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Read our editorial standards. The bottom line: Planters Bank could be a good choice if you live in Mississippi or Tennessee and prefer traditional banking to online-only banking. The brick-and-mortar bank has a solid checking account and pays high interest rates on CDs, but it has limited customer support on weekends and poor mobile app ratings.
Overall bank rating Feature Insider rating (out of 5) Checking 3. 75 Savings 3. 5 CD 3.
25 Money market account 3. 25 Trustworthiness 4. 5 Total 3.
75 Pros and cons Pros Cons Free checking account Solid interest rate on savings account and CDs, compared to other brick-and-mortar banks Possible to waive service fees Poor mobile app ratings Limited customer support availability Online banks pay higher interest rates on savings accounts Service fees on savings accounts and money market account Planters Bank Basic Savings Account Planters Bank Basic Savings Account Annual Percentage Yield (APY) 0. 20% APY Minimum Deposit Amount $100 3. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
5 out of 5 Stars Editor’s Rating Learn more Planters Bank Basic Savings Account 3. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 5 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0.
20% APY Minimum Deposit Amount $100 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Possible to waive quarterly service fee Solid interest rate compared to other brick-and-mortar banks Cons $100 minimum opening deposit $8 quarterly service fee Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information 20 branches in Mississippi and Tennessee 7,500 surcharge-free ATMs in the SUM ATM network To waive the $8 quarterly service fee, keep at least $250 in your account daily Interest compounded and deposited quarterly Member FDIC The Planters Bank Basic Savings Account may be worthwhile if you can maintain at least $250 in your bank account.
You’ll be able to waive the $8 quarterly service fee by meeting this requirement. You also might like the Planters Bank Basic Savings Account if you’re searching for a traditional savings account with a solid interest rate. Planters Bank Essential Checking Account Planters Bank Essential Checking Account Annual Percentage Yield (APY) None Minimum Deposit Amount $50 3.
75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 75 out of 5 Stars Editor’s Rating Learn more Planters Bank Essential Checking Account 3. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
75 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) None Minimum Deposit Amount $50 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros No monthly service fee Overdraft protection available Cons $50 minimum opening deposit $1. 50 out-of-network ATM fee $36 overdraft fee $3 paper statement fee $10 overdraft protection transfer fee Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information 20 branches in Mississippi and Tennessee 7,500 surcharge-free ATMs in the SUM ATM network Enroll in online statement to avoid the $3 paper statement fee Overdraft protection that lets you link to another bank account $10 transfer fee if you utilize overdraft protection Member FDIC The Planters Bank Essential Checking Account might stand out if you’re looking to avoid monthly service fees. The bank is also a part of the SUM ATM network, so you’ll have access to a decent number of ATMs throughout the US. Planters Bank CD Planters Bank CD Annual Percentage Yield (APY) 0.
05% to 0. 80% APY Minimum Deposit Amount $2,500 3. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
25 out of 5 Stars Editor’s Rating Learn more Planters Bank CD 3. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 25 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0.
05% to 0. 80% APY Minimum Deposit Amount $2,500 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Variety of CD terms Solid interest rate compared to other brick-and-mortar banks Standard CD early withdrawal penalties Cons $2,500 minimum opening deposit Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information 20 branches in Mississippi and Tennessee 7,500 surcharge-free ATMs in the SUM ATM network Terms range from 7 days to 5 years CD early withdrawal penalties depend on the amount deposited and term chosen; contact your nearest branch for more information Interest compounded monthly Interest may be deposited into CD, a Planters Bank checking account, or issued as a check Member FDIC Planters Bank CDs earn a higher interest rate than the average CD, regardless of which term you choose. You’ll need at least $2,500 for an initial deposit though, which is a bit steep compared to other banks. Planters Bank Money Market Account Planters Bank Money Market Account Annual Percentage Yield (APY) 0.
10% to 0. 25% APY Minimum Deposit Amount $500 3. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
25 out of 5 Stars Editor’s Rating Learn more Planters Bank Money Market Account 3. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 25 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0.
10% to 0. 25% APY Minimum Deposit Amount $500 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros $500 minimum opening deposit Debit card included Check writing included Possible to waive monthly service fee Cons Low interest rate $10 monthly service fee Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information 20 branches in Mississippi and Tennessee 7,500 surcharge-free ATMs in the SUM ATM network To waive the $10 monthly service fee, keep at least $1,000 in your account daily Tiered interest rate: Earn a higher interest rate with higher account balances Interest compounded and deposited monthly Member FDIC The Planters Bank Money Market Account might be ideal if you’d like to open a money market account with a low minimum opening deposit. However, you’ll need to maintain at least $1,000 in your account to waive the $10 monthly service fee. If you prioritize earning a high interest rate on a savings account, our money market account guide might be worth viewing since it has accounts with higher rates.
How Planters Bank works Planters Bank is a community development financial institution with 20 branches in Mississippi and Tennessee. Customers also have access to 7,500 surcharge-free ATMs in the SUM ATM network. Call your nearest branch for customer support.
Bank hours vary by location. Most branches are open from 8:30 a. m.
to 4 p. m. CT Monday through Thursday and 8:30 a.
m. to 5 p. m.
on Friday. The bank’s mobile app is rated 3. 7 out of 5 stars in the Google Play store and 2.
7 out of 5 stars in the Apple store. The brick-and-mortar financial institution bank accounts are FDIC insured . You may safely keep up to $250,000 in an account.
The role of community development financial institutions Community development financial institutions, or CDFIs , serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. In 2021, Planters Bank employees completed over 1,100 volunteer hours at community events and 443 hours teaching financial literacy to local residents.
The bank also gave more than 1,200 Paycheck Protection Program loans to small businesses impacted by the COVID-19 pandemic. Planters Bank trustworthiness and BBB rating Planters Bank hasn’t been involved in any recent public controversies. We also include ratings from the Better Business Bureau to see how a business deals with customer issues.
Planters Bank received an A- rating because the BBB says its BBB profile is still new. A good BBB rating doesn’t guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if Planters Bank may be a good match.
Planters Bank vs. Citizens National Bank Planters Bank and Citizens National Bank are both certified as CDFIs and serve primarily Mississippi communities. See which bank might be a better fit for you.
Planters Bank Citizens National Bank Locations MS and TN Locations MS Standout feature Free checking account Standout feature Free savings account Learn more Learn more You may favor Citizens National Bank if you’d like to avoid monthly service fees on a savings account. However, Planters Bank could be more appealing if you prioritize earning a higher interest rate on a savings account or CDs. Planters Bank also might be a better choice if you’d like to open a checking account.
The Planters Bank Essential Checking Account doesn’t charge monthly service fees. Citizens National Bank has some requirements you’ll need to meet each month to avoid monthly service fees on the bank’s checking account. If you are between the ages of 25 and 62, you’ll have to meet one of the following requirements: Make 10 debit card transactions per month, receive $100 in direct deposits per month, or maintain a daily account balance of $500 or more.
Planters Bank vs. Southern Bancorp See how Citizens National Bank stacks up to another local financial institution in Mississippi: Southern Bancorp . Planters Bank Southern Bancorp Locations MS and TN Locations AR and MS Standout feature Free checking account Standout feature CD interest rates Learn more Learn more Both brick-and-mortar banks have good CDs and checking accounts , so your best option may ultimately depend on your preferences.
Southern Bancorp currently pays higher interest rates on long-term CDs. Meanwhile, Planters Bank offers a greater variety of CD terms — you can get a term as short as seven days. For checking accounts, it could be a tight race between the two banks.
The biggest difference between the two checking accounts is that Planters Bank requires a minimum of $50 for an initial deposit, while Southern Bancorp has a $100 minimum opening deposit. Frequently asked questions How much does it cost to open a Planters Bank account? The minimum deposit varies depending on which account you’d like to open. The Planters Bank Basic Savings Account requires an initial deposit of $100, while the Planters Bank Essential Checking Account needs at least $50.
Is Planters Bank a local bank? Yes, Planters Bank is a local bank with branches in Mississippi and Tennessee. You’ll find branches in the following cities: Batesville, MS Clarksdale, MS Cleveland, MS Germantown, TN Greenwood, MS Greenville, MS Indianola, MS Inverness, MS Leland, MS Louise, MS Olive Branch, MS Ruleville, MS Southaven, MS Sunflower, MS Tunica, MS Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020.
You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider. com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Read more Read less.
From: businessinsider_us
URL: https://businessinsider.com/personal-finance/planters-bank-review
