BankSouth Review

Overview

Founded in 1946, BankSouth has $1.24 billion in assets along with $1.06 billion in deposits, making it a medium-size bank. BankSouth, whose headquarters are in Greensboro, Georgia, 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 apps. SmartAsset experts rated the bank 4.4 out of 5 stars, suggesting BankSouth is a solid pick to be your bank. BankSouth offers the complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, BankSouth offers an option without a maintenance or monthly fee. Locating an institution with free checking and a high savings APY is your best bet for returning the highest income on your deposits while maintaining convenient 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 0.20%, BankSouth ranks poorly compared to the average U.S. bank. BankSouth's CD rates are 4.59% and 3.56% for the six-month and three-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.35%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How BankSouth's Savings Rates Compare

BankSouth generally has extremely low fees compared to the average U.S. bank. With no monthly fee, BankSouth is ideal for those who want a basic checking account. BankSouth doesn't refund out-of-network ATM fees, meaning you will have to search for a BankSouth ATM or pay the ATM charge.

BankSouth is a brick-and-mortar bank, with five total branches in Georgia. With mobile and web apps, BankSouth makes account access easy, even on the go. BankSouth gets high marks from customers for its mobile banking services. Out of 190 ratings on Apple and Android platforms, the BankSouth mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can utilize BankSouth's app to manage your funds by monitoring current statements, transferring funds and accessing customer service. BankSouth gets a superb consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

BankSouth ranks as a medium-size bank with $1.24 billion in assets as well as deposits totaling $1.06 billion. BankSouth's Texas Ratio is 2.00%, suggesting that BankSouth is in superb financial shape and improbable 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.

Products Offered

BankSouth has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BankSouth does not have the best savings rate, which means you should consider 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. BankSouth's CD rates are fair compared to other U.S. banks.

Find a BankSouth Near Me

BankSouth has five physical locations in the U.S.