Brick-and-Mortar Bank, Free Checking Account

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Overall bank rating

Pros and cons

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.

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 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. 

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. 

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.

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