The Piedmont Bank Review

Overview

The Piedmont Bank was founded in 2006 and its headquarters are located in Norcross, Georgia. The Piedmont Bank has assets of $820 million along with deposits totaling $694 million, which makes it a medium-size bank. The Piedmont Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.5 out of 5 stars, The Piedmont Bank should be solidly in contention for your choice of bank. The Piedmont Bank provides customers with the full package of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. The Piedmont Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly charge. Using an institution with no-fee checking and a high savings APY is your best option for returning the highest income from your deposits while maintaining 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 0.25%, The Piedmont Bank ranks poorly in comparison to other U.S. banks. The Piedmont Bank's one-year CD has a rate of 2.00% and the five-year CD earns at a rate of 2.60%, while its highest-yielding money market account has an APY of 0.60%. Given The Piedmont Bank's below average savings rate, you should consider other options to earn more on your deposits.

How The Piedmont Bank's Savings Rates Compare

The Piedmont Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, The Piedmont Bank's checking account is ideal for people who want a hassle-free checking account. The Piedmont Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will be required to locate a The Piedmont Bank ATM or eat the ATM charge.

The Piedmont Bank is a brick-and-mortar bank, with 10 total bank locations in Georgia. It also offers access to mobile and web apps for a straightforward mobile-banking experience. The Piedmont Bank's online and mobile banking services receive fairly decent scores from customers. Out of 4 customer reviews on Apple and Android platforms, the The Piedmont Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). The Piedmont Bank's mobile app allows you to manage your funds by reviewing monthly statements, sending and receiving funds as well as accessing customer service. The Piedmont Bank gets an excellent consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

The Piedmont Bank is currently a medium-size bank owning assets totaling $820 million and $694 million in deposits. The Piedmont Bank has a strong Texas Ratio of 8.97%, indicating a small possibility of failure. Additionally, The Piedmont 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.

Products Offered

The Piedmont Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Piedmont 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 Piedmont Bank's CD rates are fair compared to the average U.S. bank.

Find a The Piedmont Bank Near Me

The Piedmont Bank has 10 physical locations across the U.S.