Bank Reviews

People’s United Bank Reviews, Rates: CDs, Savings, Money Market, Mortgage

This popular bank is a subsidiary of People’s United Financial, Inc., which is a diversified financial services company that has approximately $28 billion in assets. People’s United Bank has become the largest independent bank in New England and it all started back in 1842. They provide consumer, commercial and wealth management services and have over 375 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine.

People’s United Bank believes in the principle of revolving their services around their customers. For example, in Connecticut they have 7-day, in-person banking available at more than 80 Stop & Shop branches. People’s United Bank is an active member in their surrounding communities and has been for 170 years. They have been continuing the tradition the founders set and that is to invest in the communities they serve. By doing so, People’s United Bank has an ability to address individual needs for each customer.

They service personal financial needs as well as small business and commercial needs. People’s United Bank also offers a wide variety of different accounts; each designed to help the customer in the most efficient way. Customers are able to receive excellent financial guidance and such topics include college planning and wealth management.

Review: People’s United Bank

Checking Accounts: People’s United Bank offers five different checking accounts. Each one is named especially for its purpose, for example Interest Plus Checking and Plus Checking. The checking accounts do come with high minimum balances; however, it is balanced out with free services that People’s United Bank offers. One of the interesting ways People’s United Bank gives back to its customers is through a $15.00 credit each time you order checks from them. Certain check styles are free, but for all other styles it states that you will receive a credit.

Savings Accounts: There isn’t much information on their savings and money market accounts that is readily available online; however, the selection is a bit sparse. What they offer to their customers is to have a savings or money market accounts linked to a checking account. They also have Passbook Savings & Money Market Accounts that are described as traditional accounts and have competitive rates.

People’s United Bank also services in mortgages, investing options, insurance and other financial management tools.

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People’s United Bankoffers two exclusive CDs. The 2 Year Plus CD has an interest rate that reflects the established relationship the client has with People’s United Bank. Particularly, checking account customers will receive these premium rates and as an added benefit, the Plus CD will appear on the monthly checking statement.

For customers without a checking account, People’s United Bank offers the 2 Year Passbook CD. The minimum opening deposit is higher and it does earn less than the Plus CD. It is still a great option for those who would not like to have a checking account and simply an interest-bearing CD.

They also offer a variety of terms to fit any type of savings goal, all with a low $500.00 minimum opening deposit.

People’s United Bank: 2 Year Plus CD Special – as of 8/31/11

  • $500.00 Minimum opening deposit
  • 1.15% APY

People’s United Bank: 2 Year Passbook CD Special – as of 8/31/11

  • $1,000.00 Minimum opening deposit
  • 1.10% APY

People’s United Bank: Regular CDs – as of 8/24/11

  • 91 Day Plus CD – 0.30% APY
  • 4 Month Plus CD – 0.30% APY
  • 5 Month Plus CD – 0.30% APY
  • 6 Month Plus CD – 0.35% APY
  • 7 Month Plus CD – 0.35% APY
  • 8 Month Plus CD – 0.35% APY
  • 9 Month Plus CD – 0.35% APY
  • 10 Month Plus CD – 0.40% APY
  • 11 Month Plus CD – 0.50% APY
  • 1 Year Plus CD – 0.60% APY
  • 15 Month Plus CD – 0.70% APY
  • 18 Month Plus CD – 0.90% APY
  • 2 Year Plus CD – see above
  • 3 Year Plus CD – 1.60% APY
  • 4 Year Plus CD – 1.75% APY
  • 5 Year Plus CD – 2.00% APY

Terms & ConditionsCustomers residing in the following states are eligible to open accounts: Connecticut, New York, Massachusetts, Vermont, Maine, and New Hampshire. Fees may reduce earnings on your account. CDs are subject to a substantial penalty for early withdrawal. Minimum balance to earn APY is $1.00 for all accounts.

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It is easy to obtain asavings account atPeople’s United Bank. Once you have a Plus Checking account, then the Plus Savings can be opened with a minimum of $50.00. From there, you can link the two accounts together for easy transfers.

They also offer a Passbook Savings account which is ideal for those who prefer a traditional savings account. It offers a competitive rate and comes with a passbook to make deposits, withdrawals and other transactions easy.

The Advantage Savings account is only available to customers with an Advantage Checking account. The two must be linked together in order to receive the interest rate.

People’s United Bank: Plus Savings Account & Advantage Savings – as of 8/31/11

  • Balances over $0.00 – 0.10% APY

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People’s United Bankoffers their Plus Money Market, which requires a $2,500.00 minimum opening deposit. The account pays a tiered rate of interest based on the balance in the account, so your rate of interest grows as your balance goes up higher.

To receive these rates, you must already be a customer of People’s United Bank or different rates and terms will apply. In order to establish active membership, you would need to open a personal checking account with People’s United Bank.

They also offer a Passbook Money Market account, which is ideal to those who prefer a traditional money market account. It offers a higher tiered rate of interest based on the balance in your account. It also comes with a passbook to make deposits, withdrawals and other transactions easy.

People’s United Bank: Plus Money Market – as of 8/31/11

  • $0 – $2,499.99 – 0.10% APY
  • $2,500.00 – $9,999.99 – 0.15% APY
  • $10,000.00 – $24,999.99 – 0.25% APY
  • $25,000.00 – $49,999.99 – 0.30% APY
  • $50,000.00 – $74,999.99 – 0.40% APY
  • $75,000.00 – $99,999.99 – 0.40% APY
  • $100,000.00 and more – 0.45% APY

Terms & ConditionsAccounts shown are variable rate accounts and the interest rate and APY may change at any time. The interest rates and terms offered are for existing customers who have, or open a personal checking account. Different interest rates and account terms may apply to a money market account held by a customer without a linked, personal checking account. Customers residing in the following states are eligible to open accounts: Connecticut, New York, Massachusetts, Vermont, Maine, and New Hampshire.

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People’s United Bankprovides a variety of mortgages and knowledgeable staff to help you through the loan process. Shopping for the best mortgage rate can be time-consuming, but with a capable lender like People’s United Bank, they will offer financing that fits both your short-term needs and future plans.

As their website states, they are offering some of the lowest mortgage rates today. Combine that fact with their friendly service and extensive educational information located on their website and the home-buying process will become much easier.

People’s United Bank: Fixed Rate Mortgage Loans – as of 9/1/11

30 Year:

  • 30 Yr – 4.125% Interest Rate – 4.36% APR – 0.875% Points – 25% Down Payment – $4.85 Cost per $1,000.00
  • 30 Yr – 4.250% Interest Rate – 4.456% APR – 0.500% Points – 25% Down Payment – $4.92 Cost per $1,000.00
  • 30 Yr – 4.375% Interest Rate – 4.539% APR – 25% Down Payment – $4.99 Cost per $1,000.00
  • FHA 30 Yr – 4.125% Interest Rate – 4.659% APR – 3.5% Down Payment – $4.85 Cost per $1,000.00

15 Year:

  • 15 Yr – 3.250% Interest Rate – 3.691% APR – 1.125% Points – 25% Down Payment – $7.03 Cost per $1,000.00
  • 15 Yr – 3.375% Interest Rate – 3.668% APR – 0.125% Points – 25% Down Payment – $7.09 Cost per $1,000.00
  • 15 Yr – 3.500% Interest Rate – 3.776% APR – 25% Down Payment – $7.15 Cost per $1,000.00

Jumbo Fixed Rate Loans:

  • 30 Yr – 4.875% Interest Rate – 4.936% APR – 25% Down Payment – $5.29 Cost per $1,000.00
  • 15 Yr – 4.000% Interest Rate – 4.4097% APR – 0.250% Points – 25% Down Payment – $7.40 Cost per $1,000.00

People’s United Bank: Adjustable Rate Mortgage Loans – as of 9/1/11

  • 10/1 Mortgage
  • 1-10 Year – 4.000% Interest Rate – 3.653% APR – 30 Term – 20% Down Payment – $4.77 Cost per $1,000.00
  • 11-30 Year – 3.000% Interest Rate – 3.653% APR – $4.37 Cost per $1,000.00
  • 7/1 Mortgage
  • 1-7 Year – 3.500% Interest Rate – 3.266% APR – 30 Term – 20% Down Payment – $4.49 Cost per $1,000.00
  • 8-30 Year – 3.000% Interest Rate – 3.266% APR – $4.27 Cost per $1,000.00
  • 5/1 Mortgage
  • 1-5 Year – 3.125% Interest Rate – 3.074% APR – 30 Term – 20% Down Payment – $4.28 Cost per $1,000.00
  • 6-30 Year – 3.000% Interest Rate – 3.074% APR – $4.23 Cost per $1,000.00

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