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Providence Bank Review

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Providence Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Providence Bank first started operating in 1888 and its headquarters are located in Columbia, Missouri. It has $967 million in assets and $753 million in deposits, classifying it as a medium-size bank. Providence 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 access to service representatives at a physical location, in addition to its online and mobile apps. We gave the bank a 4.4 stars out of 5, which means Providence Bank is a solid pick to be your bank. Providence Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Providence Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Providence Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for getting the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.30%, Providence Bank ranks poorly compared to other U.S. banks. Providence Bank's one-year CD has a rate of 1.25% and the five-year CD earns at a rate of 1.60%, while its highest-yielding money market account earns at a rate of 0.30%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Providence Bank's Savings Rates Compare

Providence Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Providence Bank has typically extremely low fees in comparison to other U.S. banks. With no monthly fee, Providence Bank is perfect for those who want a simple banking experience. Providence Bank doesn't refund out-of-network ATM charges, which means you'll be required to search for a Providence Bank ATM or eat the cost of withdrawal.

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

3.7
SmartAsset Average: 3.7

Providence Bank is a brick-and-mortar bank, with 13 total bank locations in Illinois, Missouri and Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. Providence Bank's online and mobile banking services get moderate marks from customers. The Providence Bank mobile app rates a 3.5 out of 5 (with 11 customer reviews on Apple and Android) compared to the national average of 3.8. Providence Bank's mobile app lets you control your finances by checking current statements, transferring money and accessing customer service. Providence Bank receives an outstanding consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Providence Bank ranks as a medium-size bank and manages assets totaling $967 million and $753 million in deposits. Providence Bank's Texas Ratio is 2.29%, denoting that the bank is in excellent financial well-being and far from failure. Additionally, Providence 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 Providence Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.60% APY
$1000 for all terms
Money Market Account 0.25% APY $10000

Providence Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Providence Bank does not have the best savings rate, which means you should consider other options 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. Providence Bank's CD rates are fair compared to the average U.S. bank.

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Find a Providence Bank Near Me

Providence Bank has 13 physical locations in the U.S.

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