms and Rates 0.40% APY

Prosperity Savings stands as Prosperity Bank's basic savings account. You can open one with a minimum of $200. And the bank will waive the $3 minimum balance fee as long as you keep that amount in your account. 

However, you may face a few minor roadblocks to accessing your funds. For instance, you can make three free debit card transactions per month. Anything breaching that level would result in a $2 fee. Still, you get to make free withdrawals at any Prosperity Bank ATM. 

Keep in mind, however, that federal law limits most types of savings and money market account transactions, including withdrawals, to six per month.

Premier Money Market

Key Features Details
Minimum Deposit $25,000
Access to Your Money Market Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees 20 monthly maintenance fee unless you keep a minimum balance of $10,000 
Current Terms and Rates
  • For balances of less than $10,000: 0.15% APY
  • For balances between $10,000 and $24,999.99: 0.35% APY
  • For balances between $25,000 and $49,999.99: 0.60% APY
  • For balances between $50,000 and $99,999.99: 0.75% APY
  • For balances between $100,000 and $249,999.99: 0.85% APY
  • For balances between $250,000+: 0.90% APY

The Premier Money Market account unfortunately is not one of Prosperity Bank’s most effective savings options. For starters, you need a large minimum balance of $25,000 to open one. Most similarly sized banks allow much smaller minimums to open their basic money market account. 

Plus its current peak APY of 0.90% requires a large balance of more than $250,000. The best online high-yield savings accounts typically offer better rates with less strict requirements In addition, this account doesn’t come with bill pay functionality. Today, this a basic feature offered by most banks. 

However, you can avoid the hefty $20 monthly maintenance fee if you keep at least $10,000 in your account. 

Prosperity Money Market

Key Features Details
Minimum Deposit $2,500
Access to Your Money Market Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees $10 monthly maintenance fee unless you keep at least $2,500 in your account  
Current Terms and Rates 0.65% APY

Prosperity Money Market account doesn’t fair much better than its Premier counterpart. You can open one with a minimum deposit of $2,500. However, it generates a moderately high APY of 0.65%. Although it can’t compete with most online savings accounts, it offers a better rate than several brick-and-mortar banks.

This account also offers easier access to your funds. In fact, it functions like a checking account that also earns a little bit of interest. You can also bypass the $10 monthly maintenance fee by keeping at least $2,500 in your account.

Prosperity Bank Certificates of Deposit (CD)

Key Features Details
Minimum Deposit $1,000 
Access to Your CD Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly fee, but early withdrawal penalties will apply
Current Terms and Rates Under $10,000
  • 30 Days: 0.45% APY
  • 90 Days: 0.45% APY
  • 180 Days: 0.75% APY
  • 1 Year: 0.85% APY
  • 18 Months: 0.90% APY
  • 2 Years: 0.95% APY
  • 3 Years: 1.15% APY
  • 5 Years: 1.36% APY
$10,000 - $24,999.99
  • 30 Days: 0.40% APY
  • 90 Days: 0.60% APY
  • 180 Days:  1.05% APY
  • 1 Year: 1.15% APY
  • 18 Months: 1.21% APY
  • 2 Years: 1.31% APY
  • 3 Years: 1.41% APY
  • 5 Years: 1.61% APY
$25,000 - $49,999.99
  • 30 Days: 0.45% APY
  • 90 Days: 0.65% APY
  • 180 Days: 1.15% APY
  • 1 Year: 1.31% APY
  • 18 Months: 1.36% APY
  • 2 Years: 1.46% APY
  • 3 Years: 1.56% APY
  • 5 Years: 1.76% APY
$50,000 - $74,999.99
  • 30 Days: 0.45% APY
  • 90 Days: 0.65% APY
  • 180 Days: 1.40% APY
  • 1 Year:1.66% APY
  • 18 Months: 1.71% APY
  • 2 Years: 1.76% APY
  • 3 Years: 1.81% APY
  • 5 Years: 1.91% APY
$75,000 - $99,999.99
  • 30 Days:0.45% APY
  • 90 Days: 0.65% APY
  • 180 Days: 1.40% APY
  • 1 Year: 1.66% APY
  • 18 Months: 1.71% APY
  • 2 Years: 1.76% APY
  • 3 Years: 1.81% APY
  • 5 Years: 1.91% APY
$100,000+
  • 30 Days:0.55% APY
  • 90 Days: 0.75% APY
  • 180 Days: 1.51% APY
  • 1 Year: 1.76% APY
  • 18 Months: 1.81% APY
  • 2 Years: 1.86% APY
  • 3 Years: 1.91% APY
  • 5 Years: 2.02% APY

At Prosperity Bank you can open a certificate of deposit (CD) account for terms spanning from as little as 30 days to as long as five years. Across the board, Prosperity Bank offers decent interest rates for its CDs. 

But as with most bank CDs, these savings vehicles tend to earn the most interest rates when you invest for a long period. For example, you can open a five-year CD at Prosperity Bank with a current APY of 1.36%.

But remember that taking your money out before your term ends triggers an early withdrawal penalty. The extent of that penalty depends on several factors, such as the term length of your CD and the time at which you made the withdrawal. As with any bank, these penalties tend to be hefty. So always try to avoid taking money out of your CD before its term ends. 

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit $1,000 
Access to Your CD Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly fee, but early withdrawal penalties will apply
Current Terms and Rates Under $10,000
  • 30 Days: 0.45% APY
  • 90 Days: 0.45% APY
  • 180 Days: 0.75% APY
  • 1 Year: 0.85% APY
  • 18 Months: 0.90% APY
  • 2 Years: 0.95% APY
  • 3 Years: 1.15% APY
  • 5 Years: 1.36% APY
$10,000 - $24,999.99
  • 30 Days: 0.40% APY
  • 90 Days: 0.60% APY
  • 180 Days:  1.05% APY
  • 1 Year: 1.15% APY
  • 18 Months: 1.21% APY
  • 2 Years: 1.31% APY
  • 3 Years: 1.41% APY
  • 5 Years: 1.61% APY
$25,000 - $49,999.99
  • 30 Days: 0.45% APY
  • 90 Days: 0.65% APY
  • 180 Days: 1.15% APY
  • 1 Year: 1.31% APY
  • 18 Months: 1.36% APY
  • 2 Years: 1.46% APY
  • 3 Years: 1.56% APY
  • 5 Years: 1.76% APY
$50,000 - $74,999.99
  • 30 Days: 0.45% APY
  • 90 Days: 0.65% APY
  • 180 Days: 1.40% APY
  • 1 Year:1.66% APY
  • 18 Months: 1.71% APY
  • 2 Years: 1.76% APY
  • 3 Years: 1.81% APY
  • 5 Years: 1.91% APY
$75,000 - $99,999.99
  • 30 Days:0.45% APY
  • 90 Days: 0.65% APY
  • 180 Days: 1.40% APY
  • 1 Year: 1.66% APY
  • 18 Months: 1.71% APY
  • 2 Years: 1.76% APY
  • 3 Years: 1.81% APY
  • 5 Years: 1.91% APY
$100,000+
  • 30 Days:0.55% APY
  • 90 Days: 0.75% APY
  • 180 Days: 1.51% APY
  • 1 Year: 1.76% APY
  • 18 Months: 1.81% APY
  • 2 Years: 1.86% APY
  • 3 Years: 1.91% APY
  • 5 Years: 2.02% APY

You can begin investing in your post-work nest egg at Prosperity Bank by opening one of its several individual retirement account (IRA) options. For example, the bank offers traditional IRAs as well as Roth IRAs. 

Traditional IRAs are funded with pre-tax dollars, so they could potentially reduce your taxable income. In addition, the interest your account earns is tax-free. By investing in a Roth IRA option, on the other hand, your qualified eligible withdrawals are tax-free. You can also take out your contributions penalty free. 

However, most IRS allows most qualified withdrawals when you reach the age of 59.5. Seek a qualified financial advisor for guidance on how best to invest in these tax-advantaged savings vehicles. 

Checking Accounts at Prosperity Bank 

Key Features Details
Minimum Deposit
  • Simply Free Checking, e-Checking, Personal Checking: $100
  • Royal Checking: $200 
  • Checking with Interest: $1,500
  • Interest Checking Plus: $1,500 
  • Teen Checking: $25
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • Simply Free Checking: No monthly maintenance fee
  • e-Checking:$10 monthly maintenance fee unless you sign up for eStatements or direct deposit
  • Personal Checking: $10 monthly maintenance fee unless you maintain a $500 minimum balance
  • Royal Checking: $10 monthly maintenance fee
  • Checking With Interest: $10 monthly maintenance fee unless you maintain a $1,500 minimum balance
  • Interest Checking Plus: $15 monthly maintenance fee unless you maintain a $10,000 minimum balance
  • Teen Checking: $5 monthly maintenance fee unless you sign up for eSatements
Current Terms and Rates
  • Checking With Interest: 0.10% APY
  • Interest Checking Plus:
  • $ 0 - $99,999.99  APY 0.10%
  • $ 100,000 - $249,999.99: APY 0.20%
  • $ 250,000+: 0.25% APY

With seven checking options to choose from, you should be able to find the right checking account for you at Prosperity Bank. 

One of its most convenient options is the Simple Free checking account. With this option, you’d pay no monthly maintenance fee. In addition, you won’t have to worry about keeping a minimum balance. However, you’d pay $5.95 for bill pay features. You also get to make unlimited withdrawals and check writing. 

The e-Checking option may suit those who are tech savvy or like to handle a lot of their banking online. As long as you opt in for statements or set up direct deposit, you won’t face a monthly maintenance fee. 

Prosperity Bank also offers a Personal Checking account. This bare bones account offers no bells and whistles. But it’s very easy to manage. As long as you keep a minimum balance of $500, you can avoid the monthly maintenance fee. You also get free bill pay and free online banking. 

But those very loyal to Prosperity Bank may be interested in the Royal Checking account. You can open one with $200 and you won’t need to keep a minimum balance. In addition, you get the following services free of charge. 

  • Online and mobile Banking
  • Bill Pay
  • Personalized Checks (1 Box Per Order)
  • Cashier's Checks
  • Notary Services and Overdraft Transfers
  • Free Money Orders (Where Available)
  • Overdraft Transfers
  • Discounted Safe Deposit Box Services
  • No Foreign ATM Surcharge Fees

And as their names imply, the Checking with Interest and Interest Checking Plus accounts generate APYs. However, they are not high enough to launch these options in the realm of the best checking accounts available today. In addition, you need at least $1,500 to open one. You also have to keep that balance in order to avoid the $10 monthly maintenance fee for the Checking with Interest option. In addition, the Interest Plus Checking account collects interest on a tiered basis. So you can earn more as your balance grows. 

The teen checking account is designed for customers between the ages of 13 to 17. It’s a simple account that charges no monthly service fees, and it has no minimum balance requirement.

Where Can I Find Prosperity Bank? 

Prosperity Bank provides deposit products to individuals and small-to-medium sized businesses throughout the states of Texas and Oklahoma. In total, the bank runs more than 200 full-service branches. 

What Can You Do Online With Prosperity Bank?

Prosperity Bank offers a full suite of online and mobile services. Through these platforms, you can do everything you’d expect to get done via an online banking experience. You can check your balance, pay bills, cover loans and more. You can also report your card lost or stolen. 

How Do I Access My Money?

You can access your funds online as well as through Prosperity Bank’s more than 200 branches. In addition, you can also withdraw funds via the bank’s hundreds of ATMs. 

How Can I Save More Money With a Prosperity Bank Account?

Unfortunately, Prosperity Banks savings and money market accounts don’t generate too much interest. However, you can earn a decent return if you invest in a long-term CD or IRA. In addition, the bank's website offers helpful tools like savings calculators to help you manage your money. Most of the bank’s checking accounts either charge no monthly maintenance fee or give you a chance to avoid these charges.

What’s the Process for Opening an Account With Prosperity Bank?

Most Prosperity Bank accounts can be opened at physical branches. You can log on to the bank’s website and type in your local zip code to find the nearest locations.

What’s the Catch? 

The catch at Prosperity Bank is that you won’t necessarily find the best money market accounts or savings options with high rates. On the other hand, most checking and savings accounts are very easy to manage. Most require low opening deposits and low minimum balances-if at all. Plus, the bank gives you several ways to waive monthly service fees. And you have the convenience of dedicated professionals scattered throughout more than 200 branches in two states. So you really get the backing of a community bank with strong ties to its locals. However, you may want to look elsewhere to find savings options with decent rates. 

Bottom Line 

If personalized customer service and convenient online banking mean a lot to you, Prosperity Bank is a great option to consider. Plus, the bank offers several inexpensive deposit options from checking accounts to long-term CDs and a variety of IRAs designed for different savers. But don’t let the relative small size of its footprint fool you. You can also find loan, mortgage and investment options at Prosperity Bank. 

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