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

Southern States Bank Review

Your Details Done
by Updated
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 States Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

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.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

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 Savings 0.10 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

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.

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
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

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.

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

Financial Health

5.0
SmartAsset Average: 4.8

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.

Back to Overview

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 Accounts 0.08% APY 0.13% APY $10000 $15000

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.

Back to Overview

Find a Southern States Bank Near Me

Southern States Bank has nine 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