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Simmons Bank could be a great choice if you're considering opening a checking account at a brick-and-mortar bank in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, or Texas. It pays some of the best CD rates in the area. The bank pays low interest rates on savings and money market accounts, though.
Simmons Bank: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 4 |
| CD | 3.25 |
| Money market account | 3 |
| Trustworthiness | 5 |
| Total | 3.75 |
Simmons Bank: Pros and Cons
| Pros | Cons |
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Simmons Bank Simply Savings Account Rates
$5 monthly service fee
Varies by location and balance
$100
- Possible to waive monthly service fee
- Low interest rate
- $100 minimum opening deposit
- $5 monthly service fee
- Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
- To waive the $5 monthly service fee, keep at least $100 in your account daily
- Interest compounded and deposited every quarter
- Member FDIC
You might find the Simmons Bank Simply Savings Account appealing if you are able to open your account with at least $100 and maintain this amount daily.
The account pays a very low rate, though — the best high-yield savings accounts pay drastically better rates.
Simmons Bank Coin Checking Account Overview
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- No out-of-network ATM fees
- Early direct deposit
- Simmons Bank Round-Ups
- Overdraft protection available
- No checks included
- $3 paper statement fee (no fee for online statements)
- $36 overdraft fee
- $10 overdraft transfer fee
- No reimbursements on out-of-network ATM fees
- Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
- No minimum opening deposit (Must make a deposit of any amount in the first 45 days, though)
- Simmons Bank will round-up purchases to the nearest dollar and deposit the extra change into a second account if you have one
- Overdraft protection that links your checking account to a savings account or apply for a line of credit
- Member FDIC
The Simmons Bank Coin Checking Account is an overall strong checking account. It charges zero monthly services and has a $0 initial opening deposit — just make sure to make a deposit of any amount within the first 45 days, or the account will be closed by the bank.
The one downside to the checking account is it doesn't include checks. You'll still have a debit card, though.
This is a digital checking account, and if you open it, you qualify to open the digital Coin Savings Account. Then you'll earn 0.50% APY on top of the rate you'd already be earning with Simply Saving.
Simmons Bank CD Rates
4.15% to 4.40%
$500
- Good interest rates compared to other brick-and-mortar banks
- $5,000 minimum opening deposit
- Only one term length online
- Online opening only available to residents of Alabama, Arkansas, Arizona, Georgia, Indiana, Kansas, Missouri, Ohio, Oklahoma, South Carolina, Tennessee, and Texas
- Standard-to-high early withdrawal penalties
- Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
- Early withdrawal penalties: If your CD term is under one year, the penalty is 180 days interest on the amount withdrawn; If you CD term is over one year; the penalty is 360 days of interest on the amount withdrawn
- Interest compounded and deposited every quarter
- Member FDIC
Simmons Bank shows one CD term online. If you want to open a 6-month CD with a regional bank, Simmons is a good choice. However, other banks may show more CD rates online, which may be more convenient.
Simmons Bank Money Market Account Rates
$10 monthly service fee
Varies by location and balance
$100
- $100 minimum opening deposit
- Possible to waive monthly service fee
- 50 free deposits per month
- Low interest rate
- $10 monthly service fee
- $0.25 deposit fee for each transaction that exceeds the monthly limit
- No debit card included
- No checks included
- Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
- Earn 0.01% APY if you have an account balance under $2,500
- Earn 0.05% APY if you have an account balance between $2,500 and $50,000
- Earn 0.10% APY if you have an account balance between $50,000 and $100,000
- Earn 0.15% APY if you have an account balance over $100,000
- To waive the $10 monthly service fee, keep at least $2,500 in your account daily
- Interest compounded and deposited every month
- Member FDIC
The Simmons Bank Money Market Account might be worthwhile if you plan to keep a high bank account balance.
You'll earn a higher interest on the Simmons Bank Money Market Account than the Simmons Bank Simply Savings Account if you maintain $2,500 or more in your account. You'll also waive the $10 monthly service fee by doing this.
Simmons also has the Elevate Money Market Account that pays higher rates, but you'll need $10,000 to open an account.
About Simmons Bank
Simmons Bank has over 200 brick-and-mortar locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. The bank is part of the MoneyPass ATM network, which has 37,000 surcharge-free ATMs throughout the US.
Customer service is available by phone from 7:30 a.m. to 6 p.m. CT on weekdays and 8 a.m. to noon CT on Saturdays.
The bank's mobile app received 4.7 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the App Store.
Simmons Bank is FDIC insured. You can safely keep up to $250,000 in an individual account or $500,000 in a joint bank account.
Is Simmons Bank Trustworthy?
Simmons Bank hasn't been involved in any recent public scandals.
We also look at ratings from the Better Business Bureau so you can see how a bank deals with customer issues. The BBB gave Simmons Bank an A+ rating.
Simmons Bank FAQs
Yes, Simmons Bank is a legitimate bank that has FDIC insurance.
Simmons Bank is available in six states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.
The Simmons Bank Coin Checking Account is a free checking account with a $0 minimum opening deposit.
You can open the account online if you have a US ID, a social security number, and are at least 18 years old.
Simmons Bank could be a good option if you're searching for a checking account or CDs. If you'd like to earn a competitive interest rate on a savings account or money market account, online banks will likely pay a higher rate.
How Simmons Bank Compares
Simmons Bank vs. Regions Bank
Simmons Bank and Regions Bank have brick-and-mortar locations in most of the same states. Your decision between these two banks will likely depend on the bank accounts you'd like to open.
Regions may be worthwhile if you plan to open a savings account. The Regions LifeGreen® Savings Account charges zero monthly services. In comparison, Simmons Bank charges a $5 monthly service fee on its lowest-tier savings account if you don't keep at least $100 in your account.
If you'd like to open a checking account, you'll probably prefer Simmons Bank, though. The Simmons Bank Coin Checking Account has a $0 minimum opening deposit and monthly fee, and it has 2-day early direct deposit. Meanwhile, Regions Bank charges monthly service fees on its checking accounts and requires an initial deposit of at least $50.
Simmons Bank vs. First Horizon Bank
Both Simmons Bank and First Horizon Bank offer free checking accounts.
You might prefer Simmons Bank if you'd prefer to open a checking account with $0 or get a 2-day early direct deposit. It also might be worth exploring if you'd also like to open a 6-month CD.
You might favor First Horizon Bank if you're worried about overdraft fees. First Horizon Bank offers free overdraft protection that lets you link your checking account to a First Horizon Bank savings account, apply for a line of credit, or use a credit card.
Why You Should Trust Us: How We Reviewed Simmons Bank
To review Simmons Bank, we used our bank account methodology for savings, checking and money market accounts. We used our certificate of deposit methodology when rating CDs. We assign each account a rating between one and five stars.
When rating an account, we look at the company's ethics, security, customer service, miscellaneous features and mobile app. The other factors we consider depend on the type of account. For example, we evaluate overdraft fees for checking accounts and interest rates for savings accounts.
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.
