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

Overview

Southern Bancorp Bank was founded in 1884 and its headquarters are located in Arkadelphia, Arkansas. It manages $1 billion in assets along with $1 billion in deposits, which makes it a medium-size bank. Southern Bancorp Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Southern Bancorp Bank is an acceptable bank choice, but may leave you wanting more, with a rating of 3.7 out of 5 stars from our experts. Southern Bancorp Bank offers multiple product offerings, which include savings accounts, checking accounts, money market accounts and credit cards. Southern Bancorp Bank has a fair savings rate compared to the average savings account. The bank's standard checking account carries a monthly fee of $2.95, which is acceptable in comparison to other U.S. banks. Finding an institution with no-fee checking as well as a high savings APY is your best option for returning the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.25%, Southern Bancorp Bank ranks poorly in comparison to the national average. Southern Bancorp Bank's one-year and five-year term lengths CDs earn at a rate of 1.26% and 2.47%, respectively, while its highest-yielding money market account has an APY of 0.20%. Given Southern Bancorp Bank's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Southern Bancorp Bank's Savings Rates Compare

Southern Bancorp Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Southern Bancorp Bank charges its customers high fees in comparison to the average U.S. bank. At $2.95/month, Southern Bancorp Bank is not the best product for people who want a basic checking account. Southern Bancorp Bank does not refund out-of-network ATM charges, meaning you'll be required to find a Southern Bancorp Bank ATM or eat the cost of withdrawal.

Monthly Fee $2.95 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

3.7
SmartAsset Average: 3.7

Southern Bancorp Bank is a brick-and-mortar bank, with 43 total branches in Arkansas and Mississippi. With mobile and web apps, Southern Bancorp Bank makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 5:00 p.m. CT. Southern Bancorp Bank's online and mobile banking services receive moderate marks from users. Out of 33 customer reviews across both iOS and Android platforms, the Southern Bancorp Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Southern Bancorp Bank's mobile app allows you to manage your finances by checking account balances, transferring funds and accessing support representatives. Southern Bancorp Bank gets an exceptional consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Southern Bancorp Bank is currently a medium-size bank owning $1 billion in assets and $1 billion in deposits. Southern Bancorp Bank has a strong Texas Ratio of 13.03%, indicating that Southern Bancorp Bank is in good financial health and far from failure. Additionally, Southern Bancorp Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

13.03%
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 Southern Bancorp Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.2% APY $600
Certificates of Deposit
  • 12 Month: 1.26% APY
  • 24 Month: 1.76% APY
  • 36 Month: 2.17% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.47% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Southern Bancorp Bank has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. Southern Bancorp 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. Southern Bancorp Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Southern Bancorp Bank Near Me

Southern Bancorp Bank has 43 branches across the U.S.

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