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Brick-and-Mortar Bank, Free Checking Account

By Elbert Grims 4 days ago

Table of Contents

  • Overall bank rating
  • Pros and cons
  • How Planters Bank works
  • The role of community development financial institutions
  • Planters Bank trustworthiness and BBB rating
  • Planters Bank vs. Citizens National Bank
  • Planters Bank vs. Southern Bancorp
  • Frequently asked questions
    • How much does it cost to open a Planters Bank account?
    • Is Planters Bank a local bank?


Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. 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.

Related Posts:

  • Over 200 Branches, Low Savings Rates

Overall bank rating

Pros and cons


Annual Percentage Yield (APY)


0.20% APY


Minimum Deposit Amount


$100


Annual Percentage Yield (APY)


0.20% APY


Minimum Deposit Amount


$100

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

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.


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


$50


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


$50

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

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.  


Annual Percentage Yield (APY)


0.05% to 0.80% APY


Minimum Deposit Amount


$2,500


Annual Percentage Yield (APY)


0.05% to 0.80% APY


Minimum Deposit Amount


$2,500

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

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. 


Annual Percentage Yield (APY)


0.10% to 0.25% APY


Minimum Deposit Amount


$500


Annual Percentage Yield (APY)


0.10% to 0.25% APY


Minimum Deposit Amount


$500

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

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. 

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



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