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Community Bank of Mississippi Review

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Community Bank of Mississippi Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1905, Community Bank of Mississippi has $927 million in assets as well as $797 million in deposits, classifying the institution as a medium-size bank. Community Bank of Mississippi, whose headquarters are in Forest, Mississippi, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.2 out of 5 stars, suggesting Community Bank of Mississippi is a solid pick to be your bank. Community Bank of Mississippi has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Community Bank of Mississippi has a fair savings rate; you can find higher rates with other banks. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

Community Bank of Mississippi has a savings rate of 0.40%, which is fair in comparison to the national average. Its CD rates are 1.15% and 2.40% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given Community Bank of Mississippi's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Community Bank of Mississippi's Savings Rates Compare

Community Bank of Mississippi Savings 0.40 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Community Bank of Mississippi's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.0
SmartAsset Average: 3.7

Community Bank of Mississippi is a brick-and-mortar bank, with 48 total bank locations in Alabama, Florida, Mississippi and Tennessee. It also offers access to mobile and web apps for simple access and banking on the go. Community Bank of Mississippi's online and mobile banking services get relatively high praise from users. The Community Bank of Mississippi mobile app has been given a 4.1 out of 5 (out of 170 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Community Bank of Mississippi's app to manage your funds by reviewing account balances, sending and receiving money as well as accessing support representatives. Community Bank of Mississippi receives an outstanding consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Community Bank of Mississippi ranks as a medium-size bank and has $927 million in assets as well as $797 million in deposits. Community Bank of Mississippi has a strong Texas Ratio of 11.16%, suggesting a small opportunity of failure. Additionally, Community Bank of Mississippi is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.16%
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 Community Bank of Mississippi to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $1
Checking Account 0.3% APY $1000
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.80% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.40% APY
$1000 for all terms
Money Market Account 0.3% APY $20000

Community Bank of Mississippi has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Community Bank of Mississippi does not have the best savings rate, which means you should think about looking 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. Community Bank of Mississippi's CD rates are fair in comparison to the national average.

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Find a Community Bank of Mississippi Near Me

Community Bank of Mississippi has 48 locations in the U.S.

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