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Planters Bank Review

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Planters Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Planters Bank was founded in 1996 with headquarters located in Hopkinsville, Kentucky. It handles assets of $994 million and $819 million in deposits, classifying it as a medium-size bank. Planters Bank has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. 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. Overall, Planters Bank is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from our team. Planters Bank offers a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Planters Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly maintenance fee. Banks that offer no-fee checking, in addition to a high savings APY are the best bet for gaining the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Planters Bank has a savings rate of 0.01%, which is fair compared to other U.S. banks. Planters Bank's one-year CD has a rate of 0.50% and the five-year CD earns at a rate of 1.26%, while its highest-yielding money market account earns at an APY of 0.01%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Planters Bank's Savings Rates Compare

Planters Bank Savings 0.01 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Planters Bank typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, Planters Bank's checking account is ideal for those who need an easy checking account. Planters Bank doesn't refund out-of-network ATM charges, meaning you'll have to find a Planters Bank ATM or eat the ATM charge.

Monthly Fee $0 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

SmartAsset Average: 3.7

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 straightforward, even on the go. It provides all-day access to representatives. Planters Bank gets reasonably high praise from customers for its mobile app. Out of 52 customer reviews across 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). You can use Planters Bank's mobile app to control your bank accounts by reviewing current statements, transferring money as well as accessing customer service. Planters Bank receives an outstanding consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Planters Bank is currently a medium-size bank and has $994 million in assets and $819 million in deposits. Planters Bank has a strong Texas Ratio of 5.06%, denoting that Planters Bank is in fine financial condition and far from failure. 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

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 Planters Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $25
Checking Account 0.01% APY $1500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.70% APY
  • 36 Month: 2.50% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.26% APY
$2500 for all terms
Money Market Account 0.01% APY $25000

Planters Bank has several deposit products including 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 consider taking a look elsewhere 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 in comparison to the national average.

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Find a Planters Bank Near Me

Planters Bank has 13 physical branches across the U.S.

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