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BankPlus Review

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


Established in 1909, BankPlus has assets totaling $3 billion along with $2 billion in deposits, ranking it as a large bank. BankPlus, whose headquarters are in Belzoni, Mississippi, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional 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 4.3 stars out of 5, BankPlus should be solidly in contention for your choice of bank. BankPlus provides customers with the complete slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. It 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 carry a monthly charge. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for gaining the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.05%, BankPlus ranks poorly in comparison to the national average. BankPlus's one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.20%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How BankPlus's Savings Rates Compare

BankPlus Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

BankPlus generally has extremely low fees compared to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. BankPlus doesn't refund out-of-network ATM charges, which means you will be required to locate a BankPlus ATM or eat the fee.

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

SmartAsset Average: 3.7

BankPlus is a brick-and-mortar bank, with 58 total bank locations in Mississippi. It also offers access to mobile and web apps for a simple mobile-banking experience. BankPlus also offers a live chat feature, key for getting quick access to customer service. BankPlus's online and mobile banking services get high praise from customers. The BankPlus mobile app has been given a 4.7 out of 5 (with 4,500 customer reviews on iOS and Android) compared to the national average of 3.8. BankPlus's mobile app allows you to manage your bank accounts by looking at account balances, sending and receiving money and accessing customer service. BankPlus gets a superb 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 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

BankPlus is a large bank owning assets totaling $3 billion and $2 billion in deposits. BankPlus's Texas Ratio is 11.58%, suggesting a small possibility of failure. 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

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 BankPlus to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.20% APY
$1000 for all terms
Money Market Account 0.1% APY $1000

BankPlus has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. BankPlus does not have the best savings rate, which means you should think about 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. BankPlus's CD rates are fair in comparison to the average U.S. bank.

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Find a BankPlus Near Me

BankPlus has 58 branches across the U.S.

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