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MidSouth Bank Review

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MidSouth Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1985, MidSouth Bank has assets totaling $2 billion along with $2 billion in deposits, making the institution a large bank. MidSouth Bank, whose headquarters are in Lafayette, Louisiana, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 3.5 stars out of 5, MidSouth Bank should be more closely examined to see if its services match your needs. MidSouth Bank has a selection of product offerings, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for returning the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.10%, MidSouth Bank ranks poorly as compared against the national average. Its one-year CD has a rate of 0.55% and the five-year CD has a rate of 1.10%, while its highest-yielding money market account has a rate of 0.45%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How MidSouth Bank's Savings Rates Compare

MidSouth Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on MidSouth Bank'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

3.6
SmartAsset Average: 3.7

MidSouth Bank is a brick-and-mortar bank, with 47 total branches in Louisiana and Texas. With mobile and web apps, MidSouth Bank makes mobile banking convenient, even on the go. MidSouth Bank receives unsatisfactory feedback from customers for its mobile banking services. The MidSouth Bank mobile app is rated at 3.4 out of 5 (with 260 ratings on iOS and Android) compared to the national average of 3.8. MidSouth Bank's mobile app lets you manage your finances by monitoring monthly statements, sending and receiving funds and accessing customer service. MidSouth Bank receives an excellent consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.9
SmartAsset Average: 4.8

MidSouth Bank is currently a large bank owning assets totaling $2 billion as well as deposits totaling $2 billion. MidSouth Bank's Texas Ratio is 22.41%, denoting that the bank is in satisfactory financial condition. Additionally, MidSouth Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

22.41%
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 MidSouth Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.80% APY
  • 60 Month: 1.10% APY
$1000 for all terms
Money Market Account 0.14% APY $2500

MidSouth Bank has several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. MidSouth Bank does not have the best savings rate, which means you should consider other options 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. MidSouth Bank's CD rates are fair compared to the national average.

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Find a MidSouth Bank Near Me

MidSouth Bank has 47 physical locations across the U.S.

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