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BankPlus Overall Rating
Feature: | Insider rating (out of 5): |
Savings | 3.5 |
Checking | 3.75 |
CD | 3.75 |
Trustworthiness | 5 |
Total | 3.75 |
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.
Annual Percentage Yield (APY)
Minimum Deposit Amount
Annual Percentage Yield (APY)
Minimum Deposit Amount
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
Annual Percentage Yield (APY)
Minimum Deposit Amount
Annual Percentage Yield (APY)
Minimum Deposit Amount
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.
Annual Percentage Yield (APY)
Minimum Deposit Amount
Annual Percentage Yield (APY)
Minimum Deposit Amount
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.Â
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.Â
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.Â
How BankPlus Compares
We compared BankPlus to two other brick-and-mortar banks available in the same states: Regions Bank and Woodforest National Bank.Â
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.Â
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)
What kind of bank is BankPlus?
BankPlus is a regional brick-and-mortar bank. Regional banks dominate a particular US region and have decent-sized branch and ATM networks.Â
BankPlus is also a mission-driven bank that’s CDFI-certified. Mission-driven banks must provide financial services to disadvantaged communities to receive the designation.Â
How many BankPlus locations are there?
BankPlus has over 94 branches in 4 states in the Southeast region of the US.Â
Is BankPlus trustworthy?
The Better Business Bureau rates banks by how they deal with customer issues.
BankPlus has an A+ rating from the BBB. A good BBB rating doesn’t necessarily ensure your relationship with a bank will be perfect. Talk to current customers or read online customer reviews to see if BankPlus is a good choice for you.Â
BankPlus hasn’t been involved in any recent public controversies.Â
Capital One 360 Performance Savings
Earn 3.75% Annual Percentage Yield (APY) on any balance. FDIC Insured.