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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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
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.
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.
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
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 & Trust Company to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.35% APY||$1|
|Checking Account||0.1% APY||$1|
|Certificates of Deposit|| ||$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.Back to Overview
Find a Planters Bank & Trust Company Near Me
Planters Bank & Trust Company has 20 locations across the U.S.Back to Overview