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Southern Bancorp might be worth exploring if you live in Arkansas or Mississippi — especially if you want to bank with a local financial institution that offers a way to build your credit history by paying off a loan that's deposited into a CD.
Southern Bancorp Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 2.75 |
| Checking | 3.5 |
| Money market account | 2.75 |
| Trustworthiness | 3 |
| Total | 3 |
Southern Bancorp Pros and Cons
| Pros | Cons |
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Southern Bancorp Bank Account Reviews
Southern Bancorp Regular Savings Account
$5 quarterly service fee
0.10%
$50
- Possible to waive quarterly service fee
- Round Up Savings tool
- Low interest rate
- $50 minimum opening deposit
- $5 quarterly service fee
- 56 locations and 15 ATMs in Arkansas and Mississippi
- To waive the $5 quarterly service fee, maintain at least $50 in your account daily
- If you have a checking account, you'll be able to use the Round Up Savings Tool which lets you round up debit card purchases and deposit the remaining change into your savings account
- Interest is compounded and deposited quarterly
- Member FDIC
The Southern Bancorp Regular Savings Account works best if you can keep at least $50 in your account, so you won't have to pay the $5 quarterly service fee.
While the Southern Bancorp Regular Savings Account offers a slightly higher interest rate than the average savings account, online banks will be a better choice if you're looking to make more interest on your money.
Southern Bancorp Freedom Checking Account
$2.95 monthly service fee
None
$100
- Easy to waive monthly service fee
- Overdraft protection available
- Save for individual goals through the My Goal Savings tool
- $100 minimum opening deposit
- $2.95 monthly service fee
- $1 out-of-network ATM fee
- $31.50 overdraft fee
- $10 overdraft protection transfer fee
- 56 locations and 15 ATMs in Arkansas and Mississippi
- To waive the $2.95 monthly service fee, sign up for online statements
- Overdraft protection that lets you link your account to a savings account or apply for a line of credit
- $10 transfer fee if you utilize overdraft protection
- Member FDIC
You may find the Southern Bancorp Freedom Checking Account worthwhile if you don't want to deal with minimum balance requirements. Southern Bancorp lets you waive the checking account's monthly service fees by signing up for online statements.
Southern Bancorp Personal Money Market Account
$10 monthly service fee
0.10%
$1,000
- Possible to waive monthly service fee
- Checks included
- Low interest rate
- $1,000 minimum opening deposit
- $10 monthly service fee
- No debit card option
- 56 locations and 15 ATMs in Arkansas and Mississippi
- To waive the $10 monthly service fee, keep at least $1,000 in your account daily
- Interest is compounded and deposited monthly
- Member FDIC
The Southern Bancorp Personal Money Market Account offers a similar interest rate as the bank's savings account but requires a $1,000 minimum opening deposit. You'll also need to maintain this amount in your account to avoid a $10 monthly service fee.
Our best money market accounts guide includes fee-free money market accounts if you don't want to deal with monthly service fees.
About Southern Bancorp
Southern Bancorp has 56 locations and 15 ATMs in Arkansas and Mississippi. Customer service is available by phone from 8:30 a.m. to 5 p.m. CT on weekdays.
The bank's mobile app received 3 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play store.
Southern Bancorp is FDIC insured. Up to $250,000 is secure in an individual bank 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.
Southern Bancorp offers a unique Credit Builder CD that might be appealing if you would like to build your credit history. You'll have the option of choosing between a $500 or $1,000 loan. If you get a $500 loan, the money will be deposited into a 12-month CD. If you select a $1,000 loan, the money will be deposited into an 18-month CD.
Each month, you'll make a payment toward your loan. Southern Bancorp will report your payments to credit bureaus until it is paid off. At the end of the term, you'll be able to take out the full loan, plus any interest earned.
Is Southern Bancorp Trustworthy?
Southern Bancorp hasn't been involved in any recent public settlements.
We usually also include ratings from the Better Business Bureau so you may understand how banks deal with customer issues. The BBB gave Southern Bancorp an NR ("No Rating") grade because it doesn't have enough information to properly rate the business.
BBB ratings aren't necessarily the be-all and end-all. You may want to talk to current customers or read online customer reviews to see if Southern Bancorp might be a good fit.
How Southern Bancorp Compares
Southern Bancorp vs. Regions Bank
Southern Bancorp and Regions are both located in Arkansas and Mississippi. See how the two compare.
You may favor Regions if you'd like to open a savings account. The Regions LifeGreen® Savings Account doesn't charge monthly service fees and has a $5 minimum opening deposit if you open it at a branch. Meanwhile, Southern Bancorp charges a $5 quarterly service fee and requires you to keep an account balance of at least $50 to waive the fee.
Southern Bancorp makes it easier to waive monthly service fees on a checking account, though. You can waive the $2.95 monthly service fee on the Southern Bancorp Freedom Checking Account if you sign up for online statements. At Regions, you'll need to either meet certain minimum balance requirements or receive $500 or more in direct deposits.
Southern Bancorp vs. First Horizon Bank
See how Southern Bancorp stacks up against a popular brick-and-mortar bank in the same states: First Horizon Bank.
If your priority is to find a manageable checking account, it could be a toss-up between the two banks.
First Horizon Bank doesn't charge monthly service fees on its First Horizon Bank FirstView Checking Account, and Southern Bancorp waives fees on the Southern Bancorp Freedom Checking Account by signing up for online statements.
Why You Should Trust Us: How We Reviewed Southern Bancorp
For our Southern Bancorp 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, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, miscellaneous features, 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.
Southern Bancorp FAQs
Yes. Southern Bancorp is a local bank that's only available in two states. You may be able to bank with Southern Bancorp if you live in Arkansas or Mississippi.
Yes. Southern Bancorp is FDIC insured. Even in the rare event that a bank was to shut down, FDIC insurance protects money in your account.
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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