Bancorp South Review, Rates: CDs, Savings, Money Market, Checking, Mortgage
Bancorp South strives to be the leading financial institution in their markets and to be close to the communities in which they serve. For over a century, Bancorp South has displayed excellent leadership and innovate qualities. Now serving an eight state-market area, they are able to reach more customers and be able to provide the right financial solution.
[tab:Review]It all started in a hardware store in the then tiny Verona, MS. With the spirit of truly helping people, Bancorp South was able to spread east of Dallas to Saint Louis to west of Atlanta. In 1987, Bancorp South merged with First Mississippi National Bank. At the time, this was the first statewide bank that merged with another financial institution. Since the passing of the Federal Interstate Banking Law in 1992, Bancorp South has been able to expand to Tennessee, then into Alabama in 1998 with the merger of Highland Bank in Birmingham.
Another merger took place with the new millennium and that was with First United Bancshares of El Dorado, AR. This brought Bancorp South Arkansas, Louisiana and Texas. Bancorp South eventually expanded to Nashville, TN in 2005 for another merger and it gave them two Brentwood locations. Bancorp South also opened a full service banking office in the historic city of Franklin during this time, plus went down South and started providing their services in Florida.
Bancorp South has gone through many mergers; however, this process allowed them to reach more individuals with financial needs and provide their financial services to a larger client base. In 2008, they were ranked the highest in the Southeast Region by J.D. Power and Associates Retail Banking Satisfaction.
The variety of the account services Bancorp South offers is simply great and they are able to provide assistance in any financial situation you are experiencing. They specialize in personal and business banking.
Checking accounts: There are 6 total checking accounts to choose from. Some are specifically design for individuals, such as the Student Checking or Heritage Checking (seniors). They also provide interest bearing accounts that earn competitive rates with their tiered rate system. The My Way Checking account Bancorp provides allows you to make your checking account your own by only adding on the services you need. Another account that is making its way through is the Performance Checking. This account can help you earn a bonus rate simply by using your account like you normally would.
Savings accounts: Depending on what type of savings goal you would like to achieve, Bancorp South offers various savings accounts to help you succeed. Probably their most basic account would be their My Goal Savings. It is ideal for starters and for those who do not want anything added on, so to speak. The other savings accounts, such as the Select Savings or Money Market Plus & Select, offer tiered interest rates to help you earn more. Bancorp South also has CDs, an IRA, an HSA and a Christmas Club account.
Bancorp South Money Market Rates
Two solid money market accounts are provided by Bancorp South. Each account allows you to earn higher rates with larger balances because of the tired interest rates. The accounts, Money Market Plus and Money Market Select, require a $1,000 minimum opening deposit. Each account charges a $10 fee for each withdrawal in excess of six during any monthly statement cycle; however, this does exclude ATM withdrawals and in-person transactions.
The Money Market Plus is perfect to earn a competitive money market rate yet still having full access to your account. The interest on the account is credited at statement time. There is no monthly service charge on the account if the balance is $5,000 or more, but if it is below, then you will be charged a $15 fee.
With the Money Market Select, you can also earn a competitive money market rate. There is a monthly service of $10 if the balance in the account falls below $10,000. The interest on the account is also credited at statement time.
Bancorp South: Money Market Plus Interest Rate Tiers
- Balances between $0 and $4,999
- Balances between $5,000 and $49,999
- Balances between $50,000 and $99,999
- Balances between $100,000 and $249,999
- Balances between $250,000 and $999,999
- Balances between $1,000,000 and above
Bancorp South: Money Market Select Interest Rate Tiers
- $0 – $9,999
- $10,000 – $24,999
- $25,000 – $49,999
- $50,000 – $99,999
- $100,000 – $149,999
- $150,000 – $499,999
- $500,000 and more
Bancorp South Savings Rates
Bancorp South provides any different ways to save. They want to help you reach your financial goals and have provided accounts that can meet specific wants and needs.
Bancorp South: Personal Banking Package
This package allows you to turbo charge your checking and savings with their services and features. With this account, you can earn bonus rates on checking and savings, build your savings $600 annually and are provided with earth-friendly green electronic services. This package gets you Performance Checking and Savings, free debit card, no annual fee, internet banking with bill pay and much more. It’s the ultimate package deal to help you get started with saving and becoming financially aware.
Additional info about the Personal Banking Package:
*Earn a Bonus Rate – when these performance prerequisites are met each statement cycle:
- At least 1 ACH Debit or Credit (ex: Direct Deposit or an automatic bill payment)
- At least 12 Debit Card Purchase Transactions
- Online Statements for this account
- Internet Banking with this account
*Build your savings $600 annually when you meet the $50 monthly transfer requirement for Performance Savings and retain these balances in your Performance Savings account.
Bancorp South: My Goal Savings
My Goal Savings is ideal for those who have a set goal in mind, such as college, a trip or retirement. It can also be perfect for that rainy day. The My Goal Savings works hand-in-hand with My Way Checking. It can help jump start your savings by setting up an automatic savings plan. The account requires a minimum balance of $50 and 6 debit transactions are allowed per month. Any excess transactions will be charged a $5 withdrawal fee. The interest on the account is calculated on the daily collect balance and credited on a quarterly basis.
Bancorp South: Select Savings
This account receives a higher rate of interest than their classic savings account. This is Bancorp South’s premier savings account. All it takes is a $1,000 minimum opening deposit. If the $1,000 minimum balance is not met, then you will be charged with a $15 quarterly fee. The interest on the account is compounded daily and credited quarterly. You are able to get full and immediate access to your account by making deposits and withdrawals at any time; however, be advised you are allowed up to 6 withdrawals per month. Each withdrawal thereafter will be charged a $5 withdrawal fee.
Bancorp South: Other Saving Accounts and Options
Bancorp South also offers a Christmas Club account, which is perfect for saving when it comes to buying gifts for the holidays. They provide Individual Retirement Accounts to those who qualify. They also offer a Health Savings Account that can easily help you be more in control of your health care expenses.
Bancorp South Mortgage Rates
With Bancorp South extensive list of available mortgage loans, they can help you at any step in your lending process. Their mortgage originators understand the anticipation of buying a home and provide quick, efficient results to loan applicants. They have a steady stream of mortgage originators throughout their eight state market area. Bancorp South provides their clients with many different types of mortgage products to help them qualify for the best possible loan.
You are able to easily apply online by entering your state and city information. The results will show you who to contact within your area. The following states are to choose from:
Bancorp South: Types of Mortgages
- Fixed rate mortgage
- Balloon mortgages
- Buy downs
- FHA loans
- VA loans
- Rural hosing loans
- Construction permanent
- First time homebuyer’s loans
- Jumbo loans