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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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.Back to Overview
Compare BankSouth to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$200|
|Checking Account||0.1% APY||$1500|
|Certificates of Deposit|| ||$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.Back to Overview
Find a BankSouth Near Me
BankSouth has six physical locations across the U.S.Back to Overview