MidSouth Bank Review

Overview

MidSouth Bank was founded in 1985 and has its headquarters in Lafayette, Louisiana. It owns assets of $2 billion and deposits totaling $2 billion, classifying it as a large bank. MidSouth Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at an average 3.5 out of 5 stars, MidSouth Bank proves it is an average bank that leaves room for improvement. MidSouth Bank offers numerous product offerings, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. MidSouth Bank has a fair savings rate; you can find higher rates with other banks. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for accruing the most income from your deposits alongside easy access to your money.

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

With a savings rate of 0.10%, MidSouth Bank ranks poorly as compared against the national average. MidSouth Bank's one-year CD earns at a rate of 0.55% and the five-year CD has a rate of 1.10%, while its highest-yielding money market account has an APY of 0.45%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How MidSouth Bank's Savings Rates Compare

There is insufficient data on MidSouth Bank's fees to provide a full SmartAsset rating.

MidSouth Bank is a brick-and-mortar bank, with 47 total bank locations in Louisiana and Texas. With mobile and web apps, MidSouth Bank makes mobile banking straightforward, even on the go. MidSouth Bank's online and mobile banking platforms receive mediocre marks from customers. The MidSouth Bank mobile app scored a 3.4 out of 5 (with 260 reviews on iOS and Android) compared to the national average of 3.8. You can use MidSouth Bank's mobile app to control your accounts by monitoring account balances, transferring money as well as reaching support representatives. MidSouth Bank receives a superb consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

MidSouth Bank ranks as a large bank owning assets totaling $2 billion and deposits totaling $2 billion. MidSouth Bank's Texas Ratio is 22.41%, indicating that MidSouth Bank is in fine financial health. 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

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

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 think about 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 as compared against the national average.

Find a MidSouth Bank Near Me

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