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

Southern Bank and Trust Company Review

Your Details Done
by Updated
Southern Bank and Trust Company Savings
0.08% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Southern Bank and Trust Company was founded in 1901 and has its headquarters in Mount Olive, North Carolina. Southern Bank and Trust Company owns $3 billion in assets and $2 billion in deposits, ranking it as a large bank. Southern Bank and Trust Company lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.8 stars out of 5, Southern Bank and Trust Company is a decent choice, but with better options out there. Southern Bank and Trust Company provides customers with multiple product offerings, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $3.00 monthly fee, which is acceptable in comparison to the national average. Institutions that offer no-fee checking and a high savings APY are the best option for getting the highest income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Southern Bank and Trust Company features a savings rate of 0.08%, which is fair in comparison to the national average. Its CDs feature a rate of 0.10% and 0.35% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given Southern Bank and Trust Company's below average savings rate, you should think about other options to earn more on your deposits.

How Southern Bank and Trust Company's Savings Rates Compare

Southern Bank and Trust Company Savings 0.08 National Average 0.26 Compare Offers
Back to Overview

Fees

3.5
SmartAsset Average: 4.4

Southern Bank and Trust Company charges its customers high fees in comparison to the average U.S. bank. Its checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. Southern Bank and Trust Company unfortunately does not refund out-of-network ATM fees, which means you will have to search for a Southern Bank and Trust Company ATM or pay the ATM charge.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

Southern Bank and Trust Company is a brick-and-mortar bank, with 61 total bank locations in North Carolina and Virginia. It also offers access to mobile and web apps for a simple mobile-banking experience. Southern Bank and Trust Company's online and mobile banking services receive reasonably good feedback from users. With 64 customer reviews on iOS and Android platforms, the Southern Bank and Trust Company mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can access Southern Bank and Trust Company's app to manage your finances by monitoring account balances, sending and receiving funds as well as accessing customer service. Southern Bank and Trust Company receives a superb consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

Southern Bank and Trust Company is a large bank owning assets totaling $3 billion as well as deposits totaling $2 billion. Its Texas Ratio is 2.76%, indicating that Southern Bank and Trust Company is in superb financial health and unlikely to fail. Additionally, Southern Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Back to Overview

Compare Southern Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.08% APY $100
Checking Account 0.04% APY $100
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.25% APY
  • 48 Month: 0.30% APY
  • 60 Month: 0.35% APY
$10000 for all terms
Money Market Account 0.15% APY $10000

Southern Bank and Trust Company offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Southern Bank and Trust Company does not have the best savings rate, which means you should consider 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 Bank and Trust Company's CD rates are fair in comparison to the national average.

Back to Overview

Find a Southern Bank and Trust Company Near Me

Southern Bank and Trust Company has 61 locations across the U.S.

Back to Overview
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