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The Peoples Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Peoples Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Peoples Bank was founded in 1925 and its headquarters are located in Ripley, Mississippi. It handles $390 million in assets and deposits totaling $335 million, making it a small bank. The Peoples Bank 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.3 stars out of 5, The Peoples Bank proves it is a great bank that you should seriously consider. The Peoples Bank provides customers with a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Peoples Bank has a fair savings rate; you can find higher rates with other banks. Banks that offer free checking as well as a high savings APY are the best option for gaining the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

With a savings rate of 0.30%, The Peoples Bank ranks poorly compared to the average U.S. bank. The Peoples Bank's one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.40%, respectively, while its highest-yielding money market account earns at a rate of 0.50%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How The Peoples Bank's Savings Rates Compare

The Peoples Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on The Peoples Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.5
SmartAsset Average: 3.7

The Peoples Bank is a brick-and-mortar bank, with six total branches in Mississippi. It also offers access to mobile and web apps for simple access and banking on the go. The Peoples Bank gets positive ratings from customers for its mobile platform. The The Peoples Bank mobile app has an overall rating of 5.0 out of 5 (out of 7 ratings on Apple and Android) compared to the national average of 3.8. The Peoples Bank's mobile app lets you control your finances by checking account balances, transferring money as well as accessing customer service. The Peoples Bank receives an outstanding consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

The Peoples Bank is currently a small bank owning $390 million in assets as well as deposits totaling $335 million. Its Texas Ratio is 0.98%, signifying that the bank is in excellent financial well-being and far from failure. Additionally, The Peoples 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 The Peoples Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $2500
Checking Account 0.15% APY $1500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.40% APY
$500 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

The Peoples 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. The Peoples 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. The Peoples Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a The Peoples Bank Near Me

The Peoples Bank has six branches in the U.S.

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