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People’s United Bank Review: Checking, Savings, CD and Money Market Accounts
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Written By
Updated on Tuesday, November 6, 2018
People’s United Bank’s checking account options
Plus Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $12 if you want paper statements. $10 if you opt for e-statements instead.
- ATM fee: $3 for each non-People’s United Bank ATM, not including the ATM owner’s surcharge fee. You’ll also pay a 3% foreign transaction fee for ATM withdrawals and debit card purchases made outside the U.S.
- ATM fee refund: None
- Overdraft fee: $37, up to five times per day, but only if your account is overdrawn by $5 or more. Alternatively, you can link up a savings account for overdraft protection and only pay $10 for each day an overdraft transfer is made.
If you’d rather avoid monthly fees, People’s United Bank might not be a good fit for you. But if the fees don’t bother you — and you’re not a student — then this checking account is probably your best option, since it has the lowest monthly maintenance fee. But that said, there are some ways you can get out of paying the monthly fee:
- Keep at least $1,000 in the account
- Have at least one direct deposit into the account per month
- Be age 65 or older
However, even though you can get the fee waived, this account won’t earn you any interest. For that, you’ll need to get the Premier Advantage Checking account.
How to get People’s United Bank’s Plus Checking account
You can apply for this account online or walk into a branch. You’ll need your Social Security number and driver’s license to open the account.
Advantage Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $25 (can be waived)
- ATM fee: None for in-network or out-of-network ATMs. If you use an ATM while traveling out of the country, you’ll pay a $3 fee, plus a 3% foreign transaction fee for ATM withdrawals and purchases.
- ATM fee refund: None
- Overdraft fee: If you overdraw your account by $5 or more, you’ll be charged $37 on up to five charges per day. If you link up a backup savings account or line of credit, you’ll only pay $10 for each day that there is one or more overdraft transfers.
You can get the $25 monthly fee waived on this account, but be prepared to have big pockets: You’ll need at least $7,500 in combined balances across all of your People’s United Bank accounts, investments and/or HELOC to qualify for a monthly fee waiver. You can also get free cashier’s checks, domestic wire transfers and regular everyday checks with this account, but you’ll have to pay shipping to have the checks delivered to you. You can also get free credit monitoring (the bank calls it “free ID theft protection”) as long as this account stays open.
How to get People’s United Bank’s Advantage Checking account
To get the Advantage Checking account, you’ll need to either apply online or in a People’s United Bank branch. You’ll need your driver’s license and Social Security number to complete the application, as well as the routing information for your current bank if you want to transfer over your initial deposit.
Premier Advantage Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0-$24,999.99 |
| 0.01% | $25,000-$49,999.99 |
| 0.01% | $50,000-$99,999.99 |
| 0.01% | $100,000+ |
- Minimum opening deposit: $25
- Monthly account maintenance fee: $30 (can be waived)
- ATM fee: None for domestic or international, in-network or out-of-network ATMs. You may pay an ATM surcharge fee if you use an out-of-network ATM, however, plus a 3% foreign transaction fee if you withdraw money from an ATM or make a debit purchase abroad.
- ATM fee refund: None
- Overdraft fee: People’s United Bank won’t charge you a fee unless you overdraw your account by $5 or more. If you have a linked account set up for overdraft transfer, you’ll pay $10 per day that a transfer occurs. If you don’t have a linked account set up, you’ll pay $37 per charge on up to five charges per day.
This is the only interest-bearing checking account that People’s United Bank offers. It comes with a hefty $30-per-month fee, though you can get this waived if you have at least $75,000 in combined balances across your People’s United Bank deposit, investment and/or HELOC accounts. The Premier Advantage checking account comes with all the same perks as the regular Advantage checking account, like free checks, cashier’s checks, domestic wire transfers and no bank-specific ATM charges for using domestic out-of-network machines. This account also includes a $55 credit toward a safe deposit box rental.
How to get People’s United Bank’s Premier Advantage Checking account
Signing up for the Premier Advantage Checking account is fast, and can be done in 10 minutes online, although you can also visit a branch. You’ll need to provide personal details during the application process, such as your Social Security number and driver’s license.
Student Plus Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $10 for people 24 years old or older (can be waived)
- ATM fee: $3 for out-of-network ATMs, plus a 3% foreign transaction fee for ATM withdrawals and debit purchases made outside of the country, along with any ATM surcharge fees that the machine’s owner charges. People’s United Bank will waive two out-of-network ATM charges per month if you’re under age 24 (ATM surcharge fees won’t be refunded, however).
- ATM fee refund: None
- Overdraft fee: $37 per item, up to five times per day, if your account balance is overdrawn by $5 or more at the end of the day. Alternatively, you can link up another People’s United Bank account to serve as overdraft protection, and then you’ll only pay $10 per day for any overdraft transfers made.
If you’re under age 24, you qualify for this free student checking account. It’s the only free checking account at People’s United Bank, in fact. Once you reach age 24, you can keep this account, but it’ll come with a $10 monthly fee after that. You can still get the fee waived, however, if you keep at least $1,000 in the account. This checking account — like most People’s United Bank checking accounts — doesn’t offer any interest. Still, the bank will throw in a few perks, like a free box of starter checks and two free out-of-network ATM uses per month (though you may still have to pay the ATM surcharge fee).
How to get People’s United Bank’s Student Plus checking account
You can apply for this bank account either in a local branch or online. You’ll need to provide your driver’s license as a part of the application process, and the routing number for your current bank if you’ll be transferring funds over.
How People’s United Bank’s checking accounts compare
People’s United Bank’s checking accounts suffer from fees and low yields.
And if you use ATMs frequently and/or travel abroad a lot, you may want to avoid this bank. To see why, let’s take a look at what it could cost you to make an ATM withdrawal or debit card purchase while on a nice, relaxing European vacation: First, you may pay an out-of-network fee from People’s United Bank. The bank itself won’t reimburse you for the ATM surcharge fee from the ATM’s owner, so that’ll be a second fee you’ll have to pay. Finally, you’ll also pay a 3% foreign transaction fee to top everything off. This can get very expensive, very quickly.
If you’re looking for better ATM fee policies, lower (or no) monthly maintenance fees and higher-yielding rates, you might find a better alternative among these online checking accounts.
People’s United Bank’s savings account options
Plus Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
- Minimum opening deposit: $50
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (can be waived)
- ATM fee: $2.95 for out-of-network ATMs, plus any ATM surcharge fees from the ATM’s owner. You’ll also pay a 3% foreign transaction fee for any ATM withdrawals made abroad.
- ATM fee refund: None
- Overdraft fee: $37 per overdraft, or $10 if you have a linked account for overdraft transfer protection.
People’s United Bank has three different savings accounts, depending on which level of checking account you hold. As long as you have a Plus Checking or Student Plus Checking account, there won’t ever be a monthly account maintenance fee with this savings account. You can open this account on its own if you like, but you’ll need to keep at least $250 in the account at all times to avoid paying the $5 monthly service fee. Given the amount of interest this bank account pays, you’d do well to keep at this level, since any interest earned would easily be canceled from paying the monthly maintenance fee.
You’re limited to just six withdrawals/transfers from this account per month due to federal guidelines. If you go over that amount, People’s United Bank will charge you a $10 “excessive withdrawal fee” for each withdrawal.
How to get People’s United Bank’s Plus Savings account
If you want to open this savings account, you’ll need your Social Security number and driver’s license. You can visit a local branch or apply online.
Advantage Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
- Minimum opening deposit: $50
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (can be waived)
- ATM fee: $2.95 for out-of-network ATMs, plus an ATM surcharge fee. If you withdraw cash from an ATM overseas, you’ll also pay a 3% foreign transaction fee.
- ATM fee refund: None
- Overdraft fee: $37 per overdraft charge, or $10 per day for any overdraft transfers from a linked People’s United Bank account.
If you have a linked Advantage Checking account, this matching Advantage savings account will always be free. If you don’t have this checking account, you can still open an Advantage savings account, but you’ll need to keep at least $250 in the account at all times to avoid the $5 monthly fee.While it seems like you would earn higher interest rates with a more premium-level savings account, that’s not the case here. It’s the exact same product as the Plus Savings account, but with the requirement that you hold a concurrent Advantage Checking account instead of a Plus Checking account in order to get the monthly fee waived. You’ll also be limited up to six certain withdrawals/transfers per month from this account due to federal Regulation D rules. Each withdrawal after that will cost you a $10 penalty fee.
How to get a People’s United Bank Advantage Savings account
If you want to open this account, you have two options: online or walking into a branch. The online option is probably easiest and only takes a few minutes. You’ll need to provide some personal details along the way, such as your Social Security number, driver’s license and current bank’s routing information to process transfers.
Premier Advantage Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
- Minimum opening deposit: $50
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (can be waived)
- ATM fee: $2.95 per transaction, plus whatever ATM surcharge fees the ATM’s owner charges if you use an out-of-network ATM. If you use your ATM card abroad, you’ll also pay a 3% foreign transaction fee.
- ATM fee refund: None.
- Overdraft fee: If you designate a backup overdraft transfer account, you’ll only pay $10 per day when an overdraft transfer occurs. Otherwise, it’ll be $37 for each overdraft charge.
The only thing that differentiates People’s United Bank’s highest-level savings account is the fact that you need a matching Premier Advantage Checking account in order to waive the monthly fee. Otherwise, this is the exact same savings account as the other two. It offers the same interest rate, has the same monthly fee and the same method to waive the fee — keep at least $250 in your savings account if you don’t have a linked Premier Advantage Checking account.
Like all savings accounts, you’ll have to pay a penalty imposed by the bank beyond your sixth withdrawal/transfer of the month because of the limit as imposed by federal regulations. At People’s United Bank, this “excessive withdrawal fee” is $10 for each transaction.
How to get People’s United Bank’s Premier Advantage Savings account
If you want to open a Premier Advantage Savings account, you can do so either online or at a local branch (if you happen to live on the East Coast). Remember to bring your driver’s license (you’ll need it to complete your application) and the routing number for your current bank, so that you can transfer over an initial opening deposit.
How People’s United Bank’s savings accounts compare
We’re a bit baffled by People’s United Bank’s savings accounts. There’s not really much to tell them apart, besides which checking account they’re linked to. They all offer the same interest rates, fees and restrictions.
That would be all fine and dandy if these accounts were offering a good interest rate, but unfortunately they don’t. Far from it — these accounts offer just about as small a yield as possible while still being interest-bearing.
If you’re searching for a high-yield savings accounts, we recommend one of these top online savings accounts instead.
People’s United Bank’s certificate of deposit rates
Plus CD
| Term | APY |
|---|---|
| 91 day | 0% |
| 4 month | 0% |
| 5 month | 0% |
| 6 month | 0% |
| 7 month | 0% |
| 8 month | 0% |
| 9 month | 0% |
| 10 month | 0% |
| 11 month | 0% |
| 1 year | 0% |
| 15 month | 0% |
| 18 month | 0% |
| 2 year | 0% |
| 3 year | 0% |
| 4 year | 0% |
| 5 year | 0% |
- Minimum opening deposit: $500
- Minimum balance amount to earn APY: $500
- Early withdrawal penalty: This depends on the term length of the CD:
- 91 day CDs will pay 31 days’ worth of interest
- 4 month to 1 year CDs will pay 90 days’ worth of interest
- Over 1 year CDs will pay 180 days’ worth of interest
People’s United Bank may offer a variety of CD types that may differ depending on which local branch you happen to be near. But if you’re interested in opening an online CD, you can choose from these Plus CD options. People’s United Bank also requires you to keep a linked checking account in order to be eligible to open this CD. People’s United Bank is currently offering higher promotional rates on its 1 year and 2 year CDs (hence the higher rates). You can withdraw the interest earned on these CDs at any time, but you’ll pay an early withdrawal penalty if you take out any principal. If you do decide to withdraw any earned interest, your actual APY may be less than the stated APY above, since People’s United Bank assumes that you’ll be leaving interest earned in the account.
People’s United Bank will automatically renew each CD for another term once it matures, with a 10-day grace period that allows you to withdraw the money penalty-free. If you want to make additional deposits, choose your timing carefully, because you’ll only be allowed a single deposit per grace period.
How to get People’s United Bank’s Plus CDs
If you do have a People’s United Bank branch close to you and want to open a CD, it’s worthwhile to call them up to see if that specific location is offering any hot deals. Otherwise, you can open up these CDs online as long as you have a driver’s license, Social Security number and the routing information for your current bank so you can make an opening deposit.
How People’s United Bank’s CD rates compare
People’s United Bank offers a decent rate for its 1 year and 2 year CDs (as of Sept. 18, 2018, that is). The rest of its rates are near rock bottom, however.
To be sure, the rates that People’s United Bank offers on its CDs are higher than for its savings and money market accounts. But that’s not actually saying a whole lot, since these rates are ultra-low as well. Instead, we recommend these CDs for those looking to earn the most return on their deposit.
People’s United Bank’s money market account options
Plus Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0-$2,499.99 |
| 0.01% | $2,500-$9,999.99 |
| 0.02% | $10,000-$24,999.99 |
| 0.02% | $25,000-$49,999.99 |
| 0.03% | $50,000-$74,999.99 |
| 0.03% | $75,000-$99,999.99 |
| 0.05% | $100,000+ |
- Minimum opening deposit: $2,500
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (can be waived)
- ATM fee: $2.95 if you use an out-of-network ATM, plus whatever ATM surcharge fees the ATM’s owner tacks on. If you use an international ATM, there’ll also be a 3% foreign transaction fee.
- ATM fee refund: None
- Overdraft fee: $37 per item. You can also link up an overdraft transfer account and pay just $10 per day for any overdraft transfers.
People’s United Bank savings accounts offer a pretty poor interest rate, but you can earn slightly better rates with this money market account instead. However, you’ll need at least $2,500 to open the account. You can drop the level below that amount after you open the account and still earn interest, but that’s the threshold you need to pass in order to get started.If you have a Plus Checking or Student Plus Checking, this account will always be free. Otherwise, you’ll need to keep at least $2,500 in the account to avoid the monthly fee. If you make more than six transactions in a month, you may also have to pay a $10 per-withdrawal fee due to federal rules that limit how often you can make a withdrawal and/or transfer from a money market account.
How to get People’s United Bank’s Plus Money Market account
You can open this account by walking into a branch, or by taking a few minutes to complete an application online. To apply, you’ll need to provide People’s United Bank with a few details, such as your Social Security number, and to show them your driver’s license.
Advantage Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0-$2,499.99 |
| 0.01% | $2,500-$9,999.99 |
| 0.02% | $10,000-$24,999.99 |
| 0.02% | $25,000-$49,999.99 |
| 0.04% | $50,000-$74,999.99 |
| 0.05% | $75,000-$99,999.99 |
| 0.05% | $100,000+ |
- Minimum opening deposit: $2,500
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (can be waived)
- ATM fee: Nothing for in-network ATMs. If you use an out-of-network ATM, you’ll pay any ATM surcharge fees from the ATM’s owner, plus a $2.95 People’s United Bank ATM fee. The bank will also assess a 3% foreign transaction fee on any international ATM machines you use.
- ATM fee refund: None
- Overdraft fee: $37 per overdraft charge if you don’t have a linked account set up. If you do, it’ll just be $10 per day for any days that People’s United Bank makes overdraft transfers.
If you have an Advantage Checking account, you can open this linked Advantage Money Market account and pay no monthly fee. You can still open it if you don’t have this specific type of checking account, but in that case, you’ll need to maintain at least $2,500 in the account at all times in order to avoid a monthly fee. As with all the other money market accounts, you are allowed up to six certain withdrawals/transfers out of this account per month, due to federal Regulation D guidelines. People’s United Bank will still let you make more than six withdrawals/transfers per month, but be prepared to pay $10 per transfer if you do.
How to get People’s United Bank’s Advantage Money Market account
You can get this account by applying online or by walking into a branch. If you’ll be making your opening deposit via a transfer from your current bank, be sure to bring along the routing information as well.
Premier Advantage Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0-$2,499.99 |
| 0.01% | $2,500-$9,999.99 |
| 0.04% | $10,000-$24,999.99 |
| 0.04% | $25,000-$49,999.99 |
| 0.05% | $50,000-$74,999.99 |
| 0.05% | $75,000-$99,999.99 |
| 0.05% | $100,000+ |
- Minimum opening deposit: $2,500
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (can be waived)
- ATM fee: $2.95 for each out-of-network ATM withdrawal. In addition, you’ll also pay any ATM surcharge fees from the ATM’s owner, plus a 3% foreign transaction fees if you withdraw cash from an international ATM.
- ATM fee refund: None
- Overdraft fee: If you have a linked overdraft account set up, you’ll pay $10 per day for any days that an overdraft transfer occurs. Otherwise, you’ll pay $37 per overdraft charge.
You can qualify for a free Premier Advantage Money Market account if you also own a Premier Advantage Checking account with People’s United Bank. If you don’t have this checking account, you can still open this money market account, but you’ll need to remember to keep at least $2,500 in the account, otherwise, you have to pay the monthly fee. The only thing that differentiates this account from the other money market accounts is that it offers a slightly higher interest rate for higher balances. Otherwise, all the same fees apply, including the $10 per-withdrawal fee if you exceed six withdrawals and/or transfers in a month.
How to get People’s United Bank’s Premier Advantage Money Market account
To get this account, you have two choices: apply online or apply in a local branch. You’ll need to provide your Social Security number and a driver’s license, as well as the routing information for your current bank so that you can make an opening deposit.
How People’s United Bank’s money market accounts compare
Unlike with People’s United Bank savings accounts — which all have the same rates and terms — the money market accounts offer higher interest rates for different tier levels.
Still, these rates aren’t anything to write home about. Instead, these top money market accounts come with rates that are higher orders of magnitude than the ones offered here. We recommend checking them out before you commit to People’s United Bank.
Overall review of People’s United Bank’s banking products
You might have your reasons for wanting to bank with People’s United Bank. Maybe a branch happens to be conveniently located near you. Maybe you know someone who works at the bank and you’d like to stop by and see them from time to time. But, we can definitely say that this is not a bank you should be working with if you’re interested in earning the best rates possible on your deposit. The rates People’s United Bank offers are very low compared with the top-ranking accounts in each category.
And that’s even before you get to the fees — which are generally high. Given this, it’s unlikely you’ll come out ahead financially when working with this bank, and that’s why we recommend avoiding it unless some other reason compels you to open an account here.
