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BankFirst Financial Services Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
BankFirst Financial Services Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1888, BankFirst Financial Services has $958 million in assets as well as $830 million in deposits, classifying it as a medium-size bank. BankFirst Financial Services, whose headquarters are in Columbus, Mississippi, 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 offerings. Overall, BankFirst Financial Services is a great choice and should warrant serious consideration, with a score of 4.2 stars out of 5 from the SmartAsset team. BankFirst Financial Services offers a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. BankFirst Financial Services has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, BankFirst Financial Services's most basic checking does not carry a monthly charge. Finding an institution with no-fee checking and a high savings APY is your best option for returning the highest income from your deposits alongside convenient access to your money.

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

With a savings rate of 0.05%, BankFirst Financial Services ranks poorly in comparison to other U.S. banks. BankFirst Financial Services's CDs feature a rate of 0.30% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Given BankFirst Financial Services's poor savings rate, you should think about choosing another bank to earn more on your deposits.

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 typically has extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. BankFirst Financial Services unfortunately does not reimburse out-of-network ATM fees, meaning you'll be required to find a BankFirst Financial Services ATM or accept 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 branches in Alabama and Mississippi. With mobile and web apps, BankFirst Financial Services makes mobile banking straightforward, even on the go. BankFirst Financial Services gets high marks from users for its mobile banking services. Out of 530 customer reviews across both iOS and Android platforms, the BankFirst Financial Services mobile app is scored at 4.8 out of 5 (compared to the national average of 3.8). BankFirst Financial Services's mobile app lets you control your finances by looking at current statements, transferring money as well as reaching support representatives. BankFirst Financial Services receives an excellent consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial 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 ranks as a medium-size bank and manages $958 million in assets as well as $830 million in deposits. BankFirst Financial Services's Texas Ratio is 9.16%, suggesting a small possibility 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
$1000 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

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 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. BankFirst Financial Services's CD rates are fair compared to the average U.S. bank.

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Find a BankFirst Financial Services Near Me

BankFirst Financial Services has 17 locations in the U.S.

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