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PrimeSouth Bank Review

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PrimeSouth Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

PrimeSouth Bank started in 1891 and is headquartered in Blackshear, Georgia. It has assets of $553 million and deposits totaling $486 million, which makes it a medium-size bank. PrimeSouth Bank 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 apps. We ranked the bank at a 4.2 stars out of 5, indicating that PrimeSouth Bank is a solid pick to be your bank. PrimeSouth Bank has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products 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, PrimeSouth Bank's most basic checking account does not carry a monthly maintenance fee. Banks that offer no-fee checking, in addition to a high savings APY are the best bet for accruing the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

PrimeSouth Bank features a savings rate of 0.25%, which is fair in comparison to other U.S. banks. PrimeSouth Bank's one-year CD has a rate of 1.25% and the five-year CD has a rate of 1.70%, while its highest-yielding money market account has a rate of 0.65%. Given PrimeSouth Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How PrimeSouth Bank's Savings Rates Compare

PrimeSouth Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

PrimeSouth Bank typically has low fees compared to other U.S. banks. With no monthly fee, PrimeSouth Bank's checking account is ideal for those who need a hassle-free checking account. Additionally, it has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. PrimeSouth Bank doesn't refund out-of-network ATM fees, meaning you'll need to find a PrimeSouth Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

PrimeSouth Bank is a brick-and-mortar bank, with seven total branches in Georgia. It also offers access to mobile and web apps for easy access and banking on the go. PrimeSouth Bank's online and mobile banking platforms receive moderately high marks from customers. The PrimeSouth Bank mobile app has been given a 4.0 out of 5 (out of 8 customer reviews on Apple and Android) compared to the national average of 3.8. PrimeSouth Bank's mobile app lets you manage your accounts by reviewing account balances, transferring funds and accessing customer service. PrimeSouth Bank receives a superb 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 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

PrimeSouth Bank ranks as a medium-size bank owning assets totaling $553 million as well as deposits totaling $486 million. Its Texas Ratio is 9.62%, suggesting a tiny chance of failure. Additionally, PrimeSouth Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

9.62%
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 PrimeSouth Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $25
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.50% APY
  • 60 Month: 1.70% APY
$1000 for all terms
Money Market Accounts 0.55% APY 0.65% APY $10000 $15000

PrimeSouth Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. PrimeSouth 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. PrimeSouth Bank's CD rates are fair compared to other U.S. banks.

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Find a PrimeSouth Bank Near Me

PrimeSouth Bank has seven physical locations across the U.S.

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