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The Peoples Bank Review

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The Peoples Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


The Peoples Bank was founded in 1896 with headquarters located in Biloxi, Mississippi. The Peoples Bank manages assets of $647 million and $530 million in deposits, which makes it a medium-size bank. The Peoples Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, The Peoples Bank is a respectable bank that deserves your consideration, with a score of 4.1 out of 5 stars from the SmartAsset team. The Peoples Bank provides customers with a mixture of banking products, including savings accounts, checking accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, The Peoples Bank offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best bet for gaining the most income from your deposits while having convenient access to your money.

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

The Peoples Bank features a savings rate of 0.15%, which is fair compared to the average U.S. bank. The Peoples Bank's one-year CD earns at a rate of 1.95% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account has a rate of 0.60%. Given The Peoples Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Peoples Bank's Savings Rates Compare

The Peoples Bank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

The Peoples Bank has typically extremely low fees compared to other U.S. banks. With no monthly fee, The Peoples Bank is ideal for people who want a simple banking experience. For those who visit the ATM often, The Peoples Bank is perfect because it charges no out-of-network ATM fees. Also, at $32.00, its overdraft fee is markedly lower than the average overdraft fee charged by U.S. banks. The Peoples Bank doesn't reimburse out-of-network ATM fees, which means you'll need to search for a The Peoples Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

The Peoples Bank is a brick-and-mortar bank, with 19 total bank locations in Mississippi. It also offers access to mobile and web apps for a straightforward mobile-banking experience. The Peoples Bank's online and mobile banking services get fair feedback from customers. The The Peoples Bank mobile app rates a 3.6 out of 5 (out of 31 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize The Peoples Bank's mobile app to manage your accounts by reviewing current statements, transferring money as well as reaching support representatives. The Peoples Bank receives a superb consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
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 is currently a medium-size bank owning assets totaling $647 million and deposits totaling $530 million. The Peoples Bank's Texas Ratio is 24.25%, denoting that The Peoples Bank is in decent financial health. 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

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 The Peoples Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.06% APY $2500
Certificates of Deposit
  • 12 Month: 1.95% APY
  • 24 Month: 2.17% APY
  • 36 Month: 2.30% APY
  • 48 Month: 2.45% APY
  • 60 Month: 2.75% APY
$2500 for all terms
Money Market Account 0.55% APY $10000

The Peoples Bank has several deposit products including savings accounts, checking 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 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. The Peoples Bank's CD rates are fair as compared against the national average.

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Find a The Peoples Bank Near Me

The Peoples Bank has 19 branches in the U.S.

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