PeoplesSouth Bank Review

Overview

PeoplesSouth Bank first started operating in 1973 with headquarters located in Colquitt, Georgia. PeoplesSouth Bank manages $722 million in assets and deposits totaling $644 million, making it a medium-size bank. PeoplesSouth 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. Overall, PeoplesSouth Bank is a great bank that you should seriously consider, with a rating of 4.4 stars out of 5 from the SmartAsset experts. PeoplesSouth Bank provides customers with a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. PeoplesSouth Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance charge. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for returning the most income from your deposits while having easy access to your funds.

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

With a savings rate of 0.25%, PeoplesSouth Bank ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.86% and 2.57%, respectively, while its highest-yielding money market account has an APY of 0.60%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How PeoplesSouth Bank's Savings Rates Compare

On average, PeoplesSouth Bank charges its customers extremely low fees compared to the national average. With no monthly fee, PeoplesSouth Bank's checking account is perfect for people who need an easy checking account. PeoplesSouth Bank doesn't reimburse out-of-network ATM charges, which means you will have to find a PeoplesSouth Bank ATM or accept the fee.

PeoplesSouth Bank is a brick-and-mortar bank, with 29 total branches in Alabama, Florida and Georgia. With mobile and web apps, PeoplesSouth Bank makes account access convenient, even on the go. PeoplesSouth Bank receives fairly high praise from customers for its mobile app. The PeoplesSouth Bank mobile app has been given a 4.3 out of 5 (with 22 ratings on Apple and Android) compared to the national average of 3.8. You can use PeoplesSouth Bank's app to control your accounts by looking at account balances, sending and receiving money as well as accessing support representatives. PeoplesSouth Bank receives an excellent consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

PeoplesSouth Bank ranks as a medium-size bank with assets totaling $722 million as well as deposits totaling $644 million. Its Texas Ratio is 12.72%, denoting a tiny possibility of failure. Additionally, PeoplesSouth 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

PeoplesSouth 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. PeoplesSouth 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. PeoplesSouth Bank's CD rates are fair compared to the average U.S. bank.

Find a PeoplesSouth Bank Near Me

PeoplesSouth Bank has 29 locations across the U.S.