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Total financial institution ranking
Professionals and cons
Annual Share Yield (APY)
0.02% APY
Minimal Deposit Quantity
$100
- Conceivable to waive per month carrier charge
- Low rate of interest
- $100 minimal opening deposit
- $5 per month carrier charge
- Over 200 places in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Get right of entry to to 37,000 surcharge-free ATMs during the MoneyPass ATM community
- To waive the $5 per month carrier charge, stay a minimum of $100 on your account day by day
- Hobby compounded and deposited each and every quarter
- Member FDIC
Chances are you’ll to find the Simmons Financial institution Merely Financial savings Account interesting if you’ll be able to open your account with a minimum of $100 and handle this quantity day by day.
Then again, if you do not suppose you’ll be able to meet those necessities, our perfect financial savings account information comprises unfastened financial savings accounts with decrease minimal opening deposits and better rates of interest.
Annual Share Yield (APY)
None
Minimal Deposit Quantity
$0
- No minimal opening deposit
- No per month carrier charges
- No out-of-network ATM charges
- Early direct deposit
- Simmons Financial institution Spherical-Ups
- Overdraft coverage to be had
- No assessments incorporated
- $3 paper commentary charge (no charge for on-line statements)
- $36 overdraft charge
- $10 overdraft switch charge
- No reimbursements on out-of-network ATM charges
- Over 200 places in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Get right of entry to to 37,000 surcharge-free ATMs during the MoneyPass ATM community
- No minimal opening deposit (Should make a deposit of any quantity within the first 45 days, although)
- Simmons Financial institution will round-up purchases to the closest greenback and deposit the additional grow to be a 2d account in case you have one
- Overdraft coverage that hyperlinks your bank account to a financial savings account or follow for a line of credit score
- Member FDIC
The Simmons Financial institution Coin Checking Account is an general robust bank account. It fees 0 per month services and products and has a $0 preliminary opening deposit — simply make sure you make a deposit of any quantity inside the first 45 days, or the account might be closed by means of the financial institution.
The only problem to the bank account is it does not come with assessments. You’ll be able to nonetheless have a debit card, although.
Annual Share Yield (APY)
0.05% to 0.50% APY
Minimal Deposit Quantity
$500
- $500 minimal opening deposit
- Just right rates of interest in comparison to different brick-and-mortar banks
- Same old CD phrases
- Same old-to-high early withdrawal consequences
- On-line banks be offering upper rates of interest
- Over 200 places in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Get right of entry to to 37,000 surcharge-free ATMs during the MoneyPass ATM community
- Phrases vary from 6 months to five years
- Early withdrawal consequences: In case your CD time period is underneath 12 months, the penalty is 180 days passion at the quantity withdrawn; When you CD time period is over 12 months; the penalty is 360 days of passion at the quantity withdrawn
- Hobby compounded and deposited each and every quarter
- Member FDIC
Simmons Financial institution can pay a better rate of interest on CDs than different brick-and-mortar banks and calls for handiest $500 to open a CD.
You will want to have in mind the early withdrawal penalty, which may also be excessive for some phrases.
Annual Share Yield (APY)
0.01% to 0.10% APY
Minimal Deposit Quantity
$100
- $100 minimal opening deposit
- Conceivable to waive per month carrier charge
- 50 unfastened deposits per 30 days
- Low rate of interest
- $10 per month carrier charge
- $0.25 deposit charge for every transaction that exceeds the per month prohibit
- No debit card incorporated
- No assessments incorporated
- Over 200 places in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Get right of entry to to 37,000 surcharge-free ATMs during the MoneyPass ATM community
- Earn 0.01% APY in case you have an account steadiness underneath $2,500
- Earn 0.05% APY in case you have an account steadiness between $2,500 and $50,000
- Earn 0.10% APY in case you have an account steadiness over $50,000
- To waive the $10 per month carrier charge, stay a minimum of $2,500 on your account day by day
- Hobby compounded and deposited each and every month
- Member FDIC
The Simmons Financial institution Cash Marketplace Account may well be profitable in the event you plan to stay a excessive checking account steadiness.
You’ll be able to earn a better passion at the Simmons Financial institution Cash Marketplace Account than the Simmons Financial institution Merely Financial savings Account in the event you handle $2,500 or extra on your account. You’ll be able to additionally waive the $10 per month carrier charge by means of doing this.
How Simmons Financial institution works
Simmons Financial institution has over 200 brick-and-mortar places in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. The financial institution is a part of the MoneyPass ATM community, which has 37,000 surcharge-free ATMs all over the United States.
Customer support is to be had by means of telephone from 7:30 a.m. to six p.m. CT on weekdays and eight a.m. to midday CT on Saturdays.
The financial institution’s cellular app won 4.6 out of five stars within the Google Play Retailer and four.8 out of five stars within the App Retailer.
Simmons Financial institution is FDIC insured. You might safely stay as much as $250,000 in a person account or $500,000 in a joint checking account.
Simmons Financial institution trustworthiness and BBB ranking
Simmons Financial institution hasn’t been fascinated about any contemporary public scandals.
We additionally come with scores from the Higher Industry Bureau so you’ll see how a financial institution offers with buyer problems.
The BBB gave Simmons Financial institution an NR ranking as it does not have sufficient knowledge to fee the financial institution.
A robust BBB ranking is not essentially the end-all and be-all. Communicate to present shoppers or learn on-line buyer critiques to get a extra well-rounded standpoint of the financial institution.
Simmons Financial institution vs. Areas Financial institution
Simmons Financial institution and Areas Financial institution have brick-and-mortar places in lots of the identical states. Here is how the 2 examine.
Your choice between those two banks will most likely rely at the financial institution accounts you’ll love to open.
Areas could also be profitable in the event you plan to open a financial savings account. The Areas LifeGreen® Financial savings Account fees 0 per month services and products. Compared, Simmons Financial institution fees a $5 per month carrier charge on its lowest-tier financial savings account if you do not stay a minimum of $100 on your account.
If you want to open a bank account, you’ll be able to almost certainly favor Simmons Financial institution, although. The Simmons Financial institution Coin Checking Account has a $0 minimal opening deposit, 0 per month carrier charges, and has 2-day early direct deposit. In the meantime, Areas Financial institution fees per month carrier charges on its
checking accounts
and calls for an preliminary deposit of a minimum of $50.
Simmons Financial institution vs. First Horizon Financial institution
See how Simmons Financial institution stacks as much as any other regional financial institution within the South: First Horizon Financial institution.
Each Simmons Financial institution and First Horizon Financial institution be offering unfastened checking accounts.
Chances are you’ll be told extra about Simmons Financial institution in the event you’d wish to open a bank account with $0 or get a 2-day early direct deposit. It additionally may well be value exploring in the event you’d additionally love to open a CD. Simmons Financial institution CDs earn a better rate of interest than First Horizon CDs.
Chances are you’ll want First Horizon Financial institution in case you are fearful about overdraft charges. First Horizon Financial institution provides unfastened overdraft coverage that permits you to hyperlink your bank account to a First Horizon Financial institution financial savings account, follow for a line of credit score, or use a bank card.
Ceaselessly requested questions
What number of states is Simmons Financial institution in?
Simmons Financial institution is to be had in 6 states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.
What’s a Simmons coin bank account?
The Simmons Financial institution Coin Checking Account is a unfastened bank account with a $0 minimal opening deposit.
You’ll be able to open the account on-line in case you have a US ID, a social safety quantity, and are a minimum of 18 years previous.
Is Simmons a just right financial institution?
Simmons Financial institution generally is a just right possibility in case you are looking for a bank account or CDs. If you want to earn a aggressive rate of interest on a financial savings account or cash marketplace account,
on-line banks
will most likely pay a better fee.
