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The Bank of Southside Virginia Review

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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 first started operating in 1911 and has its headquarters in Carson, Virginia. It manages assets of $556 million and $453 million in deposits, ranking it as a medium-size bank. The Bank of Southside Virginia 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 access to service representatives at a physical location, in addition to its online and mobile apps. Overall, The Bank of Southside Virginia is a solid pick to be your bank, with a rating of 4.2 stars out of 5 from our team. The Bank of Southside Virginia provides customers with a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products 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, The Bank of Southside Virginia offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best option for accruing the most income from your deposits alongside 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

3.0
SmartAsset Average: 3.5

The Bank of Southside Virginia has a savings rate of 0.10%, which is fair as compared against the national average. Its one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account has an APY of 0.15%. Given The Bank of Southside Virginia's noncompetitive savings rate, you should think about 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 as compared against the national average. With no monthly fee, The Bank of Southside Virginia's checking account is ideal for people who need a hassle-free checking account. The Bank of Southside Virginia unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to locate a The Bank of Southside Virginia 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
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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 bank locations in Virginia. With mobile and web apps, The Bank of Southside Virginia makes mobile banking easy, even on the go. The Bank of Southside Virginia's online and mobile banking services receive fair scores from users. The The Bank of Southside Virginia mobile app scored a 3.9 out of 5 (with 52 customer reviews on Apple and Android) compared to the national average of 3.8. The Bank of Southside Virginia's mobile app lets you control your funds by looking at monthly statements, transferring money as well as accessing customer service. The Bank of Southside Virginia receives a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 is a medium-size bank owning assets totaling $556 million as well as deposits totaling $453 million. Its Texas Ratio is 5.14%, indicating a tiny opportunity of 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 0.05% APY $5000
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.60% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.51% APY
$1000 for all terms
Money Market Account 0.1% APY $10000

The Bank of Southside Virginia has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Southside Virginia does not have the best savings rate, which means you should think about taking a look elsewhere 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 compared to the average U.S. bank.

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Find a The Bank of Southside Virginia Near Me

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

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