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Planters Bank & Trust Company Review

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Planters Bank & Trust Company Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Planters Bank & Trust Company started in 1920 with its headquarters in Indianola, Mississippi. It manages assets of $1 billion and deposits totaling $887 million, which makes it a medium-size bank. Planters Bank & Trust Company lacks premium access to support representatives, 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. Overall, Planters Bank & Trust Company is a great choice and should warrant serious consideration, with a score of 4.4 out of 5 stars from the SmartAsset experts. Planters Bank & Trust Company provides customers with a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Planters Bank & Trust Company's ordinary checking account does not have a monthly fee. Banks that offer free checking as well as a high interest rate savings account are the best option for getting the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.35%, Planters Bank & Trust Company ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.15% and 2.27%, respectively, while its highest-yielding money market account earns at a rate of 0.50%. Given Planters Bank & Trust Company's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Planters Bank & Trust Company's Savings Rates Compare

Planters Bank & Trust Company Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Planters Bank & Trust Company charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Planters Bank & Trust Company is perfect for those who want a basic banking experience. Planters Bank & Trust Company unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to search for a Planters Bank & Trust Company ATM or pay the cost of withdrawal.

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

4.2
SmartAsset Average: 3.7

Planters Bank & Trust Company is a brick-and-mortar bank, with 20 total bank locations in Mississippi. It also offers access to mobile and web apps for an easy mobile-banking experience. Planters Bank & Trust Company's online and mobile banking services receive reasonably high praise from customers. The Planters Bank & Trust Company mobile app is rated at 4.4 out of 5 (out of 27 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Planters Bank & Trust Company's mobile app to manage your funds by reviewing current statements, transferring funds as well as accessing customer service. Planters Bank & Trust Company receives an outstanding consumer satisfaction rating 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 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

Planters Bank & Trust Company is currently a medium-size bank and handles $1 billion in assets and deposits totaling $887 million. Planters Bank & Trust Company's Texas Ratio is 14.45%, signifying a small likelihood of failure. Additionally, Planters Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

14.45%
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 & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.41% APY
  • 36 Month: 1.76% APY
  • 48 Month: 2.02% APY
  • 60 Month: 2.27% APY
$2500 for all terms
Money Market Account 0.5% APY $1000

Planters Bank & Trust Company 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 & Trust Company does not have the best savings rate, which means you should consider looking 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 & Trust Company's CD rates are fair compared to the national average.

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Find a Planters Bank & Trust Company Near Me

Planters Bank & Trust Company has 20 locations across the U.S.

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