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Southeastern Bank Review

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Southeastern Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1889, Southeastern Bank has $430 million in assets along with deposits totaling $382 million, ranking it as a medium-size bank. Southeastern Bank, whose headquarters are in Darien, Georgia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a poor 3.2 stars out of 5, Southeastern Bank proves it is a fair bank that you should look closer at to see if it fits your needs. Southeastern Bank offers a full array 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. The bank's standard checking product features a monthly fee of $6.00, which ranks on the higher end of monthly fees. Institutions that offer no-fee checking, in addition to a high interest rate savings account are your best option for gaining the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.2/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

Southeastern Bank has a savings rate of 0.30%, which is fair in comparison to other U.S. banks. Southeastern Bank's one-year CD has a rate of 1.10% and the five-year CD has a rate of 1.61%, while its highest-yielding money market account earns at an APY of 0.35%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Southeastern Bank's Savings Rates Compare

Southeastern Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Southeastern Bank charges customers high fees in comparison to the national average. Southeastern Bank's checking account has a monthly fee of $6.00, rating it fair for anyone looking for a hassle-free account. Southeastern Bank does not reimburse out-of-network ATM charges, which means you'll have to locate a Southeastern Bank ATM or eat the withdrawal fee.

Monthly Fee $6.00 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

3.0
SmartAsset Average: 3.7

Southeastern Bank is a brick-and-mortar bank, with 10 total branches in Florida and Georgia. With mobile and web apps, Southeastern Bank makes account access straightforward, even on the go. Southeastern Bank gets poor marks from users for its online presence. The Southeastern Bank mobile app has been given a 2.3 out of 5 (with 9 ratings on Apple and Android) compared to the national average of 3.8. You can use Southeastern Bank's mobile app to control your bank accounts by reviewing current statements, transferring money as well as reaching support representatives. Southeastern Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.3/5
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

Southeastern Bank ranks as a medium-size bank owning $430 million in assets and deposits totaling $382 million. It has a strong Texas Ratio of 14.75%, indicating a small opportunity of failure. Additionally, Southeastern Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

14.75%
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 Southeastern Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $100
Checking Account 0.1% APY $2000
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.36% APY
  • 48 Month: 1.46% APY
  • 60 Month: 1.61% APY
$1000 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

Southeastern Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Southeastern Bank does not have the best savings rate, which means you should think about taking a look 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. Southeastern Bank's CD rates are fair compared to the national average.

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Find a Southeastern Bank Near Me

Southeastern Bank has 10 physical locations across the U.S.

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