BankPlus Review

Overview

BankPlus was founded in 1909 and is headquartered in Belzoni, Mississippi. BankPlus handles $7.54 billion in assets as well as deposits totaling $6.23 billion, making it a large bank. BankPlus has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated BankPlus 4.3 stars out of 5, which means it is a great choice and should warrant serious consideration. BankPlus has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. BankPlus has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, BankPlus's standard checking account does not have a monthly fee. Institutions that offer no-fee checking, in addition to a high savings APY are your best bet for accruing the highest income on your deposits while maintaining easy access to your funds.

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

With a savings rate of 0.05%, BankPlus ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 0.20% and the five-year CD earns at a rate of 0.55%, while its highest-yielding money market account has a rate of 4.25%. Given BankPlus's below average savings rate, you should consider taking a look at other banks for savings accounts.

How BankPlus's Savings Rates Compare

On average, BankPlus charges customers extremely low fees as compared against the national average. With no monthly fee, BankPlus's checking account is perfect for people who want a hassle-free checking account. BankPlus does not refund out-of-network ATM charges, which means you'll have to find a BankPlus ATM or accept the withdrawal fee.

BankPlus is a brick-and-mortar bank, with 101 total bank locations in Mississippi. With mobile and web apps, BankPlus makes mobile banking easy, even on the go. BankPlus also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. BankPlus gets positive feedback from customers for its online presence. The BankPlus mobile app rates a 4.7 out of 5 (with 4,500 customer reviews on iOS and Android) compared to the national average of 3.8. You can access BankPlus's app to manage your finances by reviewing monthly statements, sending and receiving funds and reaching customer service. BankPlus receives a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

BankPlus is currently a large bank and manages assets totaling $7.54 billion as well as $6.23 billion in deposits. Its Texas Ratio is 1.45%, denoting that BankPlus is in good financial well-being and improbable to fail. Additionally, BankPlus is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

BankPlus has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BankPlus 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. BankPlus's CD rates are fair in comparison to other U.S. banks.

Find a BankPlus Near Me

BankPlus has 101 locations across the U.S.