Prosperity Bank
Checking Fees
Savings APY
Money Market APY
CDs APY Range
With a presence spanning more than 250 branches across Texas and Oklahoma, Prosperity Bank stands as a reputable financial institution.
At Prosperity Bank, a wide array of banking services is available, including checking, savings, and money market accounts, as well as certificates of deposit (CDs). For those planning their retirement, the bank also offers various individual retirement account (IRA) options. Additionally, Prosperity Bank extends its services to encompass lending and mortgage products.
Nonetheless, if you prioritize bank accounts with low opening deposits or minimal fees, or if you seek a high savings rate, there may be more suitable alternatives worth considering.
Prosperity Bank Personal Savings
Prosperity Bank Personal Savings account requires a $200 opening deposit and a minimum balance of $200. The rates are not published on Prosperity bank, which is usually a sign for low-interest rates and ustomers can't open the account online.
Prosperity savings account offers free withdrawals at Prosperity ATMs, free online and mobile banking. A $3 monthly maintenance fee can be avoided by keeping the minimum balance.
There are up to 3 free debit transactions per month, with a $2 fee for each additional transaction. Opening the account online is not possible; customers must call or visit a branch to do so.
Prosperity Bank Personal Savings | |
|---|---|
Savings APY | N/A |
Savings Fees | $3
Avoid the monthly maintenance fee by maintaining a minimum balance of $200
|
Minimum Deposit | $200 |
Personal Premier Money Market
The Personal Premier Money Market account offered by Prosperity Bank requires an opening deposit of $25,000, with a minimum balance of $10,000, to avoid a $20 monthly maintenance fee. The rates are not published on Prosperity websites, and you can't open the account online.
One of the benefits of MMa is that you can make up to 6 debit transactions per statement cycle. Free online and mobile banking services are included, as well as free withdrawals at Prosperity ATMs.
The account also features an imaged check statement and a secure debit card with advanced security features. Mobile Deposit allows easy check deposits using a smartphone's camera.
Personal Premier Money Market | |
|---|---|
Money Market APY | N/A |
Money Market Fees | $10
Avoid the monthly maintenance fee by maintaining the minimum balance of $2,500 |
Minimum Deposit | $2,500 |
CDs
Prosperity Bank offers various types of CDs, including Step-Up CDs and Certificate of Deposit CDs. These accounts are available for terms ranging from 30 days to 5 years. To know the latest CD rates, customers can contact their nearest branch.
Prosperity Bank publish the rate only for a specific term of 7 months on their website. The rate is 3.53% – 4.54% depending on your deposit.
Prosperity Bank CDs | |
|---|---|
7 Month | 3.53% – 4.54% |
12 Month | 5.00% |
Minimum Deposit | $500 |
Seven Types Of Checking Options
Prosperity Bank offers a range of checking account options to cater to different needs and preferences:
Simply Free Checking: No monthly fees, unlimited check-writing, and free online/mobile banking with no minimum balance required.
eChecking: No minimum balance requirement, free online/mobile banking, and no monthly maintenance fee if enrolled in eStatements or direct deposit.
Personal Checking: Imaged check statements, free bill pay, and unlimited check-writing privileges. A $10 monthly maintenance fee can be avoided by maintaining a $500 minimum balance.
Royal Checking: Offers various free services like personalized member checks, cashier's checks, notary services, and more. A monthly membership fee of $10 applies.
Checking with Interest: Earn interest on deposits with a $1,500 minimum balance. Free online/mobile banking and bill pay available, with a $10 monthly fee avoidable by maintaining the minimum balance.
Interest Checking Plus: Higher interest with a $10,000 minimum balance. Free online/mobile banking, personalized member checks, and more. A $15 monthly fee can be avoided by maintaining the minimum balance.
Teen Checking: Designed for ages 13-17, with no monthly fee and a free debit card. Available online/mobile banking, but no bill pay, check writing, or overdraft protection.
Each account has specific features and benefits, allowing customers to choose a checking account that best fits their financial needs and preferences.
FAQs
Who is eligible to apply for a checking account?
Residents of Texas or Oklahoma, aged 18 and above, are eligible to apply for a checking account. For individuals aged 13 to 17, a Teen Checking account can be opened with a parent or guardian as a joint account holder. prosperity is one of our best banks in Texas for 2024.
What documents are required to apply for this checking account?
To apply, you will need two forms of valid ID. Acceptable options include a Driver's License or State Issued ID, Passport, or similar identification.
For the second form, you can provide a Social Security Card, Birth Certificate, Voter Registration card, credit or bank card, company ID, passport, or Visa.
Can I open an account online?
Accounts must be opened in person at one of our banking centers. Online account opening is not currently available.
What is Advantage Overdraft protection?
Advantage Overdraft protection offers limited automatic overdraft coverage up to $600 (or $300 for Simply Free checking) for consumer checking accounts, excluding teen checking, bounce back checking, money market, and savings accounts.
If you overdraw your account and use this protection, an Overdraft Charge of $35.00 will apply for each overdrawn check paid or other withdrawal request, and the fee will be deducted from the $600 or $300 limit accordingly.
How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
