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BankSouth Review

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BankSouth Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1946, BankSouth has assets totaling $584 million along with deposits totaling $470 million, which makes the institution a medium-size bank. BankSouth, whose headquarters are in Greensboro, Georgia, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.4 out of 5 stars, BankSouth is a great bank that you should seriously consider. BankSouth has a full array of banking products, 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 looking for a checking account for everyday use, BankSouth's ordinary checking account does not have a monthly fee. Institutions that offer free checking and a high interest rate savings account are your best bet for gaining the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

BankSouth features a savings rate of 0.25%, which is poor compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.70% and 1.21%, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given BankSouth's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How BankSouth's Savings Rates Compare

BankSouth Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

BankSouth has generally extremely low fees compared to other U.S. banks. With no monthly fee, BankSouth's checking account is perfect for those who need a hassle-free checking account. BankSouth doesn't refund out-of-network ATM fees, meaning you'll have to search for a BankSouth ATM or accept the withdrawal 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

4.3
SmartAsset Average: 3.7

BankSouth is a brick-and-mortar bank, with six total branches in Georgia. With mobile and web apps, BankSouth makes mobile banking easy, even on the go. BankSouth's online and mobile banking services receive positive feedback from customers. The BankSouth mobile app scored a 4.6 out of 5 (out of 190 reviews on Apple and Android) compared to the national average of 3.8. BankSouth's mobile app allows you to manage your accounts by looking at current statements, transferring money and accessing support representatives. BankSouth receives an excellent consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

BankSouth ranks as a medium-size bank owning assets totaling $584 million and deposits totaling $470 million. BankSouth has an excellent Texas Ratio of 3.44%, signifying that the bank is in excellent financial well-being and unlikely to fail. Additionally, BankSouth is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.44%
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 BankSouth to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $200
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.06% APY
  • 48 Month: 1.11% APY
  • 60 Month: 1.21% APY
$500 for all terms
Money Market Account 0.35% APY $2500

BankSouth offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. BankSouth does not have the best savings rate, which means you should think about 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. BankSouth's CD rates are fair compared to other U.S. banks.

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Find a BankSouth Near Me

BankSouth has six physical locations across the U.S.

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