BancorpSouth Bank is another conventional bank that offers a plethora of account options. To find out if BancorpSouth Bank is right for you, continue reading the review below.
Originally established in Tupelo, Mississippi, BancorpSouth Bank offers a good ratio of both checking and savings accounts.
They even have a checking account where you can customize what kind of features you want as well along with a personal goals savings account!
Checking Account Options
BancorpSouth Bank offers a large selection of checking accounts that all come with great benefits.
This is a customizable checking account and it only requires a $50 opening deposit.
You can choose what services you want available such as:
- Online Banking
- A Free Debit Card
Aside from the standard benefits that most checking accounts have, you can also add Overdraft Protection or personalized debit cards.
This is a senior citizen checking account for those 62 and over.
With just $50, you can start earning competitive interest rates.
This account also offers travel and bonus rewards.
This interest bearing checking account requires a $50 opening deposit but you can earn pretty high interest on it.
If you manage to maintain an overall balance of $30,000 you can earn even higher interest rates.
A checking account designed for students 24 and under, so college and high school students qualify.
There are no monthly fees nor minimum balance requirements to worry about, so students can keep track of their spending with ease.
You will need $50 to open this account.
This account is designed for those who have higher than average balances.
You can open this account with a minimum deposit of $1,000, and as you continue to deposit money into this account, you will earn tiered interest rates.
As the name implies, this account is for those who need a second chance because they may have had financial issues in the past.
You will still need at least $50 to open this account, but BankcorpSouth will review your banking history and help you get back on the right track.
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Savings Account Options
BancorpSouth has a decent selection of savings accounts as they all offer a higher than average interest rates and has various benefits.
This savings account is designed for you to organize your goals and save towards them.
With an opening deposit of $100, you can earn interest and it will be compounded monthly.
There’s a $5 monthly fee, but keeping a daily balance of $100 can waive it easily.
You will also have access to automatic transfers from your checking into your savings account.
This savings account earns high interest and has similar benefits as the My Goal Savings account.
You can open it with just $50 and waive the $2.50 monthly fee with that amount also. The interest is compounded monthly.
You are also able to create a relationship checking account by combining your Performance Savings and Performance Checking accounts.
This is considered BancorpSouth’s premium savings account as it requires a $1,000 opening deposit.
The interest is earned quarterly, and you will have to maintain a daily balance of $1,000 to waive the $15 monthly fee.
A savings account for those 17 and under. You will need a $25 opening deposit, but also a co-parent to open your account for you.
There is monthly fee nor minimum balance requirements and the interest is compounded daily.
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Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB923 by 12/14/2023
• Earn high interest rate of 4.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
With the American Express® High Yield Savings Account:
• Earn 4.30% APY as of 9/27/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
BancorpSouth Bank has one market that earns competitive interest rates.
BancorpSouth Money Market:
- You will need a minimum opening deposit of $1,000
- This account earns tiered interest rates
- You are allowed up to 6 transfers per statement cycle
- Maintain a daily balance of $10,000 to avoid the monthly fee of $10
- Free Online Banking and Bill Pay
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• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 4.25% APY balances $100,000 and over
• Earn 4.20% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
BancorpSouth Bank offers CDs with competitive rates. A CD ranges from $1,000-$5,000 depending on maturity.
Their CDs earn high competitive rates and the terms range from 1–60+ months.
To learn more about their CDs, click here.
The CDs will automatically renew upon maturity.
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• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 5.00% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 5.00% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
Reasons to Bank with BancorpSouth Bank
- Low minimum opening deposits.
- The monthly fees aren’t that much or at least easily waiveable.
- Has a relationship account with Performance Checking and Performance Savings.
- Provide a senior checking account for those who need to settle down.
- Offers a youth/student savings account that is actually offered to college students.
- They have as savings account that is designed to help you save for personal goals.
- Their CDs earn pretty high interest rates.
- Good ratio of checking to savings accounts overall.
- They have a 24-hour customer service line.
- Conduct all your banking online or through the BancorpSouth Bank mobile app.
Reasons Not to Bank with BancorpSouth Bank
- They are on located in 8 states: Alabama, Arkansas, Florida, Louisiana, Mississppi, Missouri, Tennessee and Texas.
- The interest for their savings accounts (except for Young Savers) are compounded either monthly or quarterly instead of daily.
- They could earn slightly higher interest rates on their savings accounts.
- Their Money Market’s minimum daily balance is really high.
- Their accounts are more recommended for people who usually have higher balances.
BancorpSouth Bank Routing Number
The routing number for BancorpSouth Bank varies depending on state and regions. You can also check the lower left corner of your BancorpSouth Bank check.
Contact Customer Service
You can reach BancorpSouth Bank at 1-(888)-797-7711.
A customer service representative will be available to speak to you at these hours:
- Monday-Friday 7:00 a.m – 8:00 p.m. (CST)
- Saturday 7:00 a.m. – 5:00 p.m. (CST)
- Closed on Sundays
Alternatively, you can also fill out a help request form on BancorpSouth Bank website.
How BancorpSouth Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Union Bank: A bank that also offers more flexibility with their account options. Union Bank also has a checking account that allows you to add various benefits to it as well.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
If you are looking for a bank with a variety of options and pretty higher than average interest rates, then consider banking with BancorpSouth.
They are flexible in the fact that they have a self-designed checking account and a savings account that is for you own goals!
They also offer relationship accounts that when combined can earn you much higher interest an all balances.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If BancorpSouth Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!