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Provident Savings Bank Review

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Provident Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1956, Provident Savings Bank has $1 billion in assets along with deposits totaling $922 million, making it a medium-size bank. Provident Savings Bank, whose headquarters are in Riverside, California, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With an average 3.7 out of 5 stars, Provident Savings Bank proves it is an average bank that leaves room for improvement. Provident Savings Bank provides customers with a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Provident Savings Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $4.95, making it a rather pricey bank for checking. Using a bank with no-fee checking, in addition to a high savings APY is your best bet for gaining the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Provident Savings Bank ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.15% and 1.15%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Provident Savings Bank's Savings Rates Compare

Provident Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Provident Savings Bank charges its customers high fees as compared against the national average. At $4.95 per month, Provident Savings Bank's checking account is not ideal for people who need an easy banking experience. Additionally, Provident Savings Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Provident Savings Bank unfortunately does not refund out-of-network ATM charges, which means you'll have to locate a Provident Savings Bank ATM or pay the cost of withdrawal.

Monthly Fee $4.95 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

3.9
SmartAsset Average: 3.7

Provident Savings Bank is a brick-and-mortar bank, with 14 total bank locations in California. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. PT; Saturday, and 10:00 a.m. to 2:00 p.m. PT. Provident Savings Bank receives fair marks from users for its mobile app. With 65 ratings on Apple and Android platforms, the Provident Savings Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). Provident Savings Bank's mobile app lets you control your bank accounts by checking account balances, sending and receiving funds and accessing support representatives. Provident Savings Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Provident Savings Bank ranks as a medium-size bank owning assets totaling $1 billion and $922 million in deposits. Its Texas Ratio is 7.31%, indicating that Provident Savings Bank is in fine financial shape and improbable to fail. Additionally, Provident Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.31%
High Risk 75% 50% 20% 10% Low Risk

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 Provident Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.03% APY $2500
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.70% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.15% APY
$10000 for all terms
Money Market Account 0.05% APY $10000

Provident Savings 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. Provident Savings 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. Provident Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Provident Savings Bank Near Me

Provident Savings Bank has 14 locations in the U.S.

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