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Southwest Missouri Bank Review

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

Overview

Founded in 1979, Southwest Missouri Bank has assets totaling $719 million as well as deposits totaling $623 million, classifying it as a medium-size bank. Southwest Missouri Bank, whose headquarters are in Carthage, Missouri, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated Southwest Missouri Bank 4.2 stars out of 5, suggesting it is a great bank that you should seriously consider. Southwest Missouri Bank provides customers with the full package 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 looking for a checking account for everyday use, Southwest Missouri Bank offers an option without a monthly fee. Banks that offer free checking as well as a high savings APY are the best bet for getting the most income from your deposits while maintaining easy access to your money.

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 0.10%, Southwest Missouri Bank ranks poorly in comparison to the national average. Southwest Missouri Bank's one-year CD earns at a rate of 0.55% and the five-year CD has a rate of 1.25%, while its highest-yielding money market account has a rate of 0.10%. Given Southwest Missouri Bank's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Southwest Missouri Bank's Savings Rates Compare

Southwest Missouri Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Southwest Missouri Bank typically has extremely low fees as compared against the national average. With no monthly fee, Southwest Missouri Bank is perfect for people who want a basic checking account. Southwest Missouri Bank does not reimburse out-of-network ATM fees, meaning you'll be required to locate a Southwest Missouri Bank ATM or pay the ATM charge.

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

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 straightforward access and banking on the go. Southwest Missouri Bank's online and mobile banking services get moderate feedback from users. Out of 110 ratings on both iOS and Android platforms, the Southwest Missouri Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). Southwest Missouri Bank's mobile app allows you to control your finances by looking at current statements, transferring funds and accessing support representatives. Southwest Missouri Bank gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Southwest Missouri Bank ranks as a medium-size bank and manages $719 million in assets as well as $623 million in deposits. Southwest Missouri Bank's Texas Ratio is 3.36%, indicating a negligible chance of failure. 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.

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Compare Southwest Missouri Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% 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 0.1% APY $10000

Southwest Missouri Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Southwest Missouri 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. Southwest Missouri Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Southwest Missouri Bank Near Me

Southwest Missouri Bank has 11 locations across the U.S.

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