- Overall Rating
- Pros and Cons
- Southern Bancorp Bank Account Reviews
- About Southern Bancorp
- How Southern Bancorp Compares
- Why You Should Trust Us
- FAQs
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The bottom line: 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. You also may like Southern Bancorp if you're searching for CDs.
Southern Bancorp Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3 |
| CD | 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
Southern Bancorp Regular Savings Account Read Review
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$5 quarterly service fee
Annual Percentage Yield (APY)0.10%
Minimum Opening Deposit$50
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive quarterly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Round Up Savings tool
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $50 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $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
Southern Bancorp Freedom Checking Account Read Review Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$2.95 monthly service fee
Annual Percentage Yield (APY)None
Minimum Opening Deposit$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to waive monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection available
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Save for individual goals through the My Goal Savings tool
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $2.95 monthly service fee
- con icon Two crossed lines that form an 'X'. $1 out-of-network ATM fee
- con icon Two crossed lines that form an 'X'. $31.50 overdraft fee
- con icon Two crossed lines that form an 'X'. $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 CD
Southern Bancorp CD Read Review Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)0.05% to 4.95%
Minimum Opening Deposit$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Great interest rate on any CD term compared to other brick-and-mortar banks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard term options
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
- con icon Two crossed lines that form an 'X'. Online banks may offer a higher interest rate
- 56 locations and 15 ATMs in Arkansas and Mississippi
- Terms range from 3 months to 5 years
- CD early withdrawal penalties vary depending on the amount deposited and CD term; Contact your nearest branch for more information
- Interest compounded and deposited monthly
- Member FDIC
Southern Bancorp has strong CDs with higher interest rates than most brick-and-mortar banks. You'll also only need $500 for an initial deposit — usually, banks require a minimum of $1,000.
Southern Bancorp Personal Money Market Account
Southern Bancorp Personal Money Market Account Read Review Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$10 monthly service fee
Annual Percentage Yield (APY)0.10%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Checks included
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $10 monthly service fee
- con icon Two crossed lines that form an 'X'. 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.
If you're looking for a CD, Southern Bancorp will also likely stand out since it offers much higher interest rates regardless of the term you choose.
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.
You may also like Southern Bancorp if you'd like to open a CD, though. It pays higher interest rates than First Horizon Bank CDs and requires a lower minimum opening deposit.
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 zero 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, 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, minimum opening deposit requirements, and fees.
Southern Bancorp FAQs
Is Southern Bancorp a local bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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.
Is Southern Bancorp safe? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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.
Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
Evelyn He Compliance and Operations Associate Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Read more Read less Top Offers From Our Partners 
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