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Southern Bank and Trust Company 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 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 started in 1901 and its headquarters are located in Mount Olive, North Carolina. Southern Bank and Trust Company has assets of $3 billion as well as $2 billion in deposits, classifying it as a large bank. Southern Bank and Trust Company lacks premium access to customer service, 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 apps. Coming in at an average 3.8 out of 5 stars, Southern Bank and Trust Company is a bank with better alternatives. Southern Bank and Trust Company provides customers with numerous banking products, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Southern Bank and Trust Company has a fair savings rate compared to the average savings account. The bank's standard checking product features a monthly fee of $3.00, which is acceptable as compared against the national average. Institutions that offer no-fee checking and a high interest rate savings account are your best option for getting the most income on your deposits while maintaining 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 compared to other U.S. banks. Southern Bank and Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.10% and 0.35%, 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 taking a look at other banks for savings accounts.

How Southern Bank and Trust Company's Savings Rates Compare

Southern Bank and Trust Company Savings 0.08 National Average 0.26 Compare Offers
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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. Southern Bank and Trust Company's checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a simple account. Southern Bank and Trust Company unfortunately doesn't refund out-of-network ATM fees, which means you'll have to locate a Southern Bank and Trust Company ATM or eat the fee.

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
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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 simple access and banking on the go. Southern Bank and Trust Company receives moderately good ratings from users for its online presence. With 64 ratings across both 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). Southern Bank and Trust Company's mobile app lets you control your bank accounts by monitoring current statements, sending and receiving money and reaching customer service. Southern Bank and Trust Company gets a superb consumer satisfaction rating based on comparatively few complaints filed 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
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Financial Health

4.9
SmartAsset Average: 4.8

Southern Bank and Trust Company is a large bank with $3 billion in assets and $2 billion in deposits. It has an excellent Texas Ratio of 2.76%, suggesting that the bank is in outstanding financial health and far from failure. 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.

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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 Accounts 0.15% APY 0.2% APY $10000 $15000

Southern Bank and Trust Company has several deposit products like 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 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 Bank and Trust Company's CD rates are fair in comparison to other U.S. banks.

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Find a Southern Bank and Trust Company Near Me

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

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