BankPlus Review 2024
- BankPlus Overall Rating
- BankPlus Review
- About BankPlus
- How BankPlus Compares
- BankPlus Frequently Asked Questions (FAQ)
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The bottom line: BankPlus might be worth exploring if you live in Mississippi, Alabama, Louisiana, or Miramar Beach, Florida, and prefer a bank closely tied to local communities. The brick-and-mortar bank's strongest products are its fee-free checking account. If you don't live in an eligible state, you can find some of the best free checking accounts at online banks.
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 (CDFI) 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 United States, high minimum opening deposits for accounts, monthly service fees on most accounts, and the inability to earn interest on savings accounts without meeting minimum balance requirements.
BankPlus Personal Savings Account Start saving On Bankplus's website. Bankplus, FDIC Insured.
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 monthly service fee
Annual Percentage Yield (APY)0.00% to 0.05%
Minimum Opening Deposit$100
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. Savings Made Simple lets you round up debit card transactions if you have a checking account
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $5 monthly service fee
- con icon Two crossed lines that form an 'X'. No interest earned on account balances under $100
- 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. The best high-yield savings accounts also have more competitive savings rates.
Compare Today's Rates
BankPlus CareFree Checking Account Start banking On Bankplus's website. Bankplus, FDIC Insured. 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 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. No monthly service fees if you sign up for online statements
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection available
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $5 monthly fee for paper statements
- con icon Two crossed lines that form an 'X'. $36 overdraft fee
- con icon Two crossed lines that form an 'X'. $2 out-of-network ATM fee
- Over 79 branches in Mississippi, Alabama, and Louisiana
- Over 80 ATMs and ITMs
- Overdraft protection that let's you link your checking account to another bank account or apply for a line of credit
- Member FDIC
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 CD Start saving On Bankplus's website. Bankplus, FDIC Insured. 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 0.55%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Variety of CD terms
- 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'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Online banks may offer a higher interest rate
- Over 79 branches in Mississippi, Alabama, and Louisiana
- Over 80 ATMs and ITMs
- Terms range from 7 days to 5 years
- Early withdrawal penalties: For CD terms under 180 days, all interest earned; For terms between 180 days and 1 year, 90 days of interest; For terms longer than 1 year, 180 days of interest
- Interest compounded daily and deposited either at maturity or quarterly
- Member FDIC
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.
About BankPlus
BankPlus is a regional bank and community development financial institution (CDFI) with around 80 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 9 a.m. to 1 p.m. on Saturday.
The bank's mobile app has 4.8 out of 5 stars in the Apple Store and 4.5 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)
What kind of bank is BankPlus? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.BankPlus is a regional brick-and-mortar bank. Regional banks dominate a particular US region and have decent-sized branch and ATM networks.
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.
How many BankPlus locations are there? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.BankPlus has around 80 branches in 4 states in the Southeast region of the US.
Is BankPlus trustworthy? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The Better Business Bureau rates banks by how they deal with customer issues. BankPlus has an A- rating from the BBB because it has failed to respond to one customer complaint. BankPlus hasn't been involved in any recent public controversies.
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 
Chime® Checking Account Set up Direct Deposit and get your paycheck up to 2 days before your coworkers.** No overdraft fees. No monthly fees. A tooltip Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. **Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Start BankingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ5KWu6y1zaBmm5meoL2twdJmqZ6umZrE