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BankFirst Financial Services Review

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BankFirst Financial Services Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1888, BankFirst Financial Services has $958 million in assets and $830 million in deposits, classifying the institution as a medium-size bank. BankFirst Financial Services, whose headquarters are in Columbus, Mississippi, lacks premium access to support representatives, with no live chat or all-day service options available. 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. We ranked the bank at a 4.2 out of 5 stars, suggesting BankFirst Financial Services is a solid pick to be your bank. BankFirst Financial Services has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, BankFirst Financial Services offers an option without a maintenance or monthly fee. Locating an institution with free checking, in addition to a high interest rate savings account is your best bet for gaining the highest income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

BankFirst Financial Services has a savings rate of 0.05%, which is poor in comparison to other U.S. banks. BankFirst Financial Services's one-year CD has a rate of 0.30% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account earns at a rate of 0.20%. Given BankFirst Financial Services's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How BankFirst Financial Services's Savings Rates Compare

BankFirst Financial Services Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

BankFirst Financial Services has typically extremely low fees compared to the national average. BankFirst Financial Services's checking account has no monthly fee, making it excellent for anyone looking for a simple account. BankFirst Financial Services unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to locate a BankFirst Financial Services ATM or pay the cost of withdrawal.

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

4.4
SmartAsset Average: 3.7

BankFirst Financial Services is a brick-and-mortar bank, with 17 total bank locations in Alabama and Mississippi. With mobile and web apps, BankFirst Financial Services makes account access convenient, even on the go. BankFirst Financial Services gets great ratings from customers for its mobile banking services. The BankFirst Financial Services mobile app has been given a 4.8 out of 5 (out of 530 customer reviews on iOS and Android) compared to the national average of 3.8. BankFirst Financial Services's mobile app allows you to control your bank accounts by looking at current statements, transferring money and reaching customer service. BankFirst Financial Services gets a superb consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

BankFirst Financial Services is currently a medium-size bank and manages $958 million in assets and deposits totaling $830 million. It has a strong Texas Ratio of 9.16%, indicating a tiny chance of failure. Additionally, BankFirst Financial Services is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

9.16%
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 BankFirst Financial Services to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $300
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.15% APY
$2500 for all terms
Money Market Account 0.15% APY $5000

BankFirst Financial Services has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BankFirst Financial Services 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. BankFirst Financial Services's CD rates are fair in comparison to the national average.

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Find a BankFirst Financial Services Near Me

BankFirst Financial Services has 17 physical locations across the U.S.

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