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Southern Bank (MO) 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 Savings
0.01% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Overview

Founded in 1887, Southern Bank has assets totaling $2 billion as well as deposits totaling $2 billion, classifying the institution as a large bank. Southern Bank, whose headquarters are in Poplar Bluff, Missouri, 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 easier access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Southern Bank is among the top banks, and should be given serious consideration at a rating of 4.4 stars out of 5 from the SmartAsset team. 

Southern Bank has a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It offers an average savings account APY, making it a decent option if you need a place to store your money. A great, everyday account, Southern Bank offers one without a maintenance or monthly fee. Using one bank for checking and savings can be best for getting the highest return on your money while retaining access to your money without having to wait for money to transfer between accounts.

Service Quality

Southern Bank is a brick-and-mortar bank, with 45 total bank locations in Arkansas, Illinois and Missouri. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It provides all-day customer service. 

Southern Bank's online and mobile banking services receive high praise from customers: the Southern Bank mobile app has been given a 4.4 out of 5 (with 230 ratings on Apple and Android) compared to the national average of 3.8. Southern Bank's mobile app allows you to manage your accounts by checking monthly statements, transferring money as well as reaching customer service. Southern Bank gets an exceptional consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

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: 0.20% APY
  • 36 Month: 0.35% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.75% APY
$10,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.05% APY
  • 25K tier: 0.65% APY
  • $10,000
  • $25,001
Compare Offers

Southern Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider other options 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. Southern Bank's CD rates are competitive as compared against the national average.

Compare Southern Bank to Other Competitive Offers

Rates

With a savings rate of 0.01%, Southern Bank ranks below the mean in comparison to the average U.S. bank. Its one-year CD has a rate of 0.10% and the five-year CD earns at a rate of 0.75%, while its highest-yielding money market account earns at a rate of 0.65%. It has a fair savings rate, which means other popular banks have higher rates. Consider looking at some of the competition to open savings accounts.

Fees

Southern Bank typically has extremely low fees in comparison to the national average. Southern Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Southern Bank is good because it has ATM fee of $1.00, which is solid compared to other U.S. banks. Additionally, at $25, its overdraft fee is significantly lower than the national average, making it perfect for those who frequently overdraft. Southern Bank reimburses any incurred ATM fees (with conditions), making withdrawals a free and convenient process.

Financial Health

Southern Bank is a large bank owning assets totaling $2 billion and $2 billion in deposits. Its Texas Ratio is 3.64%, indicating that Southern Bank is in superb financial well-being and extremely improbable to fail. Additionally, Southern Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Southern Bank Near Me

Southern Bank has 45 physical branches in the U.S.

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