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BancorpSouth Bank Review

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BancorpSouth Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

BancorpSouth Bank started in 1876 and has its headquarters in Tupelo, Mississippi. It owns assets of $15 billion along with deposits totaling $12 billion, classifying it as a very large bank. BancorpSouth Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3.5 out of 5 stars, BancorpSouth Bank should be more closely analyzed to see if its features match your needs. BancorpSouth Bank has a mixture of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $5.00, which places it at the higher end of monthly fees. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for returning the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.15%, BancorpSouth Bank ranks poorly in comparison to the national average. Its CD rates are 0.40% and 1.51% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How BancorpSouth Bank's Savings Rates Compare

BancorpSouth Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

BancorpSouth Bank has typically high fees in comparison to the national average. BancorpSouth Bank's checking account has a monthly fee of $5.00, rating it fair for anyone looking for a simple account. BancorpSouth Bank does not refund out-of-network ATM fees, which means you will have to locate a BancorpSouth Bank ATM or accept the withdrawal fee.

Monthly Fee $5.00 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

2.9
SmartAsset Average: 3.7

BancorpSouth Bank is a brick-and-mortar bank, with 310 total branches in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. CT; Saturday, and 7:00 a.m. to 5:00 p.m. CT. BancorpSouth Bank's online and mobile banking platforms receive poor marks from users. With 800 customer reviews on both Apple and Android platforms, the BancorpSouth Bank mobile app has an overall rating of 3.4 out of 5 (compared to the national average of 3.8). BancorpSouth Bank's mobile app lets you manage your funds by checking current statements, sending and receiving money and accessing customer service. However, BancorpSouth Bank gets an average consumer satisfaction score because of a large number of complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 3.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

BancorpSouth Bank is currently a very large bank with $15 billion in assets as well as $12 billion in deposits. BancorpSouth Bank's Texas Ratio is 3.52%, denoting that the bank is in excellent financial shape and far from failure. Additionally, BancorpSouth Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.52%
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 BancorpSouth Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.51% APY
$1000 for all terms
Money Market Account 0.15% APY $10000

BancorpSouth Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BancorpSouth Bank does not have the best savings rate, which means you should think about looking 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. BancorpSouth Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a BancorpSouth Bank Near Me

BancorpSouth Bank has 310 branches in the U.S.

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