People’s United Bank Review: Regional Bank Variety Meets Community Bank Customer Service

4.5
Our Take: People's United Bank offers the convenience and customer service of a community bank with the financial power of a large financial institution. Customers enjoy a wide variety of banking products and other services designed to meet diverse financial needs.
  • Breadth of Products
    5.0
  • Range of Services
    5.0
  • Opening Deposit Requirements
    4.0
  • Customer Service
    4.0
How did we calculate this?

Pros

  • Wide range of deposit accounts, loans and other services
  • Perks and discounts available with select accounts
  • No maintenance fees on select accounts

Cons

  • Annual percentage yield on many products is below the national average
  • Some accounts have high minimum balance requirements to avoid fees
  • Service area restricted to the Northeast

About People’s United Bank

People’s United Bank is a subsidiary of People’s United Financial, a publicly traded company with more than $60 billion in assets. The bank is based in Bridgeport, Connecticut, and has more than 400 branches and 600 ATMs in the Northeast. People’s United also has 148 Stop & Shop branch locations in Connecticut and New York. GOBankingRates has ranked it as one of the Best CD Accounts of 2021.

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People’s United Bank Products

People’s United Bank offers a wide range of banking, borrowing and investing products. In addition to checking, savings and money market accounts, the bank also offers retirement and education savings accounts and mortgages. Here’s a quick rundown:

Product Features
Checking Accounts
  • Free digital identity protection
  • Cash-back rewards
  • Access to more than 600 People’s United ATMs
Savings Accounts
  • Minimum opening deposit: $50
  • No monthly service charges
  • Mobile and online access to account
CD Accounts
  • 16 terms available
  • APY up to 0.60%
  • Opening deposit: $500 to $1,000
Mortgages
  • Fixed and adjustable rates
  • FHA and VA loans available
  • Low down payment option for first-time buyers
Investments
  • Retirement planning
  • Trusts and estates
  • Traditional and Roth IRAs available
Insurance
  • Term, universal and permanent life insurance
  • Annuities
  • Long term care and disability

One of the main strengths of People’s United Bank is its diverse range of products. Customers can choose from several checking, savings and money market accounts, as well as a variety of CDs.

People’s United Bank Checking Accounts

People’s United Bank offers three traditional checking accounts and two specialized accounts. The top-tier Premier Advantage Checking account rebates third-party ATM fees — even internationally. See how these accounts compare with the best checking accounts.

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Features

  • Digital identity protection
  • Mobile check deposit
  • Cash-back rewards on select accounts

Pros

  • International ATM fee rebates available with some accounts
  • Range of extras for certain accounts, such as discounts on loans and safety deposit box rentals

Cons

  • High monthly fees for top-tier checking accounts, though these can be waived

People’s United Bank Savings Accounts

People’s United Bank offers three savings accounts: Plus Savings, Advantage Savings and Premier Advantage Savings. You won’t pay a monthly service fee on any of them, and they all have the same $50 minimum opening deposit. Compare these accounts with the best savings accounts.

Features

  • APY between 0.01% to 0.02%
  • Mobile banking
  • Fast transfers between accounts
  • Access to more than 600 ATMs and 400 branches

Pros

  • No monthly service charges
  • Low opening deposit minimum

Cons

  • APY lower than the national average of 0.05%

People’s United Bank Money Market Accounts

People’s United Bank has three money market accounts — Plus, Advantage and Premier Advantage. Interest rates are tiered, so the largest balances earn the highest APY with these money market accounts.

Features

  • No monthly service fees
  • APY between 0.01% to 0.10%
  • Minimum opening deposit of $2,500
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Pros

  • Three accounts to choose from
  • No maintenance fees
  • Tiered interest rate encourages saving habits

Cons

  • Must have a corresponding checking account

People’s United Bank CD Accounts

People’s United offers an impressive array of Plus CDs, with 16 maturities ranging from 91 days to five years. That’s one of the reasons why GOBankingRates has named it one of the Best CD Accounts of 2021. CDs at People’s United have different rates and terms at different branches, so be sure to check with your local branch to find out what it offers and get the best CD rates.

Features

  • Terms between 91 days to five years
  • APY between 0.05% to 0.60%
  • $500 to $1,000 minimum deposit

Pros

  • Variety of CD terms available
  • Premium rates for checking customers

Cons

  • APY for most CDs is below the national average of 0.16% for a 12-month CD

Banking Experience

People’s United Bank prides itself on providing top-notch customer service and convenient access to your accounts. When you need help, a representative can be reached by phone seven days a week. You can also visit a branch, use live chat or email customer service reps.

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Customer Service

Customer service representatives are available by phone Monday through Sunday from 7 a.m. until 11 p.m. EST. Representatives also answer questions through the bank’s social media channels until 11 p.m. EST.

Accessibility and Branch Availability

People’s United is easily accessible to customers in its service area, which includes Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. It has more than 400 branches in the region. Customers also have access to 600 ATMs across the Northeast. In New York and Connecticut, the bank has 148 Stop & Shop locations.

Mobile and Digital Experience

People’s United customers can access their accounts online and through the bank’s mobile app. The app has a rating of 4.8 out of 5 stars on the App Store and a rating of 4.3 on Google Play. Highlights include the ability to manage debit cards, send money to family and friends and monitor accounts from other banks.

Convenience

People’s United is most convenient for customers who live in the bank’s Northeast service area, though you can also conduct bank business anywhere and anytime online or with the mobile app.

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How To Open an Account

You can open a People’s United Bank account at a branch, online or via the mobile app. You must be 18 or older to apply. Here’s what you need to do:

  1. Provide personal information such as your name, Social Security number and date of birth.
  2. Present your driver’s license, which you can scan if you are using the mobile app.
  3. Fund your account with a check or transfer from another account.

Key Information

Customer Service Number: 800-894-0300

Routing Number: 221172186

Promotions: See Newest People’s United Promos and Bonuses

Login: People’s United Login Help

People’s United Bank Fees

Like most banks, People’s United charges fees for certain activities and services. Here’s a rundown:

Type Amount
Monthly maintenance $10 to $30
Overdraft $37
Outgoing wire transfer $30 to $40
Incoming wire transfer $15
Dormant account $5 per month
Excessive withdrawal $15
Stop payment $30

You can avoid paying these fees by monitoring your balances and not using the services. Monthly maintenance fees can be waived if you meet the minimum balance requirements.

People’s United Bank vs. Competitors

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When checking out a People’s United Bank review, see how the bank compares to other financial institutions. Here’s how it stacks up to some of its rivals:

Bank Best For
People’s United Bank Customers in the northeast who want one-stop banking
Ally Bank Customers comfortable with completely online banking
Synchrony Bank Customers interested only in high-yield savings options
Discover Bank Customers who want to earn cash back on everyday purchases

People’s United Bank vs. Ally Bank

If you like knowing you can walk into a local branch to speak with a banker, then People’s United Bank gets the nod. But Ally, an online-only bank, is a better choice for customers who are willing to trade the convenience of local branch access for a higher APY on savings accounts.

People’s United Bank vs. Synchrony Bank

People’s United has three different money market accounts designed to meet the needs of different customers. Synchrony Bank offers just one money market account, but it comes with an impressive 0.40% APY.

People’s United Bank vs. Discover Bank

People’s United Bank offers a greater variety of accounts, so every customer can find an account that meets their needs. Discover Bank has the edge with its cash-back debit card, which lets customers earn cash back on all their purchases, regardless of the merchant. The Peoples United cash-back program is restricted to select merchants.

Final Take

If you live or work in People’s United Bank’s six-state service area, it might be the right place to put your money. The bank offers numerous deposit accounts and investment and loan options, and it delivers most of these products with additional perks and without monthly fees.

Editor’s Favorite

People’s United’s Debit Rewards program gives you cash back when you use your debit card at select merchants. The program is free, and you’re automatically enrolled when you open a Plus, Student Plus or ePlus checking account. If your favorite merchants are part of the program, you can bank some extra cash when you shop.

People's United Bank FAQ

Here are the answers to some commonly asked questions about People's United Bank.
  • Is Peoples Bank the same as People's United Bank?
    • There are several banks in the U.S. under the "Peoples" brand. These banks are not the same as People's United Bank.
  • How Many People's United Bank locations are there?
    • People's United Bank has more than 400 branches in the Northeast. It also has more than 600 of its own ATMs for customers to use.
  • Does People's United Bank use ChexSystems?
    • People's United Bank does use ChexSystems to assess an applicant's risk. ChexSystems is a consumer reporting agency that assigns a score to individuals, similar to a credit score.  Scores range from 100 to 899, with a higher score indicating a lower risk.
  • What time does direct deposit hit People's United Bank?
    • Funds from direct deposits are available the same day they are received. The bank's website does not list a specific time when the money hits the account.
  • Does People's United Bank offer free money for signing up for an account?
    • Yes; the People's United website recently ran a promotion offering up to $400 in bonus money for opening a new checking account and adding a savings and money market account.

This article has been updated with additional reporting since its original publication.

Rates are subject to change. Information on accounts is accurate as of Jan. 27, 2021.

This content is not provided by People’s United Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by People’s United Bank.

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About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

People’s United Bank Review: Regional Bank Variety Meets Community Bank Customer Service
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