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Best Banks in Mississippi

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by Lauren Perez Updated

Finding the Best Banks in Mississippi

Mississippi is mostly home to various regional banks rather than big, national names. Still, these regional banks provide a ton of branches throughout the state for easy in-person access. In addition to convenience, we look at each bank’s account offerings to help you find the best savings accounts, checking accounts and more from banks in your area.

Bank APY Minimum Deposit Highlights
Regions Bank Regions Bank logo Read More 0.01% $50
  • Best National Bank
  • Best Customer Service
  • 126 locations throughout Mississippi
Trustmark Bank Trustmark Bank logo Read More 0% $50
  • Best Regional Bank
  • 124 locations throughout Mississippi 
Community Bank of Mississippi Community Bank of Mississippi logo Read More 0.00% $50
  • Best Free Checking Account
  • Unlimited check writing 
Renasant Bank Renasant Bank logo Read More 1.51% $50
  • Best High-Yield Checking Account
  • Benefits lower balances 
Renasant Bank Renasant Bank logo Read More 0.96% $50
  • Best Savings Account
  • Benefits lower balances
Regions Bank Regions Bank logo Read More 0.01% $50
  • Best for Students
  • No monthly fee

How We Determined the Best Banks in Mississippi

To find the best banks in Mississippi, we started with the top 15 banks ranked by branch numbers. The bank with the most branches in the state ranked first. Then we collected account and bank data on each of these banks, including rates, fees, minimum balance requirements and more. We used this information to determine the best banks and accounts for Mississippi residents. 

Best National Bank & Best Customer Service: Regions Bank

Regions Bank

Regions Bank can offer Mississippi residents the easiest access to a branch with 126 locations throughout the state. The bank maintains locations in 14 other states as well: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Missouri, North Carolina, South Carolina, Tennessee and Texas. So when you’re visiting nearby states, you can still bank in-person. 

You can open a variety of Regions bank accounts if you live in its service areas. The bank offers three different savings accounts, certificates of deposit (CDs) ranging all the way to 72 months, two money market accounts and six checking accounts. With all these options, you can find an account that works best with your finances whether you’re looking for a free checking account or a long-term CD. Just be careful of the bank’s low interest rates, as they won’t boost your savings too much. 

Regions Bank also offers some of the best customer service in the Southeastern region, as well. If you need to contact the bank, you can find different phone numbers for different departments and needs. That way, you can more quickly speak to the correct representative rather than going through an automated phone tree. You could also contact the bank over email, social media and live chat. Just be careful about sending personal and account information over these methods of communication. 

Best Regional Bank: Trustmark Bank

Daily Interest Savings

For the next best access to your bank branch, you can turn to smaller bank Trustmark. The bank has 124 locations in the Magnolia State with more locations in nearby Alabama, Florida, Tennessee and Texas. You’ll also be able to access your accounts online and on mobile through your internet browser or Android®, iPhone® and iPad® apps. 

Trustmark offers an incredible variety of accounts. For starters, you can choose from six different checking accounts including a student account. As for savings accounts, there are two basic savings accounts, two money market accounts and even a health savings account. That gives you plenty of options for finding the right kind of account for you and your finances. Plus, while not the best rates in the industry, Trustmark offers higher rates than most big banks can offer. 

Best Free Checking Account: Community Bank of Mississippi Community Checking Account

Community Checking Account

With mostly small banks to choose from, Mississippi residents may find it hard to find a free checking account with a low minimum deposit. Community Bank of Mississippi offers the best deal with its Community Checking Account. It requires a minimum deposit of at least $50 which isn’t the lowest out there but still outdoes its regional competition. Once you meet the minimum deposit, there are no more minimum balance requirements to worry about. Nor do you have to worry about a monthly fee while you have the account. 

This account includes unlimited check writing, free eStatements and free bill pay. 

Best High-Yield Checking Account: Renasant Bank Rewards Checking Account

Renasant Rewards Checking Account

With humble beginnings in 1904 in a Lee County bakery, Renasant Bank now offers some of the best bank accounts out there. For starters, check out its Rewards Checking account, which has a 1.51% APY. You will need to meet a few requirements to earn this high rate: make at least 10 debit card transactions (excluding ATM transactions) per qualification cycle, make at least one direct deposit or ACH transfer per cycle and receive statements electronically. These requirements should be easy enough for those using this account regularly. Receiving eStatements also waives the $8 monthly fee.

This high interest rate is made for those with lower balances, too. If your balance reaches higher than $25,000, your interest rate will drop to 0.03% APY. 

Best Savings Account: Renasant Bank Rewards Savings Account

Renasant Rewards Savings Account

In addition to its great checking account, Renasant Bank also offers one of the best savings accounts for Mississippians. Just like its checking counterpart, the Rewards Savings account interest-earning system is designed to benefit those with lower balances. To earn the best rates, you’ll want to keep a low balance, make at least 10 debit card transactions (excluding ATM transactions) per qualification cycle, make at least one direct deposit or ACH transfer per cycle and receive statements electronically. 

Meeting those requirements and keeping your balance at $100,000 or below will earn 0.96% APY. Any higher balances will earn 0.30% APY. If you fail to meet those requirements, you’ll earn 0.03% APY regardless of your balance. 

There is a $10 monthly fee, although if you’re already enrolled in eStatements, you can waive the fee easily. 

Best for Students: Regions Bank

Regions Bank LifeGreen Savings Account

With its LifeGreen® Checking Account For Students, Regions Bank can be great for students, especially those staying within the region. That makes for easier access to your accounts without incurring any extra ATM fees. Students will also be happy to know that Regions has great online and mobile banking offerings for more convenience and ease. 

The LifeGreen® Checking Account For Students is for students 25 years old or younger. It requires at least $50 to open, which could potentially be a high minimum for students just starting out on their own. Once you have that deposit, you’ll be good to go without the need to worry about any other balance minimums or monthly service fees. Owning this account allows you to open a Regions LifeGreen Savings Account, too, for easier savings. 

Tips for Saving Money 

  • Sometimes dropping coins into a piggy bank or stashing money in an envelope isn’t enough when it comes to saving in a significant way. While those are fun methods, they don’t necessarily grow your money while your money sits there. Consider instead an online high-yield savings account, since they don’t require you to go to bank branch to open or maintain. 
  • Certificates of deposit offer a great alternative to the standard savings account. These accounts come as various terms, typically from three months to five years. Once you make your initial deposit, you have to wait until the end of its term to withdraw your earnings. This offers some great security to saving, especially if you’re prone to dipping into your account. You’ll want to check out the best CD rates before you jump in to make sure you get the most out of your accounts. 
  • Unsure of the best way to save your money? Maybe working with a financial advisor can point you in the right direction. Financial advisors offer expert and comprehensive advice on your finances. You can find a qualified advisor in your area today with SmartAsset’s advisor matching tool
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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study