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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


Started in 1896, The Peoples Bank has $647 million in assets as well as deposits totaling $530 million, classifying the institution as a medium-size bank. The Peoples Bank, whose headquarters are in Biloxi, Mississippi, 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 offerings. With a score of 4.1 out of 5 stars, The Peoples Bank should be solidly in contention for your choice of bank. The Peoples Bank provides customers with multiple banking products, which include savings accounts, checking accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly maintenance fee. Banks that offer no-fee checking and a high interest rate savings account are your best option for returning the highest income on your deposits alongside easy 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 in comparison to the national average. The Peoples Bank's one-year CD has a rate of 2.05% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account earns at a rate of 0.80%. Given The Peoples Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

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

On average, The Peoples Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, The Peoples Bank is perfect for those who want a simple banking experience. For those who often frequent the ATM, The Peoples Bank is ideal because it charges no out-of-network ATM fees. Additionally, it has an overdraft fee of $32.00, which is lower than that of other U.S. banks. The Peoples Bank does not reimburse out-of-network ATM charges, which means you will need to find a The Peoples Bank ATM or eat the ATM charge.

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 simple access and banking on the go. The Peoples Bank's online and mobile banking platforms get moderate marks from customers. The The Peoples Bank mobile app has been given a 3.6 out of 5 (out of 31 ratings on Apple and Android) compared to the national average of 3.8. You can use The Peoples Bank's app to manage your finances by looking at monthly statements, transferring funds as well as accessing customer service. The Peoples Bank gets an excellent consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 a medium-size bank owning assets totaling $647 million as well as $530 million in deposits. The Peoples Bank has a good Texas Ratio of 24.25%, signifying that the bank is in fine financial condition. 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: 2.05% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.30% APY
  • 48 Month: 2.45% APY
  • 60 Month: 2.75% APY
$2500 for all terms
Money Market Account 0.7% 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 taking a look 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 as compared against the national average.

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Find a The Peoples Bank Near Me

The Peoples Bank has 19 physical locations across the U.S.

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