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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 was founded in 1876 and has its headquarters in Tupelo, Mississippi. It manages $15 billion in assets as well as $12 billion in deposits, which makes it 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 in-person service, in addition to its online and mobile apps. With an average 3.5 out of 5 stars, BancorpSouth Bank proves it is a bank with better alternatives. BancorpSouth Bank has a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account carries a monthly fee of $5.00, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer free checking and a high interest rate savings account are your best bet for returning the highest income from your deposits while maintaining easy access to your funds.

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 compared to other U.S. banks. Its CD rates are 1.06% and 2.02% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 1.00%. Given BancorpSouth Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

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 generally has high fees in comparison to the average U.S. bank. At $5.00/month, BancorpSouth Bank is not ideal for people who want a simple banking experience. BancorpSouth Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to locate a BancorpSouth Bank ATM or pay 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 bank locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. With mobile and web apps, BancorpSouth Bank makes account access straightforward, even on the go. It does not provide access to 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 mediocre scores from users. With 800 customer reviews across both iOS and Android platforms, the BancorpSouth Bank mobile app rates a 3.4 out of 5 (compared to the national average of 3.8). BancorpSouth Bank's mobile app allows you to manage your bank accounts by reviewing account balances, transferring money as well as reaching customer service. However, BancorpSouth Bank gets an average consumer satisfaction rating due to a large number of consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 ranks as a very large bank owning assets totaling $15 billion and $12 billion in deposits. Its Texas Ratio is 3.52%, denoting that BancorpSouth Bank is in terrific financial health and improbable to fail. 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 0.12% APY $1
Certificates of Deposit
  • 12 Month: 1.06% APY
  • 24 Month: 1.36% APY
  • 36 Month: 1.56% APY
  • 48 Month: 1.76% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Accounts 0.9% APY 1.0% APY $10000 $15000

BancorpSouth Bank has several deposit products like 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 consider other options 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 physical branches in the U.S.

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