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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

Established in 1888, Providence Bank has assets totaling $967 million and $753 million in deposits, which makes it a medium-size bank. Providence Bank, whose headquarters are in Columbia, Missouri, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave the bank a 4.4 out of 5 stars, indicating that Providence Bank is a solid contender in your bank search. Providence Bank provides customers with the complete package of banking products, including 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 looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly charge. Obtaining a checking account with no monthly fee and 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

4.4/5
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 the national average. Providence Bank's one-year CD earns at a rate of 1.25% and the five-year CD has a rate of 1.60%, while its highest-yielding money market account earns at a rate of 0.30%. Given its noncompetitive 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 typically has extremely low fees compared to the national average. With no monthly fee, Providence Bank is perfect for those who want a basic banking experience. Providence Bank does not refund out-of-network ATM fees, meaning you will be required to search for a Providence Bank ATM or eat the withdrawal fee.

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 an easy mobile-banking experience. Providence Bank's online and mobile banking platforms get fair scores from users. The Providence Bank mobile app scored a 3.5 out of 5 (out of 11 ratings on Apple and Android) compared to the national average of 3.8. You can access Providence Bank's app to manage your finances by checking account balances, sending and receiving funds and accessing support representatives. Providence Bank gets an excellent consumer satisfaction rating due to comparatively few complaints reported to 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 is currently a medium-size bank owning $967 million in assets as well as deposits totaling $753 million. It has an excellent Texas Ratio of 2.29%, suggesting that the bank is in excellent financial shape and unlikely to fail. 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 Accounts 0.25% APY 0.3% APY $10000 $15000

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 think about 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 other U.S. banks.

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Find a Providence Bank Near Me

Providence Bank has 13 locations in the U.S.

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