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Southside Bank 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
Southside Bank Savings
0.09% APY

Southside Bank has served a multitude of banking customers in many parts of Texas for more than half a century. Its services range from personal and business banking to mortgage lending, wealth management and investment planning.

Southside is a fantastic choice for anyone that’s interested in opening a checking account. In total, the bank offers eight different accounts, with some focused on simplicity or interest-earning capabilities, and others centered around the needs of teenagers and veterans.

Products Offered

Product Key Details
Savings Accounts
  • Solid APYs, though must reach high balance-based tiers
  • Low fees and waiver requirements
  • HSAs available
Checking Accounts
  • Eight different checking account choices
  • Interest-bearing options have good rates
Money Market Accounts (MMAs)
  • Good high-balance APYs
  • Some checking benefits included
  • Low opening deposits
Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs)
  • Limited terms lengths
  • Fantastic APYs
  • High minimum initial deposits

Southside Bank Interest Rate Comparison

Southside Bank Overview

Southside Bank has been a presence in the Texas banking industry for almost 60 years, with branch locations throughout the eastern, central, northern and southeastern areas of the Lone Star State. It easily fits the description of a large bank as it manages about $6.37 billion in customer assets and has a massive worldwide ATM network.

Southside Bank Personal Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $3 month service fee; waivable by maintaining an average daily balance of $300
Current Terms and Rates
  • Rates tiered based on account balance:
    • Under $2,500: 0.09% APY
    • $2,500 - $9,999: 0.13% APY
    • $10,000 - $24,999: 0.18% APY
    • $25,000 - $49,999: 0.24% APY
    • $50,000 - $99,999: 0.30% APY
    • $100,000 - $249,999: 0.42% APY
    • $250,000 and up: 0.56% APY

Southside Bank lacks a massive selection of differing savings accounts, but the interest rates it offers on its existing options are solid. The principal savings account is the Personal Savings, which calls for an easy-to-meet $50 initial deposit. Until your account’s balance breaks the $2,500 threshold, an unimpressive 0.09% APY will be applied to your funds, though tiered interest rates as high as 0.56% are available for larger accounts. As long as your account remains larger than $300, you will avoid the $3 monthly fee.

For prospective Southside customers younger than 18, the Youth Savings account allows you to start saving early. This account receives a significant 0.25% APY on all balances, whereas the Personal Savings account would require a balance of at least $25,000 to garner a similar rate. Account holders won’t have their savings disturbed either, as there are no monthly service fees.

Health Savings Accounts (HSAs) are a great way to financial cope with ever-growing healthcare costs. These unique accounts offer the chance to “pre-save” for future trips to the doctor, tax-free. While HSAs are not exclusive to Southside, existing customers who are interested can keep all their assets at one institution.

Compare Southside Bank to Other Competitive Offers

Southside Bank Checking Plus Account

Key Features Details
Minimum Deposit $50
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $9 monthly service fee; waivable by maintaining an average daily balance of $1,000
Current Terms and Rates
  • Rates tiered based on account balance:
    • $2,500 and under: 0.08% APY
    • $2,500 - $9,999: 0.13% APY
    • $10,000 - $24,999: 0.17% APY
    • $25,000 - $49,999: 0.23% APY
    • $50,000 - $99,999: 0.28% APY
    • $100,000 - $249,999: 0.36% APY
    • $250,000 and up: 0.53% APY

With eight checking accounts, Southside Bank boasts one of the largest checking collections on the market. The Classic Checking account is easily the most simple choice. There are no monthly fees with this option, but no interest-earning capabilities either. All Classic customers receive access to online and mobile banking, as well as bill pay and a debit card. If you want even more checking account perks, like identity theft protection, cell phone insurance and roadside assistance, the Prime Checking account is the way to go.

There are three interest-earning checking accounts at Southside, including the Relationship Checking account for current customers, the Senior Checking account for anyone 60 or older and the Checking Plus account for base customers. Each of these options come with mobile and online banking, online bill pay, a free debit card, mobile check deposit and solid APYs. The Senior account offers rates up to 0.15% and has no monthly fees, though the other two options do.

All Checking Plus account holders need to do to avoid the $9 monthly service fee is keep their account balance above $1,000. Things get a little more complicated for the Relationship Checking account, as a $15 fee will be charged unless you maintain a monthly checking balance of $7,500 or have a combined $50,000 between all of your Southside accounts. This account also features a small discount on in-house mortgages, free checks and safe deposit boxes and ATM fee refunds up to $10 per statement cycle.

Teenagers between 13 and 17 can open a Spirit Checking account, as long as they have a family member older than 18 present. Account holders can bank online and through their mobile device and they get an easy way to access their money in the form of a complimentary debit card. Once the teenager turns 18, the account becomes a Classic Checking account.

The Veterans Checking account was predictably created for active and retired members of the U.S. military. Free American flag checks and a “Patriotic-designed” credit card are automatically afforded to all cardholders, along with standard mobile and online banking access. In fact, if you opt for eStatements, there will be no fees accompanying the account.

The NEXT Checking account offers a unique chance for those with checkered credit histories to redeem themselves. However, because of the credit healing effects of this account, a $9.95 monthly service fee is required, along with a $3 paper statement fee. Simply opt for eStatements, and this extra fee will be waived.

Southside Bank Advantage Investment Money Market Account

Key Features Details
Minimum Deposit $50
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $10 monthly service fee; waivable by maintaining an average daily balance of $1,000
Current Terms and Rates
  •  Rates tiered based on account balance:
    • $10,000 and under: 0.11% APY
    • $10,000 - $19,999: 0.16% APY
    • $20,000 - $29,999: 0.25% APY
    • $30,000 - $249,999: 0.60% APY
    • $250,000 and up: 0.90% APY

Although Southside Bank considers its two money market accounts (MMAs) to be checking accounts, they’re more similar to a hybrid savings/checking account with somewhat inflated interest rates. Like most MMAs, the APYs associated with these accounts are tiered, with the best rates reserved for the highest balances.

The Advantage Investment MMA requires just a $50 opening deposit, with rates starting at 0.11% and reaching 0.84%. Although the account comes with a sizeable $10 monthly fee, maintaining an $1,000 average daily balance will erase that. Account holders can deposit funds remotely, and can access online/mobile banking, but not online bill pay.

For those with more money to deposit, the Platinum Advantage Investment MMA includes slightly raised rates from 0.14% to 0.92%. Because of these extra benefits, the account’s $10 monthly service fee is slightly more difficult to have waived. Rather than maintain a minimum daily balance of $1,000, Platinum Advantage account holders will need to meet a $5,000 daily balance requirement.

Southside Bank CDs

Key Features Details
Minimum Deposit $25,000
Access to Your Account Branches, online & mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
    • 1-month: 0.90% APY
    • 3-month: 1.51% APY
    • 6-month: 1.76% APY
    • 1-year: 1.96% APY
    • 3-year: 2.17% APY
    • 5-year: 2.27% APY

The interest rates associated with Southside Bank’s certificates of deposit (CDs) are right in line with some of the top offers on the market. But unlike the usual $500 or $1,000 initial deposit requirement of similar accounts, Southside has a $25,000 opening investment stipulation. The CD terms available at this bank are also much fewer and far between than the majority of its competition.

Southside Bank IRAs

Key Features Details
Minimum Deposit $25,000
Access to Your Account Branches, online & mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
  • 1-month: 0.84% APY
  • 3-month: 1.10% APY
  • 6-month: 1.40% APY
  • 1-year: 2.12% APY
  • 3-year: 2.22% APY
  • 5-year: 2.32% APY

As far as interest rates, opening account minimums and other rules stand, Southside Bank’s Individual Retirement Accounts (IRAs) are exactly the same as its CDs. The sole decision you have to make regarding one of these IRAs is whether you want it to be a Roth or traditional account. These designations refer to how taxes affect the money in the account, with Roth customers paying federal income taxes up front and traditional IRA customers waiting to pay taxes until they begin receiving monthly payments in retirement.

Where Can I Find Southside Bank?

Southside Bank operates only in Texas, with around 70 branches to its name. It has locations in many smaller cities, but also in major cities, like Austin, Arlington and Fort Worth.

If you’re using ATMs, there’s a small fee-free set of machines run directly by Southside around Texas. But the bank is also paired with the Allpoint ATM network, which boasts 55,000 ATMs throughout the U.S. These are located in every state, and can be commonly found at CVS, Target, Walgreens, Costco and Kroger.

What Can You Do Online With Southside Bank?

Aside from managing your Southside Bank accounts through a branch location, the bank offers online, mobile and text banking. Customers must enroll for online banking to view their transaction histories and account balances, make inter-account money transfers, set up automatic bill pay and complete domestic and international wire transfers.

Across about 300 customers reviews between the Apple and Android app stores, Southside’s mobile app holds a rating of around three stars. The app includes all the services that exist with online banking, but tacks on a branch/ATM locator and remote check deposit. If you cannot access the app, text banking is an easy-to-access option. On Southside’s website, you’ll find different codes you can text the bank that will trigger messages with your account information. These could be “BAL” for your account balance and “XFER” for transfers between accounts.

How Do I Access My Money?

At Southside Bank, many account holders will receive a Mastercard debit card that can be used at either an ATM or directly with a retailer. In an effort to improve the security of your card, the bank utilizes EMV chips and Mastercard ID Theft ProtectionTM. Southside not only runs its own ATM network but also has subscribed to Allpoint ATMs. There are around 55,000 fee-free ATMs in this network, and the ATM locator in the mobile app includes these.

If you need to withdraw or deposit money, or you need to speak to a banker about a specific subject or issue, stopping by a Southside location is your best option. The mobile app and online banking website are a viable substitute, though, especially for customers who cannot make it to a branch.

How Can I Save More Money With a Southside Bank Account?

Regardless of the type of account you want to open with Southside Bank, the interest rates associated with them are generally great. This is most evident through its interest checking accounts, CDs, IRAs and certain savings accounts. So when it comes down purely to savings earnings, the account options at this bank have APYs plenty good enough to outearn similar choices at competitors.

What’s the Process For Opening an Account With Southside Bank?

Southside Bank allows for both online and in-person account applications. To apply online, choose the account you want to open and select the “Open Now” button. While this process is fairly easy to manage, there are a few things you’ll need to ensure that it goes smoothly. First and foremost, you must have on-hand your Social Security number, a government-issued form of identification and the funds to meet any minimum opening deposit requirements. Online applicants should also make sure they can scan and upload PDFs.

What’s the Catch?

The sole non-specialized savings account available at Southside Bank is the Personal Savings account. This lack of variation may make it difficult to find the exact benefits you’re looking for. Furthermore, the interest checking accounts here have only slightly worse APYs than the Personal Savings account, making it somewhat obsolete.

Bottom Line

Southside Bank is an impressive financial institution that boasts a strong set of account options and interest rates that are likely to make most prospective customers happy. While its rather small assortment of savings products is a definite concern, you can make up the difference in other areas, such as interest checking accounts and money market accounts. Southside’s massive free ATM network is rare for a more locally styled bank, affording is customers plenty of nationwide account access.

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