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The Bank of Southside Virginia 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
The Bank of Southside Virginia Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Bank of Southside Virginia was founded in 1911 with headquarters located in Carson, Virginia. It manages assets of $556 million as well as deposits totaling $453 million, which makes it a medium-size bank. The Bank of Southside Virginia lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, The Bank of Southside Virginia is a great choice and should warrant serious consideration, with a score of 4.2 stars out of 5 from our team. The Bank of Southside Virginia has a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, 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, The Bank of Southside Virginia's most basic checking does not carry a monthly charge. Institutions that offer free checking and a high savings APY are the best option for accruing the most income on your deposits while having 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, The Bank of Southside Virginia ranks poorly in comparison to the average U.S. bank. The Bank of Southside Virginia's one-year and five-year term lengths CDs earn at a rate of 0.75% and 1.61%, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given The Bank of Southside Virginia's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How The Bank of Southside Virginia's Savings Rates Compare

The Bank of Southside Virginia Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of Southside Virginia charges its customers extremely low fees in comparison to the average U.S. bank. The Bank of Southside Virginia's checking account has no monthly fee, making it excellent for anyone looking for a simple account. The Bank of Southside Virginia does not reimburse out-of-network ATM charges, which means you will be required to search for a The Bank of Southside Virginia ATM or accept the cost of withdrawal.

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

The Bank of Southside Virginia is a brick-and-mortar bank, with 15 total branches in Virginia. It also offers access to mobile and web apps for a straightforward mobile-banking experience. The Bank of Southside Virginia's online and mobile banking services get moderate marks from users. Out of 52 customer reviews across both iOS and Android platforms, the The Bank of Southside Virginia mobile app has an overall rating of 3.9 out of 5 (compared to the national average of 3.8). You can access The Bank of Southside Virginia's app to control your bank accounts by looking at monthly statements, transferring funds as well as reaching support representatives. The Bank of Southside Virginia gets an exceptional consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

The Bank of Southside Virginia ranks as a medium-size bank with assets totaling $556 million as well as $453 million in deposits. The Bank of Southside Virginia's Texas Ratio is 5.14%, indicating that The Bank of Southside Virginia is in fine financial shape and far from failure. Additionally, The Bank of Southside Virginia is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.14%
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 The Bank of Southside Virginia to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $300
Checking Account 0.1% APY $5000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.61% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

The Bank of Southside Virginia has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Southside Virginia 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. The Bank of Southside Virginia's CD rates are fair in comparison to the national average.

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Find a The Bank of Southside Virginia Near Me

The Bank of Southside Virginia has 15 physical locations across the U.S.

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