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The bottom line: Planters Bank could be a good choice if you live in Mississippi or Tennessee and prefer traditional banking to the best online banks. The brick-and-mortar bank has a solid Planters Bank Planters Bank Essential Checking Account and pays high interest rates on CDs, but it has limited customer support on weekends and poor mobile app ratings.
Planters Bank: Overall Rating
| Feature | Insider rating (out of 5) |
| Checking | 3.75 |
| Savings | 3.5 |
| CD | 3.75 |
| Money market account | 3.75 |
| Trustworthiness | 4.5 |
| Total | 3.75 |
Planters Bank Pros and Cons
| Pros | Cons |
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Planters Bank Account Reviews
Planters Bank Basic Savings Account
$8 quarterly service fee
0.50%
$100
- Possible to waive quarterly service fee
- Solid interest rate compared to other brick-and-mortar banks
- $100 minimum opening deposit
- $8 quarterly service fee
- 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.
Planters Bank Essential Checking Account
no monthly service fee
None
$50
- No monthly service fee
- Overdraft protection available
- $50 minimum opening deposit
- $1.50 out-of-network ATM fee
- $36 overdraft fee
- $3 paper statement fee
- $10 overdraft protection transfer fee
- 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.
Planters Bank CD
0.60% to 4.82%
$500 to $10,000
- Variety of CD terms
- $500 minimum opening deposit for traditional CDs
- Solid interest rate compared to other brick-and-mortar banks
- Standard CD early withdrawal penalties
- $10,000 minimum opening deposit for CD specials
- CD specials are available with a $10,000 minimum opening deposit
- 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 CD 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.
Planters Bank Money Market Account
$10 monthly service fee
0.20% to 4.06%
$500
- $500 minimum opening deposit
- Debit card included
- Check writing included
- Possible to waive monthly service fee
- Low interest rate
- $10 monthly service fee
- 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 best money market accounts guide might be worth viewing since it has accounts with higher rates.
About Planters Bank
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 3.6 out of 5 stars in the Google Play store and 2.9 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.
Is Planters Bank Trustworthy?
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.
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.
How Planters Bank Compares
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.
Why You Should Trust Us: How We Reviewed Planters Bank
For our Planters Bank review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security and ethics of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, minimum opening deposit requirements, and fees.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Planters Bank FAQs
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.
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 and Tunica, MS.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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