BankPlus is a regional bank operating primarily across Mississippi, Alabama, Louisiana, and Florida. It distinguishes itself by blending traditional banking services with modern conveniences, like Interactive Teller Machines (ITMs) and digital tools. The bank offers a range of checking, savings, and CD accounts designed to meet diverse financial needs, though its rates may not always be the most competitive in the market.
Checking Accounts
BankPlus provides various checking account options, each with different fee structures and benefits. Some accounts include BaZing Benefits, which provide discounts on shopping, roadside assistance, and even cell phone protection. However, many require monthly fees unless specific balance requirements are met.
- ValuePlus Checking: $6 monthly fee, not waivable.
- ValuePlus Student: $6 monthly fee, not waivable; includes ATM rebates.
- ValuePlus Interest Checking: $8 monthly fee, waived with a $1,500 daily balance.
- Carefree Checking: No fee with paperless statements; otherwise, $5 monthly.
- PrimePlus Checking: No fee for customers 50 and over; interest earned on $1,000+ balances.
Savings Accounts
BankPlus savings accounts offer low minimum deposit requirements, starting at just $5 for a Christmas Club account. Standard Personal Savings accounts require a $100 minimum to waive a $5 monthly fee. While convenient, the APYs are generally lower than those offered by other banks.
CD Accounts
BankPlus CDs provide fixed interest rates for terms ranging from 30 days to five years. A $1,000 minimum deposit is required, and early withdrawal penalties apply. The rates, however, are not always competitive compared to national or online banks.
Banking Experience
BankPlus emphasizes customer service through both traditional and modern channels. Its ITMs allow for personalized transactions, including cashing checks and withdrawing specific denominations. The mobile app, rated 4.7–4.8 stars, supports mobile check deposit, Zelle transfers, and other digital banking features.
Key Competitors: Compared to Woodforest, Hancock Whitney, and Renasant Bank, BankPlus offers competitive checking options but may fall short on CD rates. Regions Bank provides overdraft grace periods, while BankPlus focuses on ITM accessibility and BaZing benefits.
Conclusion
BankPlus is a solid choice for customers in its service area who value a blend of personalized banking and digital convenience. While its rates may not be the highest, the range of account options and modern tools make it a practical banking solution. For those prioritizing maximum returns on savings, exploring alternative banks may be worthwhile.
