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The Peoples Bank Review

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The Peoples Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1925, The Peoples Bank has assets totaling $390 million along with deposits totaling $335 million, which makes the institution a small bank. The Peoples Bank, whose headquarters are in Ripley, Mississippi, 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 in-person service, in addition to its online and mobile apps. We ranked the bank at a 4.3 stars out of 5, which means The Peoples Bank is a solid contender in your bank search. The Peoples Bank provides customers with the complete slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Locating a bank with no-fee checking and a high interest rate savings account is the best bet for accruing the highest income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.30%, The Peoples Bank ranks poorly in comparison to other U.S. banks. 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 has an APY of 0.50%. Given The Peoples Bank's noncompetitive savings rate, you should consider choosing another bank 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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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

SmartAsset Average: 3.7

The Peoples Bank is a brick-and-mortar bank, with six total branches in Mississippi. With mobile and web apps, The Peoples Bank makes account access straightforward, even on the go. The Peoples Bank receives positive scores from users for its mobile platform. Out of 7 customer reviews across iOS and Android platforms, the The Peoples Bank mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). The Peoples Bank's mobile app lets you control your bank accounts by checking current statements, transferring money and reaching customer service. The Peoples Bank receives an excellent consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

SmartAsset Average: 4.8

The Peoples Bank ranks as a small bank owning assets totaling $390 million and $335 million in deposits. Its Texas Ratio is 0.98%, suggesting a minute likelihood of 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 Account 0.5% APY $2500

The Peoples Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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 compared to the national average.

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Find a The Peoples Bank Near Me

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

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