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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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
There is insufficient data on The Peoples Bank's fees to provide a full SmartAsset rating.
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.
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.Back to Overview
Compare The Peoples Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.3% APY||$2500|
|Checking Account||0.15% APY||$1500|
|Certificates of Deposit|| ||$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.Back to Overview
Find a The Peoples Bank Near Me
The Peoples Bank has six branches in the U.S.Back to Overview