Loading
Tap on the profile icon to edit
your financial details.

Simmons Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Simmons Bank Money Market Account
0.10% APY

Overview

Simmons Bank first opened its doors in the 1903. It still calls Pine Bluff, Arkansas home. But today, it manages more than 100 branches throughout the Natural State, Colorado, Kansas, Missouri, Oklahoma, Texas and Tennessee. It also provides services through its subsidiaries First South Bank, Southwest Bank and Bank SNB. 

You can walk into any Simmons Bank office and find a wide range of personalized services. These include checking, savings and certificate of deposit (CD) accounts. The bank also provides wealth and retirement-focused products along with options tailored for businesses. 

Read on to learn more about the personal banking options Simmons Bank has to offer as well as current rates and how the institution stands up against the competition.

Read on below to explore Simmons Bank's many offerings.

Product Key Features
Savings Account
  • Two options including one designed for kids
  • Easy to manage 
  • Either no monthly service fee or an opportunity to waive it
Certificates of Deposit
  • Fixed interest rates
  • Terms extend from three months to 36 months (three years)
Money Market Accounts
  • One option with tiered interest rates
IRA
  • Choose from several CD options including traditional and Roth IRAs
Checking Accounts
  • Numerous options that are easy to manage 
  • One account earns interest
  • Debit card purchases get rounded up and the difference is transferred into a second deposit account of your choice

Simply Savings

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly service fee unless you meet minimum balance requirement
Current Terms and Rates 0.01% APY

As its name implies, Simply Savings stands as an easily manageable account with basic features. You can even waive its $5 monthly service fee by maintaining a minimum daily balance of $100. You can also deposit checks into the account using your mobile device. 

According to the Simmons Bank official website, this account earns interest on a tiered basis. So it can climb as your balance breaches certain points. But following a recent call to Simmons Bank, we learned that its APY currently levels at 0.01% across all levels. That ratio dips far below the national average interest rate for savings accounts nationwide. However, you may find options with higher rates and more suting features by looking through our study of the best savings accounts available today. 

But if you’re seeking a basic savings account with no strings attached and no flashy extras, Simply Savings may be right for you. 

Furthermore, it’s important to note that federal law limits most types of withdrawals and transfers from savings and money market accounts to six per month. Simmons Bank allows six free withdrawals but charges a $3 fee for each additional one. However, making more than six per month could subject your account to closure due to federal regulations. Still, several other similarly sized banks we’ve examined charge a fee after the second or third withdrawal in a statement cycle. 

Simmons Bank Interest Rate Comparison

Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure

Simply Youth Savings

Key Features Details
Minimum Deposit $10
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates 0.10% APY

Designed for customers who are younger than 18, this account is even easier to manage than its Simply Savings counterpart. Eligible clients can open one with as little as $10, and they won’t have to worry about any monthly service charge. In addition, they get to make six free withdrawals per statement cycle and the account earns interest. 

However, the current rate of 0.10% falls below the national average. You may find more appealing and personalized options by exploring our analysis of today’s best savings accounts for kids.

Compare Simmons Bank to Other Competitive Offers

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates  $500 - $24,999.99 
  • 3 Months: 0.90% APY
  • 6 Months: 0.95% APY
  • 12 Months: 1.25% APY
  • 24 Months: 1.45% APY
  • 36 Months: 1.70% APY

Through Simmons Bank, you can open a certificate of deposit (CD) account with terms ranging from three months to three years. But even though these CDs earn interest on a tiered basis, the rates for each term are currently uniform across the bank’s CD menu. This means you’d generate the same APY by depositing $500 into a three year CD as you would if you would drop $49,000 into a three year CD. 

Unfortunately, the bank currently doesn’t offer the best CD rates out there. However, you get to lock in the rate for your term. In addition, the bank automatically renews your CD for the same term and current APY when your term ends unless you withdrawal your money during the grace period.

Money Market Account

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service charge unless you meet minimum balance requirements
Current Terms and Rates
  • 10K tier: 0.05% APY

Simmons Bank offers a very simple money market account. However, you need to maintain a rather high balance of $2,500 to waive its $10 monthly service fee. So this option may be suitable for more experienced savers. In addition, the account earns interest on a tiered basis, and you get to make six free withdrawals per statement cycle. 

Still, the account’s APY isn’t the strongest and it can’t compete with the best money market accounts we’ve reviewed. 

Individual Retirement Accounts 

Key Features Details
Minimum Deposit $500
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates
  • 12 Months: 0.40% APY
  • 18 Months: 0.50% APY
  • 24 Months: 0.60% APY
  • 36 Months: 0.80% APY

Through Simmons Bank, you can open a variety of IRA CD options. These savings vehicles enjoy the same tax benefits as an individual retirement account (IRA), and you can lock in a fixed interest rate for a specific span of time. 

Your contributions earn interest while shielded from taxes until you make qualified distributions when you turn at least 59.5. In addition, you may be allowed to take tax deductions based on your contributions. 

Simmons Bank offers a suite of retirement-focused CD products with distinct features. You can invest in traditional IRA, Roth IRA, SIMPLE IRA and Spousal IRA. Each one of these offers benefits that may appeal to different kinds of savers based on their financial situation and goals. To figure out which option works best for you, consult a tax advisor and qualified financial advisor. 

You can use our find a financial advisor tool to track down the right advisor to work with. It asks you a few simple questions based on your financial goals before linking you with up to three local advisors. The platform allows you to review their credentials and even set up interviews before arriving at a decision.

Classic Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $6 monthly service fee unless you meet certain requirements

If you’re looking for a basic checking account with little-to-no strings attached, Simmons Bank can accommodate you with its Classic Checking account. With this option, you get free standard checks, and you won’t owe a fee on paper statements including those with images. 

It doesn’t offer any exclusive features. But the bank will waive the $6 monthly service charge if you maintain a minimum daily balance of $500 or a $1,000 average monthly balance.

In addition, all Simmons Bank accounts come with a debit MasterCard that gives you fee-free access to thousands of additional ATMs through the MoneyPass network. These are scattered throughout the country including places with no Simmons Bank branches. 

Furthermore, each debit card purchase you make gets rounded up to the nearest dollar and the difference gets deposited into a secondary deposit account of your choice. For example, say you use your debit card to buy a $4.30 sandwich. It gets rounded up to $5, so the bank transfers the difference (70 cents) to another account of your choice such as a Simmons Bank savings account. 

Interest Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees  $10 monthly service fee unless you meet minimum balance requirements
Current Terms and Rates  0.01% APY

This account offers the same benefits as the Classic Checking account. However, it collects interest on a tiered basis. But even though it collects interest on a tiered basis, the account currently earns an APY of 0.01% on all its levels.

You may be able to find options with higher rates and useful perks by exploring our report on the best checking accounts in the banking industry today. 

Opportunity Checking

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $10 monthly service charge or $8 if you make at least one direct deposit during the statement cycle 
  • $3 paper statement fee unless you enroll in eStatements

There isn’t really much to this checking account. It’s nearly a carbon copy of the bank’s Classic Checking account, but it comes with a higher monthly service fee. The bank also doesn’t give you an opportunity to waive it. Your best option is reducing it from $10 to $8 by establishing at least one direct deposit during the statement cycle. Overall, Opportunity Checking option ranks among the least rewarding in the Simmons Bank suite of checking accounts. 

Simply Checking

Key Features 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 No monthly service fees

As its name implies, the Simply Checking account is the easiest Simmons Bank account to manage. You can open it with at least $50, and the bank will charge you no monthly service fee. The bank even waives its $3 paper statement fee when you enroll in eStatements. 

Those who do most of their banking online and who don’t typically keep substantial balances should be very satisfied with Simply Checking.

Branch Locations

Simmons Bank currently operates more than 100 branches in Arkansas, Colorado, Kansas, Missouri, Oklahoma, Texas and Tennessee. It also offers services through its subsidiaries Bank SNB and Southwest Bank. You can reach customer service by dialing 1-866-246-2400.

Financial Statistics & Bank Health Rating

Simmons Bank has $9.38 billion in assets and $6.31 billion in loans, according to data from the FDIC. In addition, it holds $7.25 billion in deposits. If you’re thinking about adding to those deposits, a good indicator of a bank’s trustworthiness is its Texas Ratio. This industry-acknowledged metric is gathered by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Simmons Bank has a Texas Ratio of 7.29%, which puts it in the “very good” category as far as reliability goes. Banks with ratios near 100% are considered at risk of covering their bad debts.

The preceding rates were gathered during two phone calls to Simmons Bank branches located in Pine Bluff, Arkansas, where Simmons Bank headquarters are based. The data is current as of July 2018. It is subject to change. For the latest rates, visit or call your local branch. 

Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure