Great Southern Bank Review

Great Southern Bank Savings

0.40% APY

Great Southern Bank was founded in 1923 with just four employees. Since then, it’s grown to employ more than 12,000 associates in several states across the Midwest. The bank offers a number of savings account and checking account options, as well as several certificates of deposit (CDs).

You can open many accounts at Great Southern Bank with a balance of just $25, making them accessible to just about anyone. Furthermore, the bank has five different checking account options to choose from, allowing you to choose the account that best suits your banking needs.

That said, if you’re looking to earn lucrative interest at Great Southern Bank, you will likely be disappointed. The rates on the bank’s deposit accounts are fairly low across the board. As well, all of the savings accounts come with monthly fees, meaning there’s no savings option that’s truly free.

Products Offered

Great Southern Bank Interest Rate Comparison

Great Southern Bank Overview

Great Southern Bank operates 112 different branch locations in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska. The bank has its headquarters in Springfield, Missouri.

Although this article will focus on the personal banking options, Great Southern Bank also offers business banking services, personal loans and home equity. In the personal realm, the bank offers three types of savings accounts, five checking accounts and several different CDs. Read on to learn more about each of these options.

Great Southern Bank Account Features

Many of the deposit accounts at Great Southern Bank are accessible online or via the bank’s mobile app. Accounts also come with a Mastercard debit or ATM card, depending on the type of account.

With the exception of CDs and the GS Checking account, all the accounts and Great Southern Bank come with monthly service fees. All but one of the fees are waivable provided you meet certain requirements that vary in difficulty. You may also face fees for excessive transactions with the savings accounts.

Statement Savings Account

The Statement Savings account is the basic, no-frills savings account at Great Southern Bank. You’ll need only $25 to open the account, making this account accessible to just about anyone. However, you’ll need $100 to waive the $3 monthly fee. Interest is compounded and credited to your account monthly.

Like any savings account, you’re limited to six pre-authorized withdrawals or transfers during each statement cycle. If you exceed that limit, you’ll incur a fine, and if you exceed it on a regular basis, you’ll run the risk of having the bank close or convert your account.

Money Manager Savings Account

If you’re looking to save larger amounts and you want to earn at a higher rate than the Statement Savings account, you might be interested in considering the Money Manager account. You’ll be able to increase your interest rate to 0.12% if you have a balance of at least $25,000.

If you don’t foresee having a higher balance, then this may not be the account for you, as you’ll need at least $1,000 to waive the $10 monthly fee.

Premium Funds Management Savings Account

If you’re looking for a savings account with the highest rate, you’ll want to set your sights on the Premium Funds Management account. You’ll earn interest at five times the rate of the Statement Savings account.

The drawback of this account is that you need at least $10,000 in the account in order to waive the $25 monthly service fee. Since you typically don’t need immediate access to that much money, you can often find better rates in less liquid accounts.

Certificates of Deposit

Great Southern Bank offers a variety of certificate of deposit (CD) accounts, with term lengths ranging from 10 days to 10 years. You can also open a 15-month special CD with a 1.11% APY, but you’ll need use new money (money that isn’t currently in an existing Great Southern Bank account). Rates and available terms may vary from branch to branch, so make sure to contact your nearest branch location to get the most accurate information.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term. Once your term matures, you’ll have 10 days (or one day if your term is 30 days or shorter) to withdraw your money before the bank renews you automatically for a new CD of the same term.

GS Checking Account

If you’re looking for a completely free checking account, then you’ll want to look at the GS Checking account. There’s no monthly fee to worry about and no minimum balance once the account is open.

With this account, you’ll receive unlimited check writing and a free Mastercard debit card. If you’re looking for extra features, however, then you will have to look into a different account.

Basic Simple Checking Account

With the Basic Simple Checking account, the minimum opening balance is low at $25. However, you’ll also face an unavoidable $9 monthly service fee. Since this account doesn’t come with many more extra features than the GS Checking account, it doesn’t make much sense to pay $9 a month extra for it.

Basic NOW Checking Account

The Basic NOW Checking account allows you to earn interest at a modest rate on your account balance, but you can also waive the monthly service fee without too much difficulty. You’ll also receive all the standard checking account features like unlimited check writing, a debit card, bounce protection and check safekeeping.

Premium NOW Checking Account

If you’re looking to save larger amounts and you want to earn at a higher rate than the Statement Savings account, you might be interested in considering the Money Manager account. You’ll be able to increase your interest rate to 0.09% if you have a balance of at least $25,000.

If you don’t foresee having a higher balance, then this may not be the account for you, as you’ll need at least $1,000 to waive the $7 monthly fee.

Summit Checking Account

This checking account is reserved exclusively for people over the age of 50. You’ll earn interest at the highest rate of any of the bank’s checking options at 0.20%. The $6 monthly service fee can also be waived with a minimum balance of just $100, which is also the amount you’ll need to open the account. If you’re of age, this is checking account to choose at Great Southern Bank.

Where Can I Find Great Southern Bank?

Great Southern Bank operates 112 different branch locations in six different states: Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska. The bank also has six commercial loan offices in Dallas, Tulsa, Chicago, Omaha, Atlanta and Denver. The bank has its own network of ATMs and also is partnered with the Allpoint ATM network.

What Can You Do Online With Great Southern Bank?

You can manage most of your deposit accounts on the Great Southern Bank website, and you can open certain accounts online as well. You can also manage your accounts with your smartphone via the Great Southern Bank Mobile app. On iTunes, the app has a 3.5 star rating and 8 ratings as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any Great Southern Bank ATM or Allpoint ATM. If you use an out-of-network ATM, you may face fees from both Great Southern Bank and whichever third party operates the ATM. And, of course, you can visit a Great Southern Bank branch to access funds.

How Can I Save More Money With Great Southern Bank?

The best interest rate of any Great Southern Bank offering is the 10-year CD at 1.60%. Although this is the highest rate at the bank, this still isn’t very competitive, especially because you can find better rates on five-year CDs online. Still, you’ll be able to earn a fair bit of interest on this CD if you invest a few thousand dollars.

What’s the Process for Opening an Account With Great Southern Bank?

You can open a few deposit accounts online, and you can also visit your nearest branch in person to open any account. To open an account, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or other form of government-issued ID. You’ll also need your Social Security number, date of birth, current home address and possibly your phone number and email address.

What’s the Catch?

The most disappointing thing about Great Southern Bank is probably the interest rates, which aren’t very competitive across the board. 0.10% is below the national average for savings accounts, and it’s far beneath what you can find online. The rates offered with the long-term CDs are closer to being competitive when you compare CD rates to those at other institutions, but all of the rates at Great Southern Bank leave something to be desired.

Bottom Line

If you live in the Midwest near a Great Southern branch and you’re looking an in-person banking experience with a high level of accessibility and multiple account options, then you may find that Great Southern Bank suits your needs nicely. If you live near a branch, but your number one priority is earning the most interest possible on your money, then you will likely find more of what you’re looking for somewhere else.