Best Banks and Credit Unions in Mississippi
Finding the best banks in your area can feel like a hassle, but it doesn’t have to be. This is our list of the best banks in Mississippi.
Find the best CD rates in Mississippi here.
Pros:
- Earn an interest rate that is regularly high.
- Great tools and features for saving.
- No monthly charges.
- No balance is necessary. a big ATM network without fees.
Cons
- No branch or ATM access.
First on our list of the best banks in Mississippi is Ally, which was established in 2009 and is renowned for its reasonable rates, quick customer service, and cheap fees. An array of personal banking products and services are available through this online bank, including checking, savings, money market, CD, mortgage, auto, and personal loans, as well as investing and retirement services.
A bank holding company with its corporate headquarters in Detroit, Michigan, Ally Financial was established in Delaware.
2) Navy Federal Credit Union
Savings APY: 0.25% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.
Pros:
- No monthly fee
- Free ATMs
- Competitive interest rates
Cons
- Very few branches
Next on our list of the best banks in Mississippi is Navy Federal Credit Union, founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs. Its headquarter is in Vienna, Virginia, United States.
The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support.
3) Regions Bank
Savings APY: 0.01% with a minimum balance of $5
CD APY: 1-year – 0.03%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $500.
Monthly Fees: $8 – $18 depending on service Lifegreen Checking, eAccess Checking, Preferred Checking, no fee for student checking
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? In 16 Southern and Midwestern states, Regions Bank, its banking division, runs 1,952 ATMs and 1,454 branches.
Pros:
- Up to two days early, direct deposits are received.
- Three options for checking accounts that are free or cheap but packed with benefits.
- On balances up to $2,500, the Brighter Day Savings account offers an outstanding APY.
- 27 local branches
- Branch access is available in 15 states.
- There are numerous account options available.
- Certain deposits are the accessible same day.
Cons
- Access to banking requires membership.
- Some products, including savings and share certificates, could offer superior rates.
On July 13, 1971, First National Bank of Montgomery, Alabama (established in 1871), Exchange Security Bank of Birmingham, Alabama (established in 1928), and First National Bank of Huntsville, Alabama (established in 1871) merged to form Regions Financial Corporation, formerly known as First Alabama Bankshares (opened 1856)
The Regions Center in Alabama serves as the home office for the bank holding firm Regions Financial Corporation. The business offers trust, stock brokerage, mortgage, and retail and commercial banking services, making it one of the best banks in Mississippi for individuals and businesses alike.
4) Trustmark National Bank
Savings APY: a minimum deposit of $50, Minimum Balance $200
CD APY:
Monthly Fees: $5
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Trustmark National Bank proudly serves customers in Alabama, Florida, Mississippi, and Texas through more than 2,800 associates in over 180 locations.
Pros:
- Big size assets.
- Comprehensive Identity Theft Resolution Services
- Identity Theft Expense Reimbursement
- Shopping Rewards
- Identity Monitoring
- Financial Wellness 360º
Cons
- Health insurance is very expensive
- The tech is slightly outdated.
Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank’s initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889.
Through numerous acquisitions and name changes, the Trustmark brand began in 1971, and the bank now serves Mississippi, the Gulf coast of Alabama, the Florida Panhandle, some suburbs of Memphis, and Houston. In 2017, the bank was named the “best regional bank” in the South, by Kiplinger’s, and named a “best-in-state” bank by Forbes in 2021. As of September 2021, the bank had $17.36 billion in assets and $15.03 billion in deposits, making it clear that this is one of the best banks in Mississippi.
5) Hancock Whitney Bank
Savings APY: 0.01% with a minimum deposit of $25
CD APY: a minimum deposit of $1,000
Monthly Fees: $5
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? 200 full-service financial centers in Mississippi, Florida, and Texas, plus nearly 300 ATMs throughout the region.
Pros:
- Possible to waive monthly service fees
- Variety of CD terms
Cons
- Low savings rates
- Monthly service fees
- High minimum opening deposits
- Poor interest rates on savings and CD options
Hancock Whitney Corp. is a bank holding company headquartered in Gulfport, Mississippi, and certainly deserves a spot on our list of the best banks in Mississippi. Hancock Whitney Corp (Hancock) is a financial holding company that provides retail and commercial banking, trust and investment services, and wealth management solutions through its principal subsidiary, Hancock Whitney Bank. It offers a range of accounts and deposit solutions, loans and mortgages, debit and credit cards, small business banking, treasury management, and healthcare banking solutions.
It provides private banking, asset management, merchant services, payment solutions, mobile and e-banking, corporate underwriting, brokerage, and insurance for life, long-term care, and wealth transfer. The company has operations in Mississippi, Alabama, Texas, Louisiana, Tennessee, and Florida. Hancock is headquartered in Gulfport, Mississippi, the US.
6) Wells Fargo
Savings APY: 0.01%
CD APY: 1-year – 0.01% with a minimum deposit of $2,500.
Monthly Fees: $10
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? It has 8,050 branches and 13,000 ATMs with a presence in over 35 countries all over the world. There are around 25 branches and 43 ATMs in the Florida state Wells Fargo Bank.
Pros:
- Best customer service
- Interest-bearing premium account
- Waivable monthly fees on savings and checking accounts
Cons
- Requires to add minimum deposit for opening an account
- Low savings interest rate (APY).
Wells Fargo is one of the largest banks in the United States. It is headquartered in San Francisco, California. It was founded in 1852 and is the oldest and third-largest bank in America with 70 million customers globally.
The company provides a range of banking and financial services including retail banking, mortgage lending, credit cards, and auto loans. Wells Fargo also operates one of the largest retail banks in North America as well as a wholesale banking business.
It has assets of US$1.955 trillion as of 2021. It provides its customer with 24/7 customer service and mobile banking app that offers person-to-person payments, check deposit, and bill payments, making it one of the best banks in Mississippi for those who prefer mobile services.
7) Keesler Federal Credit Union
Savings APY: a minimum deposit of $5
CD APY: 1-year – 0.60%, 3-year – 0.80%, and 5-year – 1.35% with a minimum deposit of $1,000.
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Keesler Federal Credit Union has 39 Full-Service Branch Locations in Mississippi.
Pros:
- Potentially lower than average purchase APRs.
- 0% APR balance transfer intro rate on balance transfers .
- No balance transfer fee.
- 0% APR on new purchases . There is then a variable purchase APR that ranges from 6.25% up to 9.25%.
- No annual fee.
- Keesler Federal Credit Union Business VISA reports to multiple credit bureaus.
Cons
- Does not offer a signup bonus.
- Does not offer rewards or cash back.
- Charges a foreign transaction fee of 1%.
- You don’t earn rewards on every purchase.
- Does not include many credit card benefits.
Established in 1947, Keesler Federal is the largest Mississippi-based credit union and 82nd largest nationally with $4 billion in assets and $1 billion in new loans annually. The not-for-profit financial cooperative is owned by its more than 270,000 members worldwide and has 40 locations throughout the Mississippi Gulf Coast, Jackson, Hattiesburg, Mobile and greater New Orleans markets. Keesler Federal proudly serves the financial needs of people from all walks of life and membership is widely available to thousands who live, work, worship or attend school in these areas.
8) Hope Federal Credit Union
Savings APY: a minimum balance of $15
CD APY: 1-year – 0.15%, 3-year – 0.50%, and 5-year APY – 0.50%, with a minimum deposit of $1,000
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? HOPE has 23 locations ready to serve you across the Deep South. It has 3 branch locations in Arkansas. HOPE is a member of the Shared Branching Network.
Pros:
- Black-owned credit union
- Large shared branch network so you can visit a branch when you travel
- High-yield checking account
- Bank with a company that gives back to local communities
Cons
- Must have a HOPE Rewards Checking account to open a HOPE Rewards Savings Plus account.
- Hope Credit Union’s main branches are restricted to five Southern states, so customers outside of those states will have to use a shared Co-op branch.
- Dividends compounded quarterly
Hope Federal Credit Union is headquartered in Jackson and is the 2nd largest credit union in the state of Mississippi. It is also the 699th largest credit union in the nation. It was established in 1995 and as of September of 2022, it had grown to 202 employees and 36,158 members at 25 locations.
Membership in Hope Federal Credit Union is open to anyone in the United States who is planning on opening certain accounts (HOPE Saver, Club, or Certificates). Other accounts are limited to residents of Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.
9) Magnolia Federal Credit Union
Savings APY: 0.05% with a minimum deposit of $25
CD APY: 1-year – 1.00%, 3-year – 1.51%, and 5-year – 1.71% with a minimum deposit of $1,000.
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Magnolia Federal Credit Union has 4 branches in Mississippi.
Pros:
- Free ATMs
- No monthly fee
- Competitive interest rates
Cons
- Low-interest on savings and CDs
Magnolia Federal Credit Union is a multi-million-dollar, full-service financial institution offering a large suite of financial products and services to its members, including checking, savings, IRAs, credit cards, home loans, personal loans, auto loans, online banking and more. It is a not-for-profit financial cooperative, whereby earnings are returned to members in the form of reduced fees, lower interest rates on loans, and higher returns on savings. All of this makes Magnolia one of the best banks in Mississippi.
10) Southeast Financial Credit Union
Savings APY: 0.05% with a minimum balance of $0.01
CD APY: 1-year – 1.30%, 3-year – 2.05%, and 5-year – 2.75% with a minimum deposit of $500.
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Southeast Financial Credit Union has 13 branch locations, including branches in Franklin, Goodlettsville, and Jackson, two in Memphis, and two locations in Nashville.
Pros:
- Interest-yielding account.
- Insured by NCUA.
- Free debit card
Cons
- No signup bonus.
- Does not provide access to a nationwide ATM network.
- Not FDIC insured.
- Only available in 2 states.
- Higher than average wire transfer fees.
- Monthly service charge.
- Charges a higher than average fee on out-of-network ATM transactions.
Last on our list of the best banks in Mississippi is Southeast Financial Credit Union, a credit union founded in 1936 and based in Knoxville, TN. Southeast FCU Interest Checking Account are available in 2 states across the USA. It was established in 1936 and as of September of 2022, it had grown to 132 employees and 39,920 members at 13 locations.
Membership is open to anyone through a $5 donation to Autism Tennessee (can be done through the credit union). Membership is also open to employees of the Select Employer Groups (membership requirements are listed in the credit union’s online application).