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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

Provident Savings Bank started in 1956 with headquarters in Riverside, California. It has assets of $1 billion along with deposits totaling $922 million, making it a medium-size bank. Provident Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at an average 3.7 stars out of 5, Provident Savings Bank is an average bank that leaves room for improvement. Provident Savings Bank has the full package 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 product has a $4.95 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Locating a bank with no-fee checking, in addition to a high savings APY is the best option for getting the highest income on your deposits alongside 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

Provident Savings Bank has a savings rate of 0.05%, which is fair compared to the average U.S. bank. Provident Savings Bank's one-year CD earns at a rate of 0.15% and the five-year CD has a rate of 1.15%, while its highest-yielding money market account has a rate of 0.15%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

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 typically has high fees compared to the national average. At $4.95/month, Provident Savings Bank's checking account is less than the best product for people who want an easy banking experience. Also, Provident Savings Bank has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Provident Savings Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to find a Provident Savings Bank ATM or eat 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 branches in California. With mobile and web apps, Provident Savings Bank makes account access convenient, even on the go. It does not have 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's online and mobile banking platforms receive moderate feedback from customers. With 65 ratings on Apple and Android platforms, the Provident Savings Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). You can utilize Provident Savings Bank's mobile app to control your finances by looking at monthly statements, sending and receiving funds and reaching customer service. Provident Savings Bank gets an outstanding consumer satisfaction score due to relatively few 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 is currently a medium-size bank owning $1 billion in assets as well as deposits totaling $922 million. Provident Savings Bank's Texas Ratio is 7.31%, denoting a tiny chance of failure. 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 Accounts 0.05% APY 0.15% APY $10000 $15000

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 think about looking 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. Provident Savings Bank's CD rates are fair as compared against the national average.

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Find a Provident Savings Bank Near Me

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

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