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Southern States Bank Review

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Southern States Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Southern States Bank was founded in 2007 with its headquarters in Anniston, Alabama. It manages $736 million in assets as well as deposits totaling $625 million, making it a medium-size bank. Southern States Bank lacks premium access to customer service, with no options for live chat or all-day service. 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 3.9 stars out of 5, Southern States Bank proves it is a good bank that gets the job done. Southern States Bank provides customers with a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best bet for accruing the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, Southern States Bank ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 0.51% and the five-year CD earns at a rate of 1.13%, while its highest-yielding money market account earns at a rate of 0.13%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Southern States Bank's Savings Rates Compare

Southern States Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Southern States Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Southern States Bank is perfect for those who want a simple checking account. Southern States Bank reimburses any incurred out-of-network ATM fees, which gives easy access to cash at any time.

Monthly Fee $0 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

SmartAsset Average: 3.7

Southern States Bank is a brick-and-mortar bank, with nine total branches in Alabama and Georgia. It also offers access to mobile and web apps for an easy mobile-banking experience. You can use Southern States Bank's app to manage your finances by looking at account balances, transferring money as well as accessing support representatives. Southern States Bank gets an excellent consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

SmartAsset Average: 4.8

Southern States Bank is a medium-size bank with $736 million in assets and deposits totaling $625 million. Its Texas Ratio is 1.27%, suggesting that the bank is in terrific financial health and unlikely to fail. Additionally, Southern States Bank 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 States Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 0.51% APY
  • 24 Month: 0.77% APY
  • 36 Month: 0.88% APY
  • 48 Month: 0.96% APY
  • 60 Month: 1.13% APY
$500 for all terms
Money Market Account 0.08% APY $5000

Southern States Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Southern States Bank does not have the best savings rate, which means you should think about other options 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 States Bank's CD rates are fair compared to other U.S. banks.

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Find a Southern States Bank Near Me

Southern States Bank has nine locations across the U.S.

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