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Trustmark National Bank Review

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

Overview

Trustmark National Bank first started operating in 1889 with its headquarters in Jackson, Mississippi. Trustmark National Bank handles assets of $14 billion and $11 billion in deposits, making it a very large bank. Trustmark National 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 apps. SmartAsset experts rated Trustmark National Bank 3.9 out of 5 stars, which means it is a respectable bank that warrants your consideration. Trustmark National Bank offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Trustmark National Bank's most basic checking does not carry a monthly maintenance charge. Finding an institution with free checking and a high interest rate savings account is the best option for accruing the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Trustmark National Bank ranks poorly compared to other U.S. banks. Its CD rates are 0.15% and 1.06% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given Trustmark National Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Trustmark National Bank's Savings Rates Compare

Trustmark National Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.9
SmartAsset Average: 4.4

Trustmark National Bank charges its customers above-average fees in comparison to other U.S. banks. With no monthly fee, Trustmark National Bank's checking account is perfect for those who want a hassle-free checking account. For those who withdraw money often, it is not the best option because it has an out-of-network ATM fee of $2.50, which is less than great in comparison to the national average. Additionally, at $36.00, Trustmark National Bank has a slightly greater overdraft fee compared to that of other U.S. banks. Trustmark National Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll have to locate a Trustmark National Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Trustmark National Bank is a brick-and-mortar bank, with 218 total branches in Alabama, Florida, Mississippi, Tennessee and Texas. With mobile and web apps, Trustmark National Bank makes account access convenient, even on the go. Trustmark National Bank's online and mobile banking services receive moderately high ratings from users. The Trustmark National Bank mobile app rates a 4.2 out of 5 (out of 1,300 reviews on Apple and Android) compared to the national average of 3.8. You can access Trustmark National Bank's mobile app to manage your bank accounts by monitoring monthly statements, sending and receiving funds and accessing support representatives. Trustmark National Bank gets an excellent consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Trustmark National Bank is currently a very large bank with assets totaling $14 billion as well as $11 billion in deposits. Its Texas Ratio is 6.56%, denoting a tiny possibility of failure. Additionally, Trustmark National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.56%
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 Trustmark National Bank 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 $1000
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.70% APY
  • 60 Month: 1.06% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Trustmark National Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Trustmark National 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. Trustmark National Bank's CD rates are fair in comparison to the national average.

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Find a Trustmark National Bank Near Me

Trustmark National Bank has 218 physical locations in the U.S.

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