BankPlus review: Southeast US brick-and-mortar bank with solid interest rates on CDs

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BankPlus Overall Rating

BankPlus Review

BankPlus is a certified community development financial institution that serves disadvantaged communities, with branches in Alabama, Mississippi, and Louisiana. BankPlus’s pros include a free checking account if you sign up for online statements, and the ability to waive monthly service fees on most accounts.

The cons of BankPlus include that customers might have to deal with ATM fees if they’re traveling outside of the Southeast US, high minimum opening deposits for accounts, monthly service fees on most accounts, and and the inability to earn interest on savings accounts without meeting minimum balance requirements.

BankPlus Personal Savings Account

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On BankPlus’s website

Details

Annual Percentage Yield (APY)

0.00% to 0.05% APY

Minimum Deposit Amount

$100

Editor’s Rating

3.5/5

3.5 out of
5 Stars

Pros & Cons

Pros

A check mark. It indicates a confirmation of your intended interaction.

Possible to waive monthly service fee

A check mark. It indicates a confirmation of your intended interaction.

Savings Made Simple lets you round up debit card transactions if you have a checking account

Cons

Low interest rate

$100 minimum opening deposit

$5 monthly service fee

No interest earned on account balances under $100

Highlights

More Information

• Over 79 branches in Mississippi, Alabama, and Louisiana
• Over 80 ATMs and ITMs
• Earn 0.05% APY if you have at least $100 in your account
• Savings Made Simple allows you to round up debit card purchases and transfer savings extra change from your checking account
• To waive $5 monthly service fee, keep at least $100 in your account daily
• Interest compounded daily and deposited quarterly
• Member FDIC

The BankPlus Personal Savings Account is a decent choice if you have $100 to open the account, and can maintain a $100 balance to avoid the monthly fee.

Otherwise, you’ll be better off choosing a fee-free account. Consider going through our best high-yield savings accounts guide to learn about more competitive options.

Compare Today’s Savings Rates

The BankPlus CareFree Checking Account doesn’t have monthly service fees if you sign up for online bank statements, and it offers free overdraft protection.

BankPlus has about 80 ATMs in Mississippi, Alabama, and Louisiana. If you frequently travel out of the Southeast US region, you might want to look at banks with a larger ATM network or no out-of-network ATM fees.

BankPlus pays low interest rates on CDs compared to other brick-and-mortar banks. Terms range from seven days to five years, so you have a variety of choices.

How BankPlus Works

BankPlus is a regional bank and community development financial institution (CDFI) with 94 branches in Florida, Mississippi, Alabama, and Louisiana.

Customers have access to over 80 ATMs and interactive teller machines (ITMs). ITMs work similarly to ATMs, but you’ll be able to get help from a BankPlus banker through a video feature during branch hours.

Customer service is available over the phone or through web chat from 7 a.m. to 7 p.m. CT Monday through Friday and 8 a.m. to 4 p.m. on Saturday.

The bank’s mobile app has 4.8 out of 5 stars in the Apple Store and 4.4 out of 5 stars in the Google Play Store.

BankPlus is FDIC insured. You may deposit up to $250,000 in a bank account, and it will be secure even if a bank shut down. 

The Role of CDFIs

Community development financial institutions, or CDFIs, are institutions that 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. 

BankPlus has an affordable housing program and small business program for low-to-moderate-income community members. It also has Credit Plus Loans, which serve as a more affordable alternative to payday loans. You can apply for a Credit Plus Loan even if you have a credit score under 500, or no credit score.

The regional bank also is involved with local nonprofit organizations and programs, including Teach Children to Save and Get Smart About Credit. 

How BankPlus Compares

We compared BankPlus to two other brick-and-mortar banks available in the same states: Regions Bank and Woodforest National Bank. 

If you prefer a traditional bank with a large branch and ATM network, it’ll be a toss-up between Regions Bank and Woodforest Bank. Regions Bank offers the largest branch and ATM network out of all three banks. You’ll have access to over 1,300 branches and 2,000 ATMs. Woodforest Bank has over 760 branches and 300 ATMs.

BankPlus might stand out if you value a bank that closely serves its communities. BankPlus is a designated community development financial institution, or CDFI. In addition to working with local nonprofit organizations, the bank also offers more flexible lending options to small business owners, homebuyers, or people with low or no credit scores. 

Your decision could also depend on which bank account you want to open.

BankPlus offers the best interest rates on CDs out of all three banks. Meanwhile, Regions Bank is the only institution to offer a fee-free savings account.

Woodforest National Bank might be ideal if you don’t have a lot of money for an initial deposit. Savings, checking, and money market accounts have a minimum opening deposit of $25, while CDs can have a minimum of $500.

BankPlus Frequently Asked Questions (FAQ)