Prosperity Bank Review

Overview

Founded in 1949, Prosperity Bank has $37 billion in assets and deposits totaling $18 billion, ranking it as a very large bank. Prosperity Bank, whose headquarters are in El Campo, Texas, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.4 out of 5 stars, Prosperity Bank proves it is a solid contender in your bank search. Prosperity Bank provides customers with the full slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Prosperity Bank's ordinary checking account does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best bet for accruing the most income on your deposits alongside easy access to your funds.

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

Prosperity Bank features a savings rate of 0.20%, which is fair as compared against the national average. Prosperity Bank's CD rates are 1.15% and 2.07% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given Prosperity Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Prosperity Bank's Savings Rates Compare

Prosperity Bank charges customers low fees compared to the average U.S. bank. With no monthly fee, Prosperity Bank's checking account is perfect for people who need a hassle-free banking experience. For those who often frequent the ATM, it is less than ideal because it has an out-of-network ATM fee of $3.00, which is less than the best option compared to the national average. Additionally, at $35.00, its overdraft fee is lower than the average overdraft fee charged by U.S. banks. Prosperity Bank does not reimburse out-of-network ATM fees, meaning you will have to find a Prosperity Bank ATM or eat the withdrawal fee.

Prosperity Bank is a brick-and-mortar bank, with 272 total branches in Oklahoma and Texas. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. CT; Saturday, and 9:00 a.m. to 5:00 p.m. CT. Prosperity Bank receives fairly decent ratings from customers for its mobile app. With 58,228 ratings across iOS and Android platforms, the Prosperity Bank mobile app has an overall rating of 4.3 out of 5 (compared to the national average of 3.8). Prosperity Bank's mobile app lets you control your finances by looking at account balances, sending and receiving funds as well as accessing customer service. Prosperity Bank receives a superb consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Prosperity Bank is a very large bank owning assets totaling $37 billion as well as $18 billion in deposits. It has an excellent Texas Ratio of 0.96%, suggesting that Prosperity Bank is in superb financial shape and far from failure. Additionally, Prosperity 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.

Products Offered

Prosperity Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Prosperity Bank does not have the best savings rate, which means you should think about 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. Prosperity Bank's CD rates are fair in comparison to the average U.S. bank.

Find a Prosperity Bank Near Me

Prosperity Bank has 272 locations across the U.S.