- Overall bank rating
- Pros and cons
- Savings
- Checking
- CD
- Money market account
- How Prosperity Bank works
- Is Prosperity Bank trustworthy?
- How Prosperity Bank compares
- Frequently asked questions (FAQ)
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The bottom line: Prosperity Bank has appealing choices for a checking account and CDs. However, there are better options if you're looking for bank accounts with low opening deposits or minimal fees, or if you want a high savings rate. The best high-yield savings accounts pay up to 6.17% APY right now.
Overall bank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.5 |
| CD | 3.5 |
| Money market account | 2.75 |
| Trustworthiness | 4 |
| Total | 3.5 |
Pros and cons
| Pros | Cons |
|
|
Savings
Prosperity Bank Personal Savings Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$3 monthly service fee
Annual Percentage Yield (APY)0.70%
Minimum Deposit Amount$200
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive the monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Eligible for the Round Up Savings Program if you have a Prosperity Bank personal Checking Account and Debit Mastercard
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $200 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $3 monthly service fee
- con icon Two crossed lines that form an 'X'. $2 excess withdrawal fee
- 273 branch locations in Texas and Oklahoma
- 331 free ATMs
- If you have a Prosperity Bank debit card and Prosperity Bank personal Checking Account, you'll eligible for the Round Up Savings Program
- The Round Up Savings Program rounds up purchases to the nearest whole dollar and transfers the amount left over to your savings account; Prosperity will also match 2% of your transfers (up to $50 per month)
- To waive the $3 monthly service fee, maintain at least $200 in your account daily
- If you make more than 3 withdrawals per month, there's a $2 excess withdrawal fee for each withdrawal after the limit
- Interest compounded daily and paid quarterly
- Member FDIC
You might like the Prosperity Bank Personal Savings Account if you also have a Prosperity Bank debit card and personal checking account. Then you'll be eligible to sign up for the Round Up Savings Program, which rounds up debit card purchases and transfers the amount left over to your savings account. Prosperity Bank will also match 2% of your transfers (up to $50 per month).
Checking
Prosperity Bank Simply Free Checking Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)None
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited check writing and withdrawals
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection options
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $10 overdraft transfer fee
- con icon Two crossed lines that form an 'X'. $35 overdraft fee
- con icon Two crossed lines that form an 'X'. $3 out-of-network ATM fee
- 273 branch locations in Texas and Oklahoma
- 331 free ATMs
- Prosperity Bank offers overdraft protection that lets you transfer money from another bank account or apply for a line of credit
- Member FDIC
The Prosperity Bank Simply Free Checking Account is a good choice if you don't want to pay monthly service fees. However, you'll need to make an initial deposit of at least $100, which is a bit high compared to other banks.
CD
Prosperity Bank CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)0.70% to 4.03%
Minimum Deposit Amount$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Solid interest rates compared to brick-and-mortar banks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard CD terms
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Online banks offer higher interest rates
- 273 branch locations in Texas and Oklahoma
- 331 free ATMs
- Terms range from 30 days to 5 years
- To earn the highest APY, open a CD with at least $100,000
- Early withdrawal penalties: For 30-day terms, 7 days of interest; For terms between 90 days and 1 year, 180 days of interest; For terms between 18 months and 2 years; 12 months of interest; For terms longer than 2 years, 2 years of interest
- Interest compounded daily and deposited quarterly
- Member FDIC
Prosperity Bank's CDs offer decent interest rates compared to other brick-and-mortar banks. To earn the highest interest rate, you'll need to deposit at least $100,000 into your CD.
If you're comfortable with online banking, consider checking out our best CD rates guide to earn a higher rate with a lower minimum deposit.
Money market account
Prosperity Bank Prosperity Money Market Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$10 monthly service fee
Annual Percentage Yield (APY)1.51%
Minimum Deposit Amount$2,500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive the monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Debit card option
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free unlimited withdrawals at Prosperity ATMs
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $2,500 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $10 monthly service fee
- con icon Two crossed lines that form an 'X'. $15 excess withdrawal fee
- con icon Two crossed lines that form an 'X'. No checks included
- 273 branch locations in Texas and Oklahoma
- 331 free ATMs
- To waive the $10 monthly service fee, maintain at least $2,500 in your account daily
- If you make more than 6 withdrawals per month, there's a $15 excess withdrawal fee for each withdrawal after the limit
- Free unlimited withdrawals at Prosperity ATMs
- Interest compounded daily and paid quarterly
- Member FDIC
The Prosperity Bank Prosperity Money Market Account requires an initial deposit of $2,500. You'll also need to maintain that amount daily to avoid a $10 monthly service fee.
If you'd prefer to open a fee-free money market account or one with a much lower minimum opening deposit, go through our best money markets guide.
How Prosperity Bank works
Prosperity Bank has over 273 branches in Texas and Oklahoma. You'll also have access to 331 free ATMs through the bank's ATM network.
Customer service is available over the phone or through live chat. Contact a live representative from 7 a.m. to 7 p.m. CT on weekdays or 9 a.m. to 5 p.m. CT on Saturdays.
The bank's mobile app has 4.6 out of 5 stars in the Google Play store and 4.7 out of 5 stars in the Apple store.
Prosperity Bank is FDIC insured, which means money deposited into your bank account is protected. You may deposit up to $250,000 into an individual bank account and $500,000 into a joint bank account.
Is Prosperity Bank trustworthy?
The Better Business Bureau rates banks according to how they respond to customer issues. Prosperity Bank has an A+ rating.
In 2022, the U.S. Attorney's Office, Southern District of Texas required Prosperity Bank to pay $18,673.50 when it claimed the bank had given a Paycheck Protection Program loan to an ineligible applicant. Prosperity Bank neither admitted to nor denied the claims.
How Prosperity Bank compares
We compared Prosperity Bank to two other financial institutions in Texas and Oklahoma: International Bank of Commerce and Bank of America.
Locations 273 branches in TX and OK | Locations 187 branches in TX and OK | Locations 382 branches in TX and OK |
Standout feature Free checking account | Standout feature Free checking account with low minimum opening deposit | Standout feature Variety of bank accounts and free overdraft protection starting in May
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| Open an account | Open an account | Open an account |
If you're looking to open a checking account, your decision will likely depend on how you manage your account.
Prosperity Bank or International Bank of Commerce will be more suitable if you don't want to deal with monthly service fees. At International Bank of Commerce, you'll also only need $10 to open a checking account.
Bank of America will stand out the most if you prefer a bank with a substantial branch and ATM network. Also, beginning in May 2022, Bank of America will be reducing its $35 overdraft fee to $10 and offering free overdraft protection.
If you are searching for savings accounts, online banks pay better interest rates. However, for CDs, it'll be a toss-up between Prosperity Bank and International Bank of Commerce. International Bank of Commerce offers more competitive interest rates on CDs, but you'll need at least $2,500 for most terms. Prosperity Bank lets you open a CD with $1,000, but the rates won't be as competitive, especially if you're looking at shorter terms.
Frequently asked questions (FAQ)
Is Prosperity a good bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Prosperity might be a good option if you are searching for a free checking account or qualify to waive fees on the bank's savings accounts. You'll want to be mindful of excess withdrawal fees and overdraft fees, though.
Prosperity also doesn't offer a high-yield savings account. You'll want to look at online banks if you'd prefer to earn a high interest rate.
How many banks does Prosperity Bank have? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Prosperity Bank has 273 branches in Oklahoma and Texas.
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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