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South Central Bank Review

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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
South Central Bank Savings
0.01% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

South Central Bank was founded in 1908 and its headquarters are located in Glasgow, Kentucky. South Central Bank owns assets totaling $1 billion as well as $1 billion in deposits, which makes it a medium-size bank. South Central Bank has above-average access to customer service with all-day support available, great for getting help during the work week. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. We ranked South Central Bank at a 4.3 stars out of 5, suggesting it is a solid contender in your bank search. 

South Central Bank has a diverse array of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. South Central Bank has a fair savings rate, which means other popular banks have higher rates. If you're looking for a checking account for everyday use, South Central Bank's ordinary checking account does not have a monthly fee. Keeping accounts in the same place is perfect for getting the highest return on your money while retaining access to your money without getting penalized for taking out your money.

Service Quality

South Central Bank is a brick-and-mortar bank, with 24 total branches in Kentucky. With mobile and web apps, South Central Bank makes mobile banking straightforward, even on the go. It provides all-day access to representatives. 

South Central Bank receives reasonably high marks from users for its mobile banking services: with 89 ratings on Apple and Android platforms, the South Central Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). South Central Bank's mobile app lets you control your bank accounts by reviewing monthly statements, transferring funds and accessing support representatives. South Central Bank receives a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.45% APY
  • 48 Month: 0.70% APY
  • 60 Month: 1.01% APY
$10,000 for all tiers Compare Offers
Checking Accounts 0.01% APY $1,000 Compare Offers

South Central Bank offers several deposit products like savings accounts, checking accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. South Central Bank's CD rates are competitive compared to the national average.  

Rates

With a savings rate of 0.01%, South Central Bank ranks below the mean in comparison to the national average. Its CD rates are 0.10% and 1.01% for the one-year and five-year term lengths, respectively. It has a fair savings rate, which means you can find higher rates with other banks. Consider taking a look at other banks for savings accounts.

Compare South Central Bank to Other Competitive Offers

Fees

South Central Bank has typically extremely low fees as compared against the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. 

Financial Health

South Central Bank ranks as a medium-size bank owning assets totaling $1 billion and $1 billion in deposits. It has an excellent Texas Ratio of 3.61%, indicating that the bank is in terrific financial health and extremely far from failure. Additionally, South Central Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a South Central Bank Near Me

South Central Bank has 24 branches across the U.S.

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