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GrandSouth 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 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
GrandSouth Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

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.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

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

GrandSouth Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

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.

Monthly Fee $0 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

2.5
SmartAsset Average: 3.7

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.

Overall Mobile Rating NR
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

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

10.13%
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 GrandSouth Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $200
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.60% APY
  • 36 Month: 1.01% APY
  • 48 Month: 1.01% APY
  • 60 Month: 1.01% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.25% APY $10000 $15000

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.

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Find a GrandSouth Bank Near Me

GrandSouth Bank has seven locations across the U.S.

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