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Cadence Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Cadence Bank Propel Savings
0.10% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Cadence Bank stands as a relatively new player in the banking world. It first opened its doors in 2010 in Mississippi. Since then, it has remained committed to serving its local communities with friendly customer support and a variety of products. Today, the bank offers everything you’d find at any major bank including interest-earning checking, savings and certificate of deposit (CD) accounts. One of its checking accounts adds additional layers of protection such as identity theft prevention services. The bank also provides some of its account holders with different opportunities to waive monthly service fees. The bank also offers various services to businesses, while upholding its duty to stimulate local economies.

Products Offered  
Product Key&Features
Savings Account
  • Several savings accounts including options that provide high interest rates if you meet certain requirements
  • Opportunities to waive monthly service fees
Certificates of Deposit
  • Choose from terms ranging from three months to five years
  • Generous interest rates on longer term CDs
Money Market Accounts
  • Two options
  • You can earn a high promotional interest rate under certain circumstances
Checking Accounts
  • Three options including one that provides identity theft protection services

Cadence Bank Interest Rate Comparison

Personal Savings

Key Features Details
Minimum Deposit $1
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $4 monthly service fee assessed 90 days after you open an account
  • $2 excessive withdrawal fee after your second withdrawal in a calendar month
Current Terms and Rates 0.10% APY

This is Cadence Bank standard savings account. You can open one with just $1. However, it currently offers an APY of 0.10%. That figure dips below the national average interest rate for savings accounts across the nation. You also have to maintain a minimum balance of $100 to earn any interest. 

However, this account is fairly easy to manage. It charges a low monthly service fee of $4, which kicks in 90 days after you open your account. You can also waive this fee by maintaining a minimum $250 average monthly collected balance during each statement cycle. Cadence Bank compounds and credits interest on this account every three months.

Still, this option offers a rate that is dwarfed by the best savings accounts on the market. 

In addition, Cadence Bank places transaction limits on all of its savings and money market accounts (MMAs). That limit is no more than six pre-authorized withdrawals on the following: 

  • Automatic or telephone transfers
  • Checks 
  • Drafts 
  • Debit card and similar transactions from your account per month or statement cycle 

The bank would charge you fees for excessive withdrawals. It’s also important to note that the rates discussed in this review are current as of June 2018. Rates are subject to change. So consult a Cadence banker for the most current rates. 

Propel Savings

Key Features Details
Minimum Deposit $25 ($500 maximum)
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees  
  • No monthly service fee
  • $2 excessive withdrawal fee after your second withdrawal in a calendar month
Current Terms and Rates 1.50% APY if you meet certain requirements

To make the most out of the Propel Savings account by Cadence Bank, you have to link it to one of the bank’s checking accounts and establish a monthly transfer of at least $25 from that account into the Propel Savings option. This strategy would earn you a high APY of 1.50% on balances up to $5,000. If you meet these requirements and your balance breaches that amount, your interest rate will drop to 0.35%. 

However, your Propel Savings will convert to a Personal Savings account if an auto-transfer of at least $25 in aggregate does not occur in the month prior. 

Overall, this is a solid savings account. But its APY is guaranteed until October 31, 2018. You may find savings accounts with better terms by comparing savings accounts across different banks.

But as with all savings accounts and MMAs that Cadence Bank offers, account holders get the following free benefits: 

  • Online banking
  • Mobile banking
  • Electronic statements
  • 24/7 telephone banking

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First Step Savings

Key Features Details
Minimum Deposit $10
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • No monthly service charge as long as the account holder is 17 years old or younger
  • $2 excessive withdrawal fee after your second withdrawal in a calendar month
Current Terms and Rates 0.10% APY

If you have a child who is 17 years old or younger, you may want to encourage him or her to open a First Step Savings account. This interest-bearing account may motivate your child to develop a responsible savings habit. Your child would incur no monthly service charge until he or she reaches age 18. At this point, the account converts to a Personal Savings account. 

The First Step Savings account currently generates an APY of 0.10%. And while child-centered savings accounts rarely offer the best rates, you may find more suitable options by exploring the best savings accounts for kids in the market today. 

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Compare Cadence Bank to Other Competitive Offers

Market Investment Savings

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $20 monthly service fee unless you meet a minimum balance requirement
Current Terms and Rates
  • For balances of $0 - $24,999.99: 0.15% APY
  • For balances of $25,000+: 0.35% APY

You can open a Market Investment Savings account with just a $50 deposit. However, you’d have to maintain a minimum balance of $25,000 to earn its current peak APY of 0.35%. While that rate beats the national average, you can find even better rates at other banks. 

But if you’re committed to keeping most or all of your accounts with a local community-focused bank, this account does offer distinct benefits if you’re willing to park a large amount. A minimum balance of at least $25,000 would waive the $20 monthly service charge. 

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 3 Months: 0.15% APY
  • 6 Months: 1.00 % APY
  • 9 Months: 1.50 % APY
  • 12 Months: 0.80 % APY
  • 14 Months: 2.30 % APY
  • 18 Months: 0.45 % APY
  • 24 Months: 0.90 % APY
  • 30 Months: 0.70 % APY
  • 36 Months: 2.6 % APY
  • 42 Months: 0.85 % APY
  • 48 Months: 1.46 % APY
  • 54 Months: 1.10 % APY
  • 60 Months: 1.46 % APY

You can open a certificate of deposit (CD) with Cadence Bank for a variety of terms stretching from three months to 60 months (five years). Across the board, the bank offers some generous terms on its CDs. Some promotional options offer APYs that can compete with some of the best CD rates out there. For example, a 12-month promotional CD would currently generate an interest rate of 2.00%, which could give you a major return if you invest a large sum. But as with all accounts under Cadence Bank, the promotional rates are subject to change. So check with a representative to examine the latest rates and which terms may work for you based on your savings goals. 

And remember that by investing in any CD, you’re locking in your money for a set amount of time in exchange for a fixed-interest rate. Like any other bank, Cadence Bank will charge you an early withdrawal penalty for taking your money out before the term ends. Penalties at Cadence apply as follows:

  • For CDs with terms of 30 - 60 days: 30 days worth of accumulated interest
  • For CDs with terms of 7 months - 12 months: 90 days worth of accumulated interest
  • For CDs with terms of 13 months - 24 days: 180 days worth of accumulated interest interest
  • For CDs with terms of More than 24 months: 1 year worth of accumulated interest

If you have both short-term and long-term savings goals, you may be interested in opening multiple accounts with varying term lengths. With the bank’s wealth of options, this should not be an issue. By doing so, you can take advantage of a strategy known as CD laddering. This helps you meet different savings goals while having access to different portions of your savings plus interest at various time intervals. 

But if you want to explore other options, you can always compare CD rates from different banks online. 

 

Advantage Money Market

Key Features Details
Minimum Deposit $50
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $10 monthly service fee
  • $8 excessive withdrawal fee after your sixth withdrawal in a calendar month
Current Terms and Rates
  • For balances of $0 - $1,499: 0.00%

  • For balances of $1,500+: 0.50% APY

     

In order to earn interest on this money market account, you need to maintain a minimum balance of $1,500. Sticking to that balance would currently earn you an APY of 0.50%, which is still not the most competitive rate in the money market arena. You can find options that offer higher rates with less stringent requirements by comparing money market accounts different financial institutions offer. 

Still, this account charges a very manageable monthly service fee of $10. You can waive it by maintaining a minimum balance of $5,000. This feature may incentivize you to save more. But it’s not necessarily the best account to park your money in if you’re focused on long-term growth.

Cadence Bank compounds interest on this account every month and credits it at the end of the month.

High Yield Money Market 150

Key Features Details
Minimum Deposit $50
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service fee
Current Terms and Rates
  • For balances of $0 - $99,999.99: 0.00% APY
  • For balances of $100,000 - $2.5 million: 1.75% APY

The High Yield Money Market 150 account stands as Cadence Bank’s premier offering, which locks an APY of 1.75% through October 31, 2018. However, you have to maintain a minimum balance of at least $100,000 to earn any interest. You can earn this promotional rate up until your balance reaches $2.5 billion. With its high interest rate, the High Yield Money Market 150 can compete with the best money market accounts, but you may find smaller balance minimums at other banks. 

Checking Account

Key Features Details
Minimum Deposit $2000
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $5 monthly maintenance fee unless you meet a minimum balance requirement

The Motion Checking account from Cadence Bank is simple to manage and offers a variety of benefits. You can open an account with $2000. You can also waive the $5 monthly service fee by maintaining a minimum average monthly balance of $500. 

Your debit card linked to this account would give you fee-free access to ATMs in the AllPoint and Presto networks. That opens up fee-free ATM transactions at thousands of ATMs across the country. 

Account holders also get the following perks: 

  • Unlimited check writing
  • BuzzPoint cash-back rewards on all debit card purchases 
  • Mobile banking
  • Online banking
  • Mobile check deposit features
  • Free electronic statements

Value Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $8 monthly maintenance fee

This account is designed for those who want some added protection from threats like identity theft. Its Card PatrolSM feature monitors up to 10 registred credit or debit cards as well as your Social Security number across the internet in an attempt to minimize your risk of fraud. It also gives you access to a personal credit report through CreditXpert. In addition, you get Identity Fraud Support Service. You also get up to $10,000 in identity theft insurance as well as other protections. 

However, all these benefits have distinct terms and conditions. You should refer to a Cadence banker for specific details on how these benefits may apply to you based on your individual situation. 

But outside of its theft protection features, the account offers many of the same perks as other Cadence checking accounts. For example, you get fee-free ATM access to thousands of machines in the AllPoint network. 

Marketwise Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $20 monthly maintenance fee unless you meet a minimum balance requirement
Current Terms and Rates
  • For balances of $0 - $9,999: 0.05% APY
  • For balances of $10,000 - $24,999: 0.10% APY
  • For balances of $25,000+: 0.15% APY

This is Cadence Bank’s premier checking account. And although it doesn’t offer the strongest interest rates, it still offers features than can help it compete with some of the best checking accounts in the market. 

For starters, you’ll get fee-free access to all non-Cadence ATMs. The bank will also refund fees charged by other banks or ATM operators. You can also waive the $20 monthly maintenance fee by keeping a monthly average balance of $5,000 or a combined average monthly balance of $25,000 across all your Cadence accounts. 

In addition, you get access to Card PatrolSM and MyIDMattersSM, an educational website covering ways to protect yourself against identity theft. 

Furthermore, you get the following free perks: 

  • Standard checks
  • Cadence Debit Card with BuzzPoint rewards
  • TotalMoney feature that gives you an online picture of your accounts at Cadence and other banks

Branch Locations

Cadence Bank currently operates 60 branches throughout Alabama, Florida, Minnesota, Tennessee and Texas. 

 

Financial Statistics & Bank Health Rating

Cadence Bank has $10.93 billion in assets and $8.23 billion in loans, according to the FDIC. It also currently holds roughly $9.17 billion in deposits. But if you’re considering whether to work with Cadence Bank, a good indicator of a bank’s risk liability is its Texas Ratio. This metric is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Banks with a ratio of 5% or less are deemed to have excellent reliability. Cadence Bank holds a Texas Ratio of 4.56%. 

But if you’re questioning which type of bank to handle your financial needs, you should contact a qualified financial advisor. If you’re not sure which kind of advisor to work with, you can use our SmartAdvisor tool. It asks you a few simple questions before recommending up to three local advisors based on your preferences. You can then review their credentials and qualifications. In addition, you can set up interviews before deciding to work with one.

Save more with these rates that beat the National Average
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