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Renasant Bank Review

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by Javier Simon Updated
Renasant Bank

Believe it or not, Renasant Bank emerged in 1904 out of a bakery in Lee County Mississippi. It now runs more than 180 full-service community branches throughout its home state, Alabama, Georgia, Florida and Tennessee. Renasant offers its customers everything from checking, savings and certificate of deposit (CD) accounts to wealth management services.

If you're looking to save and grow your money at the best interest rates, you may want to look elsewhere for your banking needs. It's savings and money market accounts do have have robust annual percentage yields (APYs). But if you're looking to park and grow your money at a single financial institution, Renasant can deliver comprehensive banking needs all under one roof. 

In addition, it offers solid returns on high-yield special CDs and has high-interest checking accounts if you meet particular conditions.

Products Offered

Renasant offers its customers everything from checking, savings and certificate of deposit (CD) accounts to wealth management services.

Product Key Details
Savings
  • Low monthly service fees
  • Fees can easily be waived
Certificates of Deposit (CD)
  • Terms spanning from 32 days to seven years
  • High-yield Special CDs
Money Market Accounts
  • Tiered rates
Interest-Earning Checking Accounts
  • High interest rate if you meet certain requirements

 

Regular Savings

Key Feautres  Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $15 monthly maintenance fee per quarter unless you meet certain requirements.
Current Terms and Rates  0.03% APY

As the name implies, this account is Renasant Bank’s bare bones savings account. It requires a small opening balance. And as long as you keep that $50 minimum in your account, Renasant Bank will spare you its quarterly maintenance fee of $15. That incentive may encourage newbie savers to develop a consistent deposit cycle. As with all Renasant Bank savings accounts, interest compounds monthly. 

However, this isn’t where you would want to park a large sum of money if you expect it to generate substantial growth. The Regular Savings account by Renasant Bank offers a current APY of 0.03%. That figure falls below the national interest rate average, and it can’t compete with the best savings accounts in the market.

Rewards Savings

Key Feautres  Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law
Fees $10 monthly maintenance fee unless you meet certain requirements
Current Terms and Rates
  • 0.03% on all balances when you don’t meet reward requirements or on balances greater than $100,000
  • 0.96% on balances up to $100,000 when you meet reward requirements

Renasant Bank designed this account to complement its Rewards Checking account. You’re eligible to earn an APY of 0.96% when you meet the following monthly requirements for both accounts.

  • Make at least 10 debit card transactions per qualification cycle (excluding ATM transactions)
  • Make at least one direct deposit or Automated Clearing House (ACH) transfer to your account per qualification cycle
  • Opt-in for electronic monthly statements

In addition, Renasant Bank will waive its $10 monthly maintenance fee if you declare eStatements or maintain a minimum daily account balance of $2,500. 

This option may suit loyal customers of Renasant Bank who appreciate the personal customer service and want all their banking needs handled in one place.

But if you’re seeking more bang for your buck, you can find higher interest rates with fewer restrictions by comparing savings accounts across the banking industry.

Children’s Savings Account

Key Features Details
Minimum Deposit None
Access to Your Savings Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates 0.03% APY

If you’re a Renasant Bank customer with a child 18-years-old or younger, you might be interested in opening a Children's Savings Account. This simple savings account requires no minimum opening balance and generates interest on the entire balance. 

It can serve as a great tool to help your kid build a solid understanding around the importance of saving. The current APY of 0.03% isn’t the strongest out there, but it may help your child discover the value of investing early on. Still, you can shop around for the best savings accounts for kids on the market to find one that best suits you and your child.

Health Savings Acccounts (HSA)

Key Feautres  Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $7.50 monthly maintenance fee unless you meet certain requirements.
Current Terms and Rates  
  • For balances of $0 - $2,499.99: 0.03% APY
  • For balances of $2,500 - $9,999.99: 0.05% APY
  • For balances of $10,000+: 0.08% APY

If you’re enrolled in a high deductible health plan (HDHP), you may be interested in opening a Health Savings Account (HSA) with Renasant Bank. These savings vehicles are designed to build up funds for future qualified medical expenses. They provide the following triple tax advantages. 

  • Tax-deductible contributions
  • Tax-exempt growth on your earnings
  • Tax-free withdrawals for qualified medical expenses

But while several HSA options act more like 401(k) plans tied to mutual funds, the HSA offered by Renasant Bank functions more like a standard savings account with the tax benefits of an HSA. 

Across the board, the rates are generally low even with large balances. So you may want to shop around for banks with better rates. Or ask your employer if the company offers one as a benefit.

Certificate of Deposit (CD) Accounts

Key Feautres  Details
Minimum Deposit $1,000
Access to Your CD Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None, but early withdrawal penalties apply.
Current Terms and Rates CD Rates by day 
  • 32 Days: 0.15% APY
  • 60 Days: 0.15% APY
  • 90 Days: 0.15% APY
  • 120 Days: 0.20% APY
  • 150 Days: 0.20% APY
  • 180 Days: 0.20% APY
  • 210 Days: 0.25% APY
  • 240 Days: 0.25% APY
  • 270 Days: 0.25% APY
  • 300 Days: 0.25% APY
  • 330 Days: 0.25% APY
  • 365 Days: 0.30% APY
CD Terms by Month
  • 18 Months: 0.35% APY
  • 24 Months: 0.45% APY
  • 30 Months: 0.50% APY
  • 36 Months: 0.65% APY
  • 42 Months: 0.70% APY
  • 48 Months: 0.75% APY
  • 60 Months: 0.95% APY
Special CDs by Month (Requires $5,000 minimum deposit)
  • 9 Months: 1.20% APY
  • 12 Months: 1.35% APY
  • 27 Months: 1.65% APY
  • 37 Months: 2.01% APY
 

You can open a certificate of deposit (CD) with Renasant Bank for terms ranging from just 32 days to 60 months (six years). Across the board, the bank offers some descent terms. Some options can even compete with the best CD rates across the banking industry today. But to get a real bang for your buck, you have to shell out a large minimum deposit of $5,000 for one of the bank’s special CDs. 

You can open a Special CD at Renasant Bank for 37 months to generate an impressive APY of 2.01%.  

Interest compounds monthly. The bank can mail you earned interest or transfer it to an account at any financial institution. But keep in kind that you’re locking in your money for a set amount of time in exchange for a fixed-interest rate. Thus, taking your money out before your term ends will trigger a penalty. 

Early withdrawal penalties at Renasant Bank are handed out as follows 

  • For CDs with terms of less than 365 days: 3 months of earned interest
  • For CDs with terms of more than 365 days: 6 months of earned interest

But as long as you keep your money in your CD for its term length, you can make the most out of compound interest. After the term ends, you can withdraw your money penalty free for 10 days. Otherwise, the CD would renew under the same terms.

If you want to explore more options, you can always compare CD rates at banks across the country. 

Personal Money Market Accounts

Key Feautres  Details
Minimum Deposit $1,000
Access to Your Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law
Fees $15 monthly maintenance fee unless you meet certain requirements.
Current Terms and Rates 0.03% APY

Despite its high minimum opening balance, the Personal Money Market account at Renasant Bank doesn’t pack a strong interest rate. You’d have to maintain a minimum $1,000 balance in the account every day to earn a mediocre interest rate of 0.03%. This option can’t nearly compete with the best money market accounts (MMAs) in the industry today.

High-Yield Money Market Account

Keay Features Minimum Details
Minimum Deposit None
Access to Your Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $15 monthly maintenance fee unless you meet certain requirements.
Current Terms and Rates
  • For balances of $0 - $2,499.99: 0.03% APY
  • For balances of $2,500 - $9,999.99: 0.05% APY 
  • For balances of $10,000+: 0.08% APY

Renasant Bank doesn’t score well in the money market department. And despite its name, the High-Yield Money Market Account is arguably a weaker investment than the Personal Money Market Account. It requires a high minimum opening balance of $10,000 in exchange for a lackluster interest rate of 0.08% APY. And you’d need to maintain that minimum balance to earn interest and avoid the $15 monthly maintenance fee. 

You can find higher APYs for much smaller minimum balance requirements by comparing money market accounts that different banks across the country offer.

Renasant Checking

Key Feautres  Details
Minimum Deposit None
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law.
Fees $7.50 monthly maintenance fee per quarter unless you meet certain requirements.

Those seeking a simple checking account with Renasant Bank should be satisfied with this option. It charges a low monthly maintenance fee. However, the bank will waive the fee if you meet the following circumstances. 

  • Opt-in for monthly eStatements
  • Maintain a minimum daily account balance of $500

In addition, you get a free debit card and unlimited check writing privileges.

Rewards Checking Account

Key Feautres  Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $7.50 monthly maintenance fee per quarter unless you meet certain requirements.
Current Terms and Rates  1.51% APY if you meet certain conditions.

Although you have to meet certain eligibility requirements to generate the Rewards Checking account highest interest rate, the reward is definitely worth the effort. Its impressive APY of 1.51% launches this option to among the top interest-earning checking accounts. It can compete with some of the best checking accounts out there. However, you have to meet the following very managabble criteria. 

  • Make at least 10 debit card transactions (excluding ATM transactions) per qualification cycle. 
  • Make at least one direct deposit or ACH transfer per qualification cycle
  • Opt-in for receiving statements electronically 

The bank defines a qualification cycle as a period beginning three business days prior to the beginning of your statement cycle and ending three business days before your statement cycle ends. 

You’d earn an APY of 0.03% if you don’t meet these requirements or if your balance breaches $25,000. So, this might not be the right option for the affluent. But regardless of balance, Rewards Checking account holders get the following perks. 

  • Free mobile banking, online banking and online bill pay
  • Unlimited check writing
  • A Renasant debit Mastercard 

In addition, the bank will provide up to $25 in ATM fee refunds per monthly statement period. Renasant will also waive the monthly maintenance fee if you opt-in for monthly eStatements or if you maintain a minimum daily account balance of $500.

Convenience Interest Checking

Key Feautres  Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $7.50 monthly maintenance fee per quarter unless you meet certain requirements.
Current Terms and Rates  0.03% APY

This is Renasant Bank’s basic interest-earning checking account. Although it carries a weak APY, not many banks offer interest-bearing checking accounts that you can open with only $50. The monthly maintenance fee is also low compared to similar offerings by other banks. Still, you can waive it if you meet the following criteria. 

  • Get monthly eStatements
  • Maintain a minimum daily balance of $500

Choice Rate Checking

Key Feautres  Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $9 monthly maintenance fee per quarter unless you meet certain requirements.
Current Terms and Rates
  • For balances of $0 - $14,999.99: 0.03% APY
  • For balances of $15,000 - $24,999.99: 0.04% APY
  • For balances of $25,000 - $49,999.99: 0.05% APY
  • For balances of $50,000+: 0.02% APY

Rensant’s Choice Rate Checking account offers a tiered interest rate. However, you’d need to maintain a balance of at least $25,000 to score its peak APY of 0.05%, which is low compared to similar options offered by other banks. You can find better rates for much smaller deposits by comparing checking accounts from banks throughout the nation.

In addition, you can waive the account’s $9 monthly maintenance fee by maintaining a minimum $2,500 daily balance on your account.

Student Checking

Features Key Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $7.50 monthly maintenance fee unless you meet certain requirements.
Current Terms and Rates 0.03%

This account is designed for students between the ages of 16 and 25. It charges a low $7.50 monthly maintenance fee, which you can waive by meeting the following qualifications.

  • Make at least 10 debit card transactions (excluding ATM transactions) per qualification cycle
  • Receive monthly statement electronically.

It doesn’t pack a strong APY punch, but its low fees and features may suit young people. As with all of the bank’s checking accounts, you have access to mobile banking and mobile check deposit. This account and others by Renasant Bank are compatible with Apple Pay.

62+ Interest

Key Feautres  Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates  0.03% APY

Renasant Bank offers this account to its clients who are at least 62 years old. Despite its low interest rate, this account does boast some redeeming qualities. For starters, you can open one with a reasonable $50 minimum. From there, the bank charges no monthly maintenance fees. You also get a free debit card and unlimited check writing. 

Still, this may not be the type of account you’d want to park your retirement nest egg in. When considering such situations, you should choose a financial advisor to work with.

Branch Locations

Renasant Bank prides itself on its connection to its local communities. Today, it runs more than 175 branches throughout Mississippi, Tennessee, Alabama, Georgia and Florida.

Financial Statistics & Bank Health Rating  

Renasant Bank holds $9.81 billion in assets. By opening an account with Renasant Bank, you’d be adding to its roughly $8 billion the bank holds in deposits. If you’re concerned about the institution's satiability, you can examine its Texas Ratio. This figure is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the combination of its tangible equity capital and its loan loss allowances. Generally speaking, a bank with a ratio of below 5% is rated as reliable. Renasant holds a Texas Ratio of 2.21%.  

But if you’re still unsure about which bank to establish a long term financial management relationship with, you should seek guidance from a qualified financial advisor. If you’ve never worked with one before, you can use our SmartAdvisor tool. It asks you a few simple questions in order to link you to three financial advisors in your area who can meet your needs based on your unique preferences and goals. You can then view their profiles to review qualifications and credentials. Finally, you can set up interviews in person or over the phone before making your decision about which one works best for your particular needs.

Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Worse
Better
Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study