Whitney Bank Review

Whitney Bank Silver Savings

0.01% APY

Hancock Whitney Bank services communities throughout the Gulf South region. It offers a range of personal banking products including checking accounts with identity fraud protection features, savings accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs). The bank also offers various services aimed at small businesses throughout the communities it serves. 

Its geographic footprint currently expands Texas, Louisiana, Mississippi, Alabama and Florida. 

And although the bank doesn’t rank among financial institutions with the best savings accounts, it offers high-yield promotional CDs from time to time. And all of its customers get access to various online and mobile banking services.

Products Offered

Whitney Bank Interest Rate Comparison

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• Savings & MMAs
• CDs

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Hancock Whitney Bank Overview

Since 1899, Hancock Whitney Bank has been serving locals and businesses throughout the Gulf South United States. Today, the bank runs more than 200 financial centers throughout Mississippi, Alabama, Florida, Louisiana and Texas. The bank also has expanded its services. Today, you can find all kinds of personal banking products, wealth management guidance, and services aimed at small businesses. 

Bank Account Features 

Hancock Whitney offers a full suite of checking deposit options ranging from basic checking options to CDs and IRAs. But even though they’re official sponsors of the New Orleans Saints, the bank doesn’t score any touchdowns with their rates on consumer products. Stll, Hancock Whitney offers some easily manageable and inexpensive products such as its Access Checking account. It's premium checking options also come with extra features you’re not likely to find at many other banks. For example, the Connect Checking account gives you access to identity monitoring services and a fraud specialist who can help you get back on your feet if you fall victim to fraud. 

Silver Savings

The Silver Savings account from Hancock Whitney Bank should suit anyone seeking a simple savings product. You can open one with $100. Afterward, Hancock Whitney would waive the monthly service charge if you keep a daily minimum balance of $200. The bank will also eliminate the fee for customers who are younger than 18 or better than 65. 

Hancock Whitney will provide you with a debit card for fee-free access to your funds via hundreds of ATMs across the Gulf South. Your first three withdrawals during the monthly statement cycle are free. Each additional withdrawal would incur a $3 charge. In addition, you can link to your Hancock Whitney checking account for easy fund transfers. 

Nonetheless, the Silver Savings account generates a very low annual percentage yield (APY) of 0.01%. That level dips far below the national average rate for savings accounts. But if simplicity is what you’re looking for, the Silver Savings account can function as an introductory option to help you get into the habit of saving. 

Christmas Club Savings 

Many banks these days are offering accounts specifically designed to help their customers save for the holidays. Hancock Whitney followed suit with the Christmas Club savings Account. In order to open one, you must have a Hancock Whitney checking account. Afterward, you can join the Christmas Savings Club for as little as $5, and set up automatic recurring transfers from your checking account. 

Your entire balance begins earning interest after you make your first deposit. Moving forward, Hancock Whitney will transfer your Christmas Club savings directly into your checking account during November in the year you opened it. 

But here’s the catch. You’re not allowed to make withdrawals after you open your Christmas Savings Club account. Plus, you’d forfeit interest and owe a $10 fee if you close your account before the bank pays out your savings in November. 

So it’s best to open this account as early in the year as possible. In addition, make sure you’re setting aside the money for holiday-time shopping, as the penalty can take a serious crack at your savings.  

Priority Money Market

To open a Priority Money Market account, you’d also need to have a checking account with Hancock Whitney. Next, you’d need to fund your Priority Money Market with at least $100 worth of money not already in a Hancock Whitney account. 

The Priority Money Market account earns an impressive APY of 1.75% for the first six months. It will then drop to 0.90%, which is still in line with rates for some of the best money market accounts we’ve explored. However, you’d have to maintain a minimum balance of $25,000 to earn interest. So this account may be best suited for the experienced and more affluent saver. 

Nonetheless, the bank will also waive the $25 monthly maintenance fee if you complete five transactions with your checking account during the statement period, according to a call to the Gulfport branch of Hancock Whitney. The same applies to keeping a minimum balance of $25,000 in your savings account. 

With this money market account, you get six free withdrawals per statement period. A $15 charge will follow for each additional one. But remember that federal law limits most types of savings and money market withdraws to six per month without imposing penalties.

Certificates of Deposit (CD)

Unless you step into a Hancock Whitney bank at a time when they are offering generous promotional rates on their certificate of deposit (CD) accounts, you won’t find much in the way of interest. The standard CDs they currently offer earn dismal rates compared to options at similarly sized banks.

At the time of this writing, however, Hancock Whitney has high-yield promotional CDs. This means these rates and terms will be available for a limited time only. For instance, you can currently open an 11 month CD with an APY of 2%.

So your best bet is to call a local branch and ask about promotional CD rates. You can find the nearest Hancock Whitney bank location by visiting their website and entering your zip code in the relevant field. 

Individual Retirement Accounts (IRAs)

Hancock Whitney Bank offers IRA CD options. These savings vehicles offer all the benefits of IRAs such as tax advantages. But they also come with the fixed-interest rates of a CD. Unfortunately, the bank’s CD and IRA CD rates are the same. So you won’t generate much interest on your nest egg unless you open a promotional IRA CD at the right time. 

Access Checking 

Access Checking is Hancock Whitney’s basic deposit option. However, it’s $10 monthly service charge can really add up. As a result, Hancock Whitney gives you a few options to avoid it. First, you can keep maintain a daily minimum balance of $250. Or you can establish a direct deposit of at least $250 per month. 

The bank will also waive the fee for customers younger than 24 or those who are al least 64-years-

Connect Checking 

Those who want a little more security on their deposits may be interested in the Connect Checking account. Customers get IDProtect. With this, professionals monitor your identity and credit reports. They also notify you of any suspicious activity. In the event you become a victim of identity fraud, you get reimbursed and a fraud specialist will help you rebuild your credit. 

In addition, you’d get the following services 

• Basic checks
• Money orders and cashier’s checks with no issuance fees 
• 25% discount on safe deposit boxes

Priority Checking 

The Priority Checking account is Hancock Whitney Bank offers all the bells and whistles of its predecessors, but it also collects interest. Furthermore, the bank will reimburse you surcharge fees for cash withdrawals made at American and international ATMs. You’d also get the following benefits: 

• Free wire transfers
• IDProtect
• Identity fraud recovery services
• Free annual investment portfolio review

In terms of APY, however, the Priority Checking account can’t hold up against the best checking accounts today. Its peak APY falls below the national average and you’d need at least $25,000 to collect it. 

Where Can I Find Hancock Whitney Bank? 

Hancock Whitney Bank operates throughout the South Gulf United States. You can find branches in Texas, Louisiana, Mississippi, Alabama and Florida.

What Can You Do Online With Hancock Whitney Bank?

Hancock Whitney provides its customers with several online and mobile banking capabilities. On compatible mobile devices, you can use your fingerprint to log on to your account without worrying about your information being stored on the device. 

You can perform the following online or via a mobile device. 

• Monitor account activity
• Make and schedule payments 
• Pay bills 
• Deposit checks (mobile)
• Set notifications

With online banking, you can also pay loans from your account summary and transfer money to other Hancock Whitney accounts. Furthermore, you can use your mobile device as a digital wallet. The app is compatible with Apple Pay and Google Pay. 

How Do I Access My Money?

You can access more than 200 financial centers and ATMs across Texas, Louisiana, Mississippi, Alabama and Florida.

How Can I Save More Money With a Hancock Whitney Bank Account?

Hancock Whitney Bank, unfortunately, doesn’t offer the best rates for its savings, money market or CD accounts. But you may be in luck if you stop by at the right time to open a CD. The bank offers very generous rates on its promotional CDs. But these are available for a limited time. So its best to call a local branch and ask about their rates. 

What’s the Process for Opening an Account With Hancock Whitney Bank?

You can open an account by visiting a local branch. The easiest way to locate one is by visiting the website and looking one up with your zip code. You can also open one over the phone by dialing 1-800-965-5626.  

What’s the Catch? 

The catch with Hancock Whitney is that you won’t find strong rates for consumer banking products. However, the bank provides a range of services and options geared toward local businesses. And any client would have access to personalized customer service at more than 200 branches throughout five states. 

Bottom Line 

The bottom line is Hancock Whitney Bank falls short when it comes to interest rates on its savings options. So if you’re looking to park large sums for maximum growth, you may want to look elsewhere. But if you’re looking for basic banking products, the bank offers a range of inexpensive options. It also gives customers several opportunities to waive monthly fees, which can take a serious bite out of your savings in time.  

The preceding rates were gathered following a call to Hancock Whitney Bank in Gulfport, Mississippi. They are current as of August 2018.