Southern States Bank Review

Overview

Southern States Bank first started operating in 2007 and is headquartered in Anniston, Alabama. Southern States Bank manages $736 million in assets and $625 million in deposits, which makes 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 conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Southern States Bank is a good bank that gets the job done, with a score of 3.9 out of 5 stars from our team. Southern States Bank has a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Southern States Bank's ordinary checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option for gaining the most income on your deposits while maintaining convenient access to your funds.

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

With a savings rate of 0.10%, Southern States Bank ranks poorly as compared against the national average. Southern States Bank's CD rates are 0.51% and 1.13% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.13%. Given Southern States Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Southern States Bank's Savings Rates Compare

Southern States Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Southern States Bank's checking account is perfect for those who want an easy checking account. Southern States Bank reimburses any incurred out-of-network ATM charges, which means handy access to cash at any time.

Southern States Bank is a brick-and-mortar bank, with nine total bank locations in Alabama and Georgia. With mobile and web apps, Southern States Bank makes mobile banking straightforward, even on the go. Southern States Bank's mobile app allows you to manage your accounts by checking monthly statements, sending and receiving funds and reaching support representatives. Southern States Bank receives an outstanding consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Southern States Bank ranks as a medium-size bank with assets totaling $736 million and deposits totaling $625 million. Its Texas Ratio is 1.27%, indicating that Southern States Bank is in excellent financial health and improbable 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.

Products Offered

Southern States Bank offers 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 consider 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.

Find a Southern States Bank Near Me

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