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

Southwest Missouri Bank Review

Your Details Done
by Updated
Southwest Missouri Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Southwest Missouri Bank started in 1979 with headquarters located in Carthage, Missouri. It owns $719 million in assets and $623 million in deposits, classifying it as a medium-size bank. Southwest Missouri Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.2 stars out of 5, Southwest Missouri Bank should be solidly in contention for your choice of bank. Southwest Missouri Bank provides customers with a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly fee. Using an institution with free checking as well as a high savings APY is your best option for accruing the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.15%, Southwest Missouri Bank ranks poorly compared to other U.S. banks. Southwest Missouri Bank's CD rates are 0.55% and 1.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given Southwest Missouri Bank's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Southwest Missouri Bank's Savings Rates Compare

Southwest Missouri Bank Savings 0.15 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Southwest Missouri Bank has generally extremely low fees as compared against the national average. With no monthly fee, Southwest Missouri Bank is ideal for people who want a simple banking experience. Southwest Missouri Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll have to search for a Southwest Missouri Bank ATM or eat the withdrawal fee.

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

3.9
SmartAsset Average: 3.7

Southwest Missouri Bank is a brick-and-mortar bank, with 11 total branches in Missouri. It also offers access to mobile and web apps for an easy mobile-banking experience. Southwest Missouri Bank gets moderate feedback from users for its online presence. Out of 110 ratings on iOS and Android platforms, the Southwest Missouri Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). You can access Southwest Missouri Bank's app to control your funds by looking at monthly statements, transferring money as well as accessing customer service. Southwest Missouri Bank gets an exceptional consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

Southwest Missouri Bank ranks as a medium-size bank owning $719 million in assets as well as deposits totaling $623 million. It has an excellent Texas Ratio of 3.36%, suggesting that the bank is in terrific financial health and unlikely to fail. Additionally, Southwest Missouri Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.36%
High Risk 75% 50% 20% 10% Low Risk

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 Southwest Missouri Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.15% APY $750
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.25% APY
$500 for all terms
Money Market Account 0.3% APY $10000

Southwest Missouri Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Southwest Missouri 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. Southwest Missouri Bank's CD rates are fair compared to the national average.

Back to Overview

Find a Southwest Missouri Bank Near Me

Southwest Missouri Bank has 11 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