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Provident State Bank Review

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Provident State Bank Savings
0.11% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Provident State Bank first started operating in 1904 with headquarters located in Preston, Maryland. Provident State Bank has $408 million in assets along with deposits totaling $322 million, ranking it as a small bank. Provident State 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 in-person service, in addition to its online and mobile apps. SmartAsset experts rated Provident State Bank 3.5 stars out of 5, which means it is an acceptable bank choice, but may leave you wanting more. Provident State Bank provides customers with the complete package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Provident State Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a $5.95 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Banks that offer no-fee checking as well as a high interest rate savings account are the best option for gaining the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Provident State Bank has a savings rate of 0.11%, which is fair in comparison to the national average. Provident State Bank's one-year CD has a rate of 0.55% and the five-year CD has a rate of 2.02%, while its highest-yielding money market account has a rate of 0.09%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Provident State Bank's Savings Rates Compare

Provident State Bank Savings 0.11 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Provident State Bank charges customers high fees compared to the average U.S. bank. Its checking account has a monthly fee of $5.95, making it fair for anyone looking for a simple account. Provident State Bank doesn't refund out-of-network ATM fees, which means you will have to find a Provident State Bank ATM or accept the withdrawal fee.

Monthly Fee $5.95 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

4.0
SmartAsset Average: 3.7

Provident State Bank is a brick-and-mortar bank, with eight total bank locations. It also offers access to mobile and web apps for simple access and banking on the go. Provident State Bank's online and mobile banking services get moderately good ratings from users. The Provident State Bank mobile app is rated at 4.0 out of 5 (with 8 customer reviews on iOS and Android) compared to the national average of 3.8. Provident State Bank's mobile app lets you manage your bank accounts by reviewing account balances, transferring funds and reaching customer service. Provident State Bank gets an excellent consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
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 State Bank ranks as a small bank with $408 million in assets as well as $322 million in deposits. Its Texas Ratio is 8.00%, indicating a tiny possibility of failure. Additionally, Provident State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.0%
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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.11% APY $25
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.26% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Accounts 0.09% APY 0.09% APY $10000 $15000

Provident State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Provident State 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. Provident State Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Provident State Bank Near Me

Provident State Bank has eight locations across the U.S.

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