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BankSouth Review

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BankSouth Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1946, BankSouth has $584 million in assets along with $470 million in deposits, making it a medium-size bank. BankSouth, whose headquarters are in Greensboro, Georgia, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.4 out of 5 stars, suggesting BankSouth is a solid pick to be your bank. BankSouth offers the complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, BankSouth offers an option without a maintenance or monthly fee. Locating an institution with free checking and a high savings APY is your best bet for returning the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

With a savings rate of 0.25%, BankSouth ranks poorly compared to the average U.S. bank. BankSouth's CD rates are 0.95% and 1.46% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.35%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How BankSouth's Savings Rates Compare

BankSouth Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

BankSouth generally has extremely low fees compared to the average U.S. bank. With no monthly fee, BankSouth is ideal for those who want a basic checking account. BankSouth doesn't refund out-of-network ATM fees, meaning you will have to search for a BankSouth ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

BankSouth is a brick-and-mortar bank, with six total branches in Georgia. With mobile and web apps, BankSouth makes account access easy, even on the go. BankSouth gets high marks from customers for its mobile banking services. Out of 190 ratings on Apple and Android platforms, the BankSouth mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can utilize BankSouth's app to manage your funds by monitoring current statements, transferring funds and accessing customer service. BankSouth gets a superb consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

BankSouth ranks as a medium-size bank with $584 million in assets as well as deposits totaling $470 million. BankSouth's Texas Ratio is 3.44%, suggesting that BankSouth is in superb financial shape and improbable to fail. Additionally, BankSouth is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare BankSouth to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $200
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.31% APY
  • 48 Month: 1.36% APY
  • 60 Month: 1.46% APY
$500 for all terms
Money Market Account 0.35% APY $2500

BankSouth has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BankSouth does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. BankSouth's CD rates are fair compared to other U.S. banks.

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Find a BankSouth Near Me

BankSouth has six physical locations in the U.S.

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