It may be known for blues music and catfish farming, but the Magnolia State has plenty to offer when it comes to work and play. Mississippi is home to industries from technology to agriculture, with everything in between.
If you live in the state, you’re likely hoping to find the best banks in Mississippi to fit your checking and savings account needs.
12 Best Banks in Mississippi
Whether you’re looking for a national bank, a regional bank, or a small community bank, there are so many banks in Mississippi, it’s easy to find one that meets all your needs. You may even find the options overwhelming. Here’s a list of some of the best bank accounts in the state to help you narrow it down.
1. BankPlus
Local banks bring benefits like personalized customer service. BankPlus is a local bank with branches and ATMs throughout Mississippi. One downside to BankPlus, though, is its ATM availability. If you need to withdraw cash from your checking account, you’ll have to find a BankPlus ATM to avoid the fee.
Fees:
- $6 monthly service fee
- $36 overdraft fee
Balance requirements:
- $100 minimum opening deposit
- No minimum balance requirements
ATMs:
- Fee-free at BankPlus ATMs
Interest on balance:
- Up to 0.05% APY on savings accounts
- Up to 0.55% APY on CDs
Additional perks:
- Interactive teller machines connect you with live bank representatives
- Up to $1,200 in cell phone protection per year
2. Planters Bank
Planters Bank could be a great option if you’re looking for a bank with physical branches. You’ll find physical locations across Mississippi, as well as in Tennessee and Louisiana.
This bank is better for those who don’t need to regularly make cash deposits and withdrawals while traveling. You’ll have to track down a SUM Network ATM, and even then, Planters charges a $1.50 fee in addition to what the third-party bank charges.
Fees:
- No monthly maintenance fees
- $36 overdraft fee
Balance requirements:
- $50 minimum opening deposit
- No minimum balance requirements
ATMs:
Interest on balance:
- Up to 2.50% APY on money market accounts
Additional perks:
- Robust mobile banking features
- Unlimited check writing
3. Chime
Chime is an online and mobile banking solution that has everything you need to manage your accounts in its mobile banking app. You’ll get a fee-free1 checking account and access to a savings account that pays 2.00% APY3. With qualifying direct deposits in place, Chime will spot you in up to $2005 on debit card purchases with no overdraft fees.
Fees:
- No monthly fees
- No fees for overdrafts
Balance requirements:
- No minimum opening deposit
- No minimum balance required
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $2.50 for each out-of-network ATM transaction
Interest on balance:
- 2.00% APY on savings accounts
Additional perks:
4. Renasant Bank
Renasant Bank is a regional bank based in Tupelo. You’ll find 195 branches in seven states, including throughout Mississippi. There are multiple checking accounts, including a basic account that’s fee-free as long as you enroll in eStatements, have at least one direct deposit a month, or maintain a daily balance of $1,000.
Fees:
- $10 monthly fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $50 minimum deposit to open
- No minimum balance requirement
ATMs:
- Fee-free at 225 Renasant Bank ATMs and ITMs
- $3 per out-of-network ATM transaction
Interest on balance:
- 0.05% APY on savings accounts
- Up to 4.46% APY on CDs
Additional perks:
- Small business owners have a wide range of checking and loan options
- Children’s savings accounts available
5. GO2bank
Another online bank is GO2bank, which offers fee-free cash withdrawals through the Allpoint ATM network. If you need to deposit cash, you can take your free debit card to one of 90,000+ retail partners nationwide.
GO2bank’s checking account is free as long as you receive at least one payroll or government benefits electronic deposit each month.
Fees:
- $5 monthly maintenance fee (waived with requirements)
- $15 fee for overdrafts
Balance requirements:
- No minimum opening deposit
- No minimum balance required
ATMs:
- Fee-free at Allpoint ATMs nationwide
- $3 for each out-of-network ATM withdrawal
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Secured credit card helps you build credit with no credit check required
- Up to 7% cash back on gift card purchases
6. Cadence Bank
Cadence Bank began at the back of a hardware store in Verona, Mississippi in 1876. Over the years, Cadence has expanded to a regional bank and now has branches in Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri, Tennessee, Texas, and Illinois.
The My Way checking account waives service fees as long as you maintain a $250 balance, have five debit card purchases monthly or at least one $100+ direct deposit, or are a student under 25.
Fees:
- $8 monthly service fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $50 minimum deposit to open
- $250 minimum balance required
ATMs:
- Fee-free at 400+ Cadence ATMs and ITMs
Interest on balance:
- Up to 4.49% APY on CDs
Additional perks:
- Special checking account option for seniors 62 and over
- Wealth management services available
7. Ally Bank
Online and mobile banking have created an appealing alternative to big banks. Ally Bank gives you a checking account with no monthly maintenance fees and no minimum balance required.
You’ll have everything you need in the mobile app, as well as access to cash at Allpoint ATMs nationwide. But one of Ally’s best features is its competitive rates on savings accounts, CDs, and money market accounts.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- No minimum deposit to open
- No minimum balance requirement
ATMs:
- Fee-free at 53,000+ Allpoint ATMs nationwide
- Up to $10 in third-party ATM fees reimbursed monthly
Interest on balance:
- 0.25% APY on checking accounts
- 3.85% APY on savings accounts
- Up to 4.80% APY on CDs
- 4.15% APY on money market accounts
Additional perks:
- Paycheck funds available up to two days early
- SpotMe covers you for up to $200 in overdrafts
8. Wells Fargo
National banks bring their own benefits, including a wide range of banking services and a vast branch and ATM network. Wells Fargo is one of the largest banks in the country, and you’ll likely find a bank branch near you.
Wells Fargo has a checking account with no monthly service fees as long as you keep a $500 balance, receive $500 or more in qualifying electronic deposits monthly, or you’re between the ages of 17 and 24. If you’re attending college, you can also enjoy a free checking account by linking your checking account to a Wells Fargo campus card.
Fees:
- $10 monthly fee (waived with requirements)
- $35 fee for overdrafts
Balance requirements:
- $25 opening deposit required
- No minimum daily balance
ATMs:
- Fee-free at Wells Fargo ATMs nationwide
- $2.50 fee for out-of-network transactions
Interest on balance:
- Up to 2.51% APY on savings
- Up to 4.51% APY on CDs
Additional perks:
- $300 for new checking accounts
- Earn 20,000 bonus points with the new Wells Fargo VISA
9. Regions Bank
Regions Bank is a regional bank that operates throughout the South, Midwest, and Texas. You’ll find branches and ATMs throughout Mississippi, including DepositSmart ATMs that make it easy to make check and cash deposits.
The Regions Bank LifeGreen eAccess Account is an online and mobile banking option with no monthly maintenance fees as long as you make at least 10 debit or credit card purchases each month.
Fees:
- $8 monthly maintenance fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $50 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at Regions Bank ATMs
- $3 out-of-network ATM fee
Interest on balance:
- 0.01% APY on savings accounts
- Up to 4.75% APY on CDs
- Up to 1.50% APY on money market accounts
Additional perks:
- DepositSmart ATMs make it easy to deposit cash and checks
- Wealth management services available
10. PriorityOne Bank
For a smaller, community bank, look at PriorityOne Bank, which has 16 locations across Mississippi. PriorityOne offers multiple checking account options, including a basic account with all the mobile banking features you’ll need, as well as unlimited check writing. This account is $7 a month, but you can have the fee waived if you keep at least a $100 daily balance.
Fees:
- $7 service fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $50 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at PriorityOne Bank ATMs
Interest on balance:
- Up to 0.10% APY on savings accounts
- Up to 1.00% APY on CDs
- Up to 0.20% APY on money market accounts
Additional perks:
- Check Buy-Back program pays for unused check and debit cards from your previous bank
- Variety of banking options for small business owners
11. Trustmark National Bank
Another option is Trustmark National Bank, which is headquartered in Jackson. Although Trustmark National Bank qualifies as one of the big banks, it’s confined to the Southeast U.S., with 180 branches, ATMs, and ITMs.
You’ll enjoy a free checking account as long as you make at least 15 debit transactions monthly, receive at least $100 in electronic deposits monthly, or keep an average balance of $1,500. Trustmark National Bank also currently has account options for both students and small business owners.
Fees:
- $10 monthly fee (waived with requirements)
- $36 fee for overdrafts
Balance requirements:
- $50 minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at Trustmark National Bank ATMs
- $2.50 for each non-Trustmark National Bank ATM withdrawal
Interest on balance:
- Rates not publicly disclosed
Additional perks:
- $50 bonus for opening Trustmark National Bank student checking account
- Banking options for small business owners available
12. First State Bank
Another community bank option is First State Bank, which has multiple branches in Waynesboro, as well as in Ellisville, Laurel, Leakesville, Lucedale, Meridian, Quitman, and State Line. There are multiple checking options, but the best checking account if you’re looking for a fee-free option is Kasasa Cash Checking.
Although there’s no opening deposit, you’ll have no monthly fees. Best of all, it’s a rewards checking account. You’ll also earn up to 1.00% APY on your balance.
Fees:
- No monthly fees
- $37 fee for overdrafts
Balance requirements:
- $100 minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at First State Bank ATMs
- Up to $25 in out-of-network ATM fees refunded each cycle
Interest on balance:
- Up to 1.00% APY on checking account
- Up to 0.25% APY on savings account
Additional perks:
- Rewards checking account with no monthly fees
- Travel and Leisure Club open to account holders aged 50 and over
How We Determined the Best Banks in Mississippi
Personal preferences can vary widely when it comes to a bank account. For that reason, we looked at a variety of options, including national bank branches in Mississippi and small but powerful local options.
The banks we looked at had as many as six different checking accounts and four different savings accounts. To make a fair comparison, we looked at the simplest checking account at each bank. However, in your search, you may be willing to pay a monthly fee or maintain a high minimum daily balance in exchange for features like high interest rates and cash back rewards checking account options.
We also looked at rates on savings accounts, CDs, and money markets, but if you’re interested in those features, you may want to compare the minimum opening deposit, required balance, and fees that go with those account types.
Finding Your Ideal Checking Account
If you’re shopping for a bank, chances are you want a place to park your paycheck. From there, you can add on the savings accounts and other financial products you want. Here are some things to consider as you’re researching banks in Mississippi.
Big Banks vs. Online Banks
There are benefits to a big bank with physical branches across the country. You’ll typically see a large number of checking options, which means you’re likely to find the best checking account to fit your needs. Having access to cash and in-person customer service while you’re traveling is also a big bonus.
But there are benefits to an online bank account as well. Since a free debit card is a standard feature on both online and traditional bank accounts, mobile banking is often as full-featured as a brick-and-mortar financial institution. If you’re concerned about cash access, many checking accounts now feature partnerships with national ATM networks that let you withdraw cash without paying extra account fees.
Difficult to Meet Fee-Waiver Requirements
Free checking accounts sometimes come with requirements. This may be maintaining a balance every day. That means the monthly fees will kick in if your account ever drops below that minimum.
These days, though, many banks offer an alternative to that balance minimum. The best checking accounts also allow you to waive the fee by receiving a certain number of electronic deposits each month. If your paycheck or government benefits check goes into your account once or twice a month, this should qualify you for fee-free checking.
Access to Mobile Banking Services
What matters in a bank is what you can do through your mobile device. It’s important to not only look for features like bill pay and remote check deposit, but also check to see if an account offers budgeting tools and financial advice services. This is where some banks stand out. Online-only banks and large, corporate banks may have state-of-the-art mobile services, while small banks may struggle to keep up.
When you’re looking for the best checking accounts and savings vehicles, it’s important to consider the features you need, then look for the account that will fill those needs. National banks, regional banks, credit unions, and local banks each have their own benefits. But the best banks in Mississippi are the ones who give you the conveniences you need, whether you’re traveling or staying close to home.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Source: crediful.com