Planters Bank was founded in 1996 with headquarters in Hopkinsville, Kentucky. It owns assets of $994 million along with $819 million in deposits, which makes it a medium-size bank. Planters Bank has above-average customer service access with all-day support available, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 out of 5 stars, Planters Bank should be solidly in contention for your choice of bank. Planters Bank provides customers with a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Planters Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Planters Bank's standard checking account does not have a monthly fee. 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 option for accruing the most income on your deposits while maintaining convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.01%, Planters Bank ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 0.50% and 1.26% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.01%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.
How Planters Bank's Savings Rates Compare
Planters Bank generally has extremely low fees in comparison to other U.S. banks. With no monthly fee, Planters Bank is ideal for those who want a simple checking account. Planters Bank does not reimburse out-of-network ATM fees, which means you'll have to locate a Planters Bank ATM or eat the fee.
Planters Bank is a brick-and-mortar bank, with 13 total bank locations in Kentucky and Tennessee. With mobile and web apps, Planters Bank makes account access easy, even on the go. It has access to all-day customer service. Planters Bank gets moderately good feedback from users for its mobile platform. Out of 52 ratings on both iOS and Android platforms, the Planters Bank mobile app has an overall rating of 4.1 out of 5 (compared to the national average of 3.8). Planters Bank's mobile app allows you to control your bank accounts by monitoring current statements, transferring money and accessing customer service. Planters Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Planters Bank is a medium-size bank with $994 million in assets and $819 million in deposits. Planters Bank has a strong Texas Ratio of 5.06%, signifying that Planters Bank is in good financial condition and improbable to fail. Additionally, Planters 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.Back to Overview
Compare Planters Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.01% APY||$25|
|Checking Account||0.01% APY||$1500|
|Certificates of Deposit|| ||$2500 for all terms|
|Money Market Account||0.01% APY||$25000|
Planters Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Planters 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. Planters Bank's CD rates are fair as compared against the national average.Back to Overview
Find a Planters Bank Near Me
Planters Bank has 13 physical locations in the U.S.Back to Overview