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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 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.

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

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 Savings 0.01 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

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.

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 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.

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 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

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 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.

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Find a Planters Bank Near Me

Planters Bank has 13 physical locations in the U.S.

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