GrandSouth Bank Review

Overview

GrandSouth Bank first started operating in 1998 and is headquartered in Greenville, South Carolina. It has assets of $653 million and deposits totaling $572 million, which makes it a medium-size bank. GrandSouth Bank 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 apps. Overall, GrandSouth Bank is a decent choice, but with better options out there, with a rating of 3.8 out of 5 stars from our experts. GrandSouth Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. GrandSouth Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, GrandSouth Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for returning the most income on your deposits alongside 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 0.15%, GrandSouth Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.01%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given GrandSouth Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How GrandSouth Bank's Savings Rates Compare

On average, GrandSouth Bank charges customers extremely low fees as compared against the national average. With no monthly fee, GrandSouth Bank is ideal for those who want a simple checking account. GrandSouth Bank does not refund out-of-network ATM fees, meaning you'll need to find a GrandSouth Bank ATM or accept the cost of withdrawal.

GrandSouth Bank is a brick-and-mortar bank, with seven total bank locations in South Carolina. With mobile and web apps, GrandSouth Bank makes mobile banking straightforward, even on the go. You can use GrandSouth Bank's app to control your finances by looking at current statements, sending and receiving money and accessing customer service. GrandSouth Bank gets a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

GrandSouth Bank is currently a medium-size bank owning assets totaling $653 million as well as $572 million in deposits. It has a strong Texas Ratio of 10.13%, indicating a tiny opportunity of failure. Additionally, GrandSouth Bank 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

GrandSouth Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. GrandSouth Bank does not have the best savings rate, which means you should consider 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. GrandSouth Bank's CD rates are fair in comparison to the average U.S. bank.

Find a GrandSouth Bank Near Me

GrandSouth Bank has seven locations across the U.S.