People's United Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Low opening required amounts
  • Checking accounts offer ATM rebates
  • Variety of CD term lengths
  • Business accounts available

Cons:

  • Accounts are not offered everywhere
  • MMA needs a large initial deposit
  • Low interest rates
  • Must have a checking to open savings

What You Need to Know

The amount required to open a checking or savings account is low. People's United checking accounts only require $25 to open. The savings accounts require $50.

Two of the People's United checking accounts offer free ATM use or reimburse ATM fees. The Advantage checking account has unlimited rebates for out of state ATM fees. The Premier Advantage checking account has free ATMs, including international ATMs. These accounts require high investment balances to waive the monthly fee. The Advantage is $7,500, and the Premier is $75,000 across all investment accounts.

People's United offers a variety of CD term lengths. Their terms range from 91 days to five years. The interest rates vary depending on the term. The best interest rate on a People's United CD is the One Year Plus CD. Those interest rates are competitive with other online accounts; the other rates are not.

There are a variety of different business accounts offered through People's United. Checking, savings, and money market accounts are available. CDs, credit cards, loans, and investment opportunities are available.

People's United accounts are not offered everywhere. The branches are currently in the North Eastern states. Those include Connecticut, Maine, Massachusetts, New Hampshire, New York, and Vermont. If you do not live in one of these states, you cannot open an account with People's United Bank.

The amount required to open a money market account is $2,500. There is not a monthly maintenance fee on the money market account. You will earn interest on the money deposited into the account. The money market account offers tiered interest rates. This means the interest you earn depends on the amount you have in the account.

The interest rates of the different accounts are not competitive. They are much lower than other online-only accounts. The interest rates are similar to your typical bank rates. The Plus CDs offer slightly more competitive rates.

You have to have a checking account with People's United to open a savings or money market account. The checking account determines what savings and money market account you can open. You must open a checking account before a savings account can be opened.

Cool Things

Online Budget

People's United online offers a budget to track your spending easily. You can input how much you are spending in different categories and how much you wish you were spending. The results show how much you make, spend, and wish you spent. You can speak with a financial advisor to help answer your questions.

Wealth Management

This area helps on the People's United website answers some financial questions. You can learn more about saving for college and interest rates. You can also get answers to typical financial client questions.

History

People's United started in 1842, in Bridgeport, Connecticut. The bank was first named Bridgeport Savings Bank. Over the years, they have acquired other banks. This has increased their assets and customers. People's United was the first bank in the country to offer a telephone bill paying service in 1981. People's Bank started offering Visa and MasterCards in 1985.

In 1986, the company changed their name to People's Bank. In 2007, the name changed to People's United Bank. In 2015, People's United Bank changed from a nationally-chartered savings bank to a national banking association. The bank's name changed once more. The current name is People's United Bank, National Association.

Today People's United has over 400 locations in and around the North Eastern states of the United States. They have over 5,000 employees and over $44 billion in assets.

Awards and Recognition

  • "Excellence for Cash Management" from Greenwich Associates
  • "Ease of Doing Business" from Greenwich Associates

Giving Back

In 2017, People's United Community Foundation donated over $3 million to different nonprofits. The grant money helped people with education and financial literacy classes. Some grants went to help with affordable housing initiatives. One grant of $175,000 helped promote financial literacy to students.

People's United recently teamed up with AARP. This is to help raise awareness of scams on consumers. Their goal is to better protect their customers from IRS imposter scams and other identity theft and fraud schemes.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. People's United is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By debit cards, online transfers, checks, ATMs, or visiting a local branch.

Does this bank offer mobile banking?

Yes. With mobile banking, you can pay bills, transfer money, and see account balances. You can also deposit checks and receive account alerts.

Is this bank free?

No. Some of the accounts have a fee. The monthly fees and the amount required to waive the fees are high.

Is this a good bank?

The interest rates are typical of other banks. Most of the accounts have a fee or a high required amount.

Is this bank secure online?

Yes. People's United will reimburse you for funds lost to online theft. You must contact them immediately to qualify for the reimbursement. Their online accounts require passwords. There are tips on People's United website of how to keep your information safe. Some of the checking accounts also offer Identity Theft Protection.

Does this bank offer competitive interest rates?

A few of the Plus CDs have a competitive interest rate. Most other rates are competitive with your typical banks. They are not competitive with other online-only accounts.

Can I use this bank for my business accounts?

Yes. People's United offers savings, checking, and money market accounts for businesses. CDs, loans, and credit cards are available for business accounts.

How is the online bank different from the online banking my bank offers?

It isn't different. Anything you can do on your bank's online banking you can do on People's United. The account interest rates are also similar to your typical bank rates.

Do their checking accounts pay interest?

Only the Premier Advantage checking account earns interest. To waive the fee, you must have at least $75,000 in People's United accounts. CDs, deposit accounts, home equity, and investments all count towards that total amount.

How do I reach customer service?

Reach customer service through mail, email, phone, or an online message. You can also visit a local branch.

Does this bank offer bill pay?

Yes. All People’s United checking accounts come with free bill pay. You can access the bill pay through their website or their mobile app.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

External transfers to or from People's United take three business days.

Can I sign up for direct deposit to this account?

Yes. Direct deposit is one way to have the monthly fees waived for the basic checking account.

Bank Contact Information

People's United Bank
850 Main Street
Bridgeport, CT 06604
1-800-894-0300

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