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Planters Bank & Trust Company Review

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Planters Bank & Trust Company Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1920, Planters Bank & Trust Company has $1 billion in assets as well as deposits totaling $887 million, ranking it as a medium-size bank. Planters Bank & Trust Company, whose headquarters are in Indianola, Mississippi, lacks premium access to support representatives, with no options for live chat or all-day service. 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. With a score of 4.4 stars out of 5, Planters Bank & Trust Company should be solidly in contention for your choice of bank. Planters Bank & Trust Company provides customers with a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Planters Bank & Trust Company has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Planters Bank & Trust Company offers an option without a monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for gaining the most income on your deposits while maintaining convenient 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

Planters Bank & Trust Company features a savings rate of 0.50%, which is poor in comparison to the average U.S. bank. Planters Bank & Trust Company's 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 an APY of 0.75%. Given Planters Bank & Trust Company's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Planters Bank & Trust Company's Savings Rates Compare

Planters Bank & Trust Company Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Planters Bank & Trust Company generally has extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Planters Bank & Trust Company unfortunately doesn't refund out-of-network ATM charges, meaning you will have to find a Planters Bank & Trust Company ATM or accept 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

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 a straightforward mobile-banking experience. Planters Bank & Trust Company gets reasonably high marks from customers for its mobile app. The Planters Bank & Trust Company mobile app rates a 4.4 out of 5 (with 27 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Planters Bank & Trust Company's app to control your finances by reviewing account balances, transferring money and reaching customer service. Planters Bank & Trust Company receives an excellent consumer satisfaction score based on comparatively few consumer complaints filed with 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 owns assets totaling $1 billion as well as $887 million in deposits. Planters Bank & Trust Company has a strong Texas Ratio of 14.45%, suggesting a tiny possibility 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 0.5% 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 Accounts 0.75% APY 0.75% APY $10000 $15000

Planters Bank & Trust Company has several deposit products like 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 think about 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 in comparison to the national average.

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Find a Planters Bank & Trust Company Near Me

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

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