MidSouth Bank Review

MidSouth Bank Savings Account

0.01% APY

As a small bank in Louisiana and Texas, MidSouth Bank takes pride in its southern roots. The bank offers a decent spread of accounts. You should live close to a branch or be comfortable calling customer service in order to have access to your savings account. 

It’s important to note that you’ll need to call the bank or stop by your nearest location to get the most accurate rates and monthly fees for each account. 

Products Offered

MidSouth Bank Interest Rate Comparison

Savings Account

This basic savings account includes unlimited free ATM withdrawals. However, as with every savings account, you’ll need to limit yourself to six outgoing transactions per statement cycle. This includes transfers to and from an overdraft line of credit. Every transaction over that limit will incur a $10 fee. 

Certificates of Deposit (CDs)

Through MidSouth Bank, you can open CDs with terms ranging from 12months to 60 months (five years). Across the board, the bank’s CD menu doesn’t offer the best CD rates out there. But you can currently earn a strong APY of 0.10% by locking in your money for a year. 

By investing in any CD, however, you’d be locking in your money in exchange for a fixed interest rate. This means you’d face an early withdrawal penalty if you take your money out of your CD before its term ends. 

At MidSouth Bank, early withdrawal penalties are handed out as follows: 

• Loss of three months’ worth of simple interest for CDs with terms of one year or less
• Loss of six months’ worth of interest for CDs with terms of one year or longer

Platinum Money Market Account

MidSouth Bank’s Platinum Money Market account comes with a number of extra perks. This includes free money orders and cashier’s checks and ID theft protection. 

However, these perks come at the cost of a high minimum deposit and balance requirement. You’ll need at least $10,000 to open this money market account. You need to maintain that balance in order to waive the monthly fee, too.

Simple Checking 

MidSouth Bank’s Simple Checking account lives up to its name without many special features. It does offer account protection and unlimited transactions. 

Platinum Advantage Checking Account

This Platinum Advantage Checking account earns interest on your balance, as long as it’s $2,500 or higher. You’ll also receive a discount on a safety deposit box, account protection and one free standard check order a year.

You have a few options available if you want to waive the monthly fee, seen above. Linked accounts include checking, savings, money market, CD or IRA accounts. 

Premier Checking Account

Although this account doesn’t earn interest, it comes with a bunch of extra perks that could make the monthly fee worth it. You’ll have access to account protection, ID theft protection, Accidental Death & Dismemberment Insurance, cell phone protection, gas and gift card discounts, health discounts, travel discounts and more. 

Service Advantage Checking Account

MidSouth Bank offers this great interest-earning checking account for public service providers to take advantage of free banking. This includes teachers, military members, police officers, emergency service personnel, firefighters and more. 

Account holders will receive one free standard check order a year, free money orders and cashier’s checks and account protection.

Branch Locations 

MidSouth Bank has locations in Louisiana and eastern Texas. 

If you’re not near a branch or MidSouth Bank ATM, you also have access to the Allpoint ATM network, which provides over 55,000 ATMs. 

Financial Statistics & Bank Health Rating

MidSouth Bank has $1.88 billion in assets and $1.17 billion in loans according to the FDIC. Its customers currently hold $1.53 billion in deposits. 

The Texas Ratio is an important factor when deciding whether you should trust a bank with your deposits. It indicates how at risk a bank is of covering its debts. The Texas Ratio 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. Ratios near 100% are considered poor, indicating a bank is pretty risky. MidSouth Bank’s ratio comes in at 22.41% which is considered “good.”