Peoples Bank headquartered in North Carolina invites consumers to take advantage of their high yield savings account online. The eSavings program has current interest rates of 1.81% APY for deposits through $10,000. Any funds below the required balance earns 0.50% APY.

This high interest savings account can be opened with an initial funding of $500. It will be wise to stay within or above this minimum to avoid a quarterly service charge of $15.

The earnings of your savings account will be credit every quarter of the year. You are also limited to six withdrawals every quarter and every transaction beyond this limit will cost you $2.50.

One downside of this high interest savings account is the quarterly feature of the interest rate. Most banks credit the interest on a monthly basis. Another notable difference is that Peoples Bank only allow six withdrawals every quarter against other banks which allow six every month.

If you want to open an account, you can accomplish and submit an online form. When we last checked, they still accept applications from any U.S. state. The customer service informed us that they only do a soft pull of your credit upon application, but based on experience this is not the usual case.

Peoples Bank is based in Newton North Carolina. The bank has about 17 branches serving the western portion of the state. You can contact the bank through 887-802-1212 if you have questions with regards to their line of financial products and services.

BauerFinancial issued 4 stars for a good financial performance while bankrate.com stamped 3 stars on their soundness and safety report. These were based on their March 2009 data.

Peoples Bank is indexed with the FDIC under certificate number 5956.