SmartAsset’s Overall Rating
Rates The Rates rating represents an aggregate of interest rates for specific bank products measured against the national average interest rate for each product. Product interest rates may vary by branch. Rates shown reflect the highest available nationwide. Fees The Fees rating is an assessment of the bank’s fees measured against the national average fee amount for particular services and is also affected by whether or not the bank refunds ATM fees. Service Quality The Customer Experience rating is a weighted average of the Mobile Rating and the Consumer Satisfaction Score, which is based online Bainbridge payday loan on complaints brought to the Consumer Financial Protection Bureau (CFPB). Financial Health The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.
Progressive Bank has a savings rate of 0.40%, which is poor in comparison to the national average. Its CD rates are 1.40% and 2.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.50%. Given Progressive Bank’s noncompetitive savings rate, you should consider other options to earn more on your deposits.
How Progressive Bank’s Savings Rates Compare
Progressive Bank generally has extremely low fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Also, at $, its overdraft fee is lower than the national average. Progressive Bank does not refund out-of-network ATM charges, which means you’ll be required to search for a Progressive Bank ATM or pay the fee.
Progressive Bank is a brick-and-mortar bank, with seven total bank locations in Louisiana. With mobile and web apps, Progressive Bank makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Progressive Bank gets high praise from customers for its mobile app. With 25 ratings on iOS and Android platforms, the Progressive Bank mobile app has an overall rating of 4.7 out of 5 (compared to the national average of 3.8). You can use Progressive Bank’s mobile app to control your finances by monitoring monthly statements, transferring money as well as reaching support representatives. Progressive Bank gets an excellent consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Progressive Bank is a medium-size bank and manages assets totaling $525 million as well as deposits totaling $436 million. Progressive Bank’s Texas Ratio is 0.58%, denoting a negligible possibility of failure. Additionally, Progressive 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.
Progressive Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Progressive Bank does not have the best savings rate, which means you should consider 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. Progressive Bank’s CD rates are fair as compared against the national average.