If you’re one of the nearly 3 million Magnolia state residents and are currently looking for a new financial institution to bank with, this article is for you.
Mississippi is well served by local banks and big national and international financial institutions. Let’s look at the best banks in Mississippi and how to find the best one for you.
11 Best Banks in Mississippi
Here are the top banks in Mississippi you can open an account with today:
- Ally Bank
- Regions Bank
- Wells Fargo
- Cadence Bank
- Planters Bank
- BankPlus
- BankFirst
- Cleveland State Bank
- Bank of Anguilla
- Renasant Bank
- Trustmark
See the Best Bank Bonus Offers & Promotions in Mississippi
1. Ally Bank 
Ally Bank is an online-only bank, but that doesn’t stop it from giving traditional financial institutions a run for their money. You’ll find that Ally bank offers most of the banking services that its competitors, which have a physical presence, do.
Ally’s only checking account pays out interest at a rate of 0.25% APY and charges no monthly fees. Accountholders who also have a savings account with Ally can benefit from their RoundUps feature that rounds up transaction amounts to the nearest dollar and transfers the difference to your savings.
Ally’s Online Savings account charges no monthly fees and requires no fixed minimum opening deposit. The account has a tiered interest structure that maxes out at 2.25% APY.
Ally offers CDs, Money Market accounts, multiple lending options, and investment and retirement services.
Pros: Higher than average interest rates, fee-free access to over 40,000 AllPoint ATMs
Cons: No credit cards, no brick-and-mortar banks for in-person banking
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2. Regions Bank 
Regions Bank is a member of FDIC with its headquarters in Birmingham, Alabama. It has made it onto the list of biggest banks in the United States.
Regions Bank offers six different checking accounts. All of these have access to online and mobile banking features, Zelle, and mobile check deposit capabilities. Regions Bank’s most popular checking account is its LifeGreen Checking Account. This bank account has a monthly fee of $8, which the bank will waive if you meet their criteria. Opening an account requires a $50 minimum opening deposit, and the account comes with a Visa debit card.
Regions Bank offers four different traditional savings accounts. The bank’s most popular savings account is its LifeGreen Savings Account. While you must deposit at least $50 to open this account, it has no monthly maintenance fee or minimum balance requirements after that. The account’s APY interest is tiered and variable. It also pays out an additional 1% annual savings bonus if you meet the pre-set criteria for the program.
Regions Bank also offers small business and commercial banking, mortgages, personal and home loans, Certificates of Deposit (CDs), and Money Market Accounts (MMAs).
Pros: Access to 1,900 ATMs across 15 states, LifeGreen savings account pays out a 1% annual savings bonus
Cons: Interest rates are variable and tiered; only three free ATM withdrawals per statement cycle
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3. Wells Fargo 
Wells Fargo is a household name when it comes to banking. It operates several branches dotted across the state in Hattiesburg, Biloxi, and Flowood, to name a few.
Wells Fargo offers four checking accounts tailored to different needs. The Everyday checking account is their most popular product and only requires a $25 minimum opening deposit. The bank charges a monthly maintenance fee of $10, which is waived should you meet certain criteria.
Wells Fargo offers two traditional savings accounts. The Way2Save savings account requires a minimum opening deposit of $25 and comes with a monthly fee of $5 after that. The bank will waive the monthly fees if you meet any criteria. The account’s APY is 0.15%.
Wells Fargo offers mortgages, loans, credit cards, wealth management, and investment banking services.
Pros: Huge network of branches across the country; account fees are waived easily
Cons: Lower than average APY rate, overdraft fees are on the higher side
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4. Cadence (formerly BancorpSouth)
Cadence Bank, formerly named BancorpSouth, is headquartered in Tupelo, Mississippi.
It offers five different checking accounts. The Cadence My Way Checking Account requires a minimum opening deposit of $50 and charges an $8 monthly fee. Cadence Bank waives monthly account fees if accountholders meet predetermined criteria. This bank account comes with a MasterCard debit card that you can customize. All accounts can access online and mobile banking features, bill pay services, and overdraft protection.
Cadence Bank offers four different savings accounts as well as HSAs. Their My Goals Savings Account comes with budgeting tools and online banking features. The bank pays interest on this account which compounds daily and pays monthly. You need to deposit a minimum of $100 to open this account. The bank will also charge a $5 monthly fee should your balance fall below $100.
Cadence Bank also offers credit cards, lines of credit, mortgages, personal loans, small business, and commercial banking features.
Pros: No monthly fees on My Way Checking accounts for those aged between 18 and 24, young savers account for kids younger than 18
Cons: The bank does not list APY rates on their website, payments through the Cadence mobile wallet app are not accepted at all retailers
5. Planters Bank
Planters Bank operates 19 branches between Mississippi and Tennessee. Bank customers truly get that community bank feeling that wouldn’t be possible with big banks.
Planters Bank offers four checking accounts, only one of which earns interest. The Essential checking account comes with a Visa debit card and unlimited check-writing facilities. You need to deposit a minimum of $50 to open the account, and there are no monthly fees.
Planters Bank offers two savings accounts. The Platers Banis Savings Account requires an opening deposit of $100 and a quarterly fee of $8 should your account balance fall below $250.
Planters Bank also offers home equity lines of credit, credit cards, loans, business banking, and merchant services.
Pros: Local community bank, checking account that earns interest
Cons: ATM fees apply when after a certain number of withdrawals, interest rates on savings accounts are determined at the bank’s discretion
6. BankPlus
BankPlus is a national bank with its headquarters located in Belzoni, Mississippi. It offers financial services in Mississippi, Louisiana, Alabama, and Florida. BankPlus fully took over First Bank and Trust Company in August 2022.
BankPlus offers seven different checking accounts. The ValuePlus checking account requires a minimum opening deposit of $100 and charges a $6 monthly fee after that. This account doesn’t impose a minimum account balance restriction.
BankPlus offers two different traditional savings accounts. The BankPlus Personal Savings account requires a minimum opening deposit of $100. Should you maintain an account balance of $100 or more, the $5 service fee does not apply. This account earns interest at 0.05% APY. It’s worth noting that this rate changes periodically.
BankPlus also offers Christmas Club Accounts, CDs, Money Market Accounts, credit cards, loans, business banking, and wealth management services.
Pros: Online account opening, extensive wealth management, and investing features
Cons: APY rates are below the national average; can’t open business accounts online
7. BankFirst
BankFirst is headquartered in Columbus, Mississippi, and serves the states of Mississippi and Alabama through its 30 branches.
It offers two cash back checking accounts and two interest checking accounts. The Interest Checking + Perks account requires a minimum opening deposit of $100. A monthly fee of $6 applies; however, the account earns interest at a rate of up to 1.25% APY. This account includes features such as direct deposit, unlimited check-writing facilities, and discounts on selected retailers.
Here, you’ll also find four traditional savings accounts. The FIRSTSavings account requires a minimum opening deposit of $25. The bank will waive the $4 monthly service fee if you maintain a minimum balance of $300. This account has a tiered interest structure; however, rates are unavailable online.
BankFirst also offers Money Market Accounts, CDs, CDARs, business banking services, and home equity loans.
Pros: Financial education content readily available; rewards checking accounts, refunds on ATM fees
Cons: Some interest rates are not available online; must open bank accounts at a branch
8. Cleveland State Bank
Cleveland State Bank operates five branches within the state of Mississippi. This small Mississippi bank offers a more personal approach to financial services when compared to national banks.
Cleveland State Bank offers two checking accounts that do not earn interest and one that does. The Elite Checking Account is interest-bearing and requires a minimum opening deposit of $1000. This bank account earns interest at a variable rate that the bank determines. Cleveland State Bank charges a monthly service fee of $9; however, they will gladly waive it should you maintain a balance of $1000 or more.
Cleveland State Bank offers three different savings accounts. The Regular Savings Account requires a minimum opening deposit of $100. The bank charges a fee of $5 for this account if you do not maintain a minimum balance of $100 during a statement cycle. Unfortunately, APY rates are not available online.
Cleveland State Bank also offers credit cards, mortgages, auto and personal loans, and safe deposit boxes.
Pros: Local community bank with a personal approach, insurance services given to accountholders as part of the BaZing Benefits package
Cons: Only five branches; interest rates hard to find
9. Bank of Anguilla
Bank of Anguilla is a local community bank serving parts of Mississippi. As with other small state banks, deposits you make here are FDIC-insured up to $250,000.
Bank of Anguilla offers three different checking accounts, all with access to online banking services and debit cards. The Bank of Anguilla Personal Checking Account requires a minimum opening deposit of $200. The account has no monthly maintenance fees as long as you consistently maintain a minimum account balance of $500.
Bank of Anguilla offers one traditional savings account, Statement Savings. You can only open accounts by visiting one of the bank’s branches. Moreover, details of interest rates and fees are not readily available online.
Bank of Anguilla also offers Money Market accounts and Christmas Club accounts. The bank is also a personal, business, and agricultural lender.
Pros: Business and agricultural banking services, personal approach to banking.
Cons: Only four branches, APY rates are unavailable online, and you can’t open accounts online.
10. Renasant Bank
Renasant Bank is an FDIC-insured regional bank. It has more than 190 branches in Mississippi, Florida, Tennessee, Giorgia, and Alabama.
Renasant Bank offers three checking accounts. The Simple Checking account requires a minimum opening deposit of $50. The bank will not apply a monthly fee if you have direct deposits set up, are subscribed to e-statements, or maintain a balance of $1000 or more.
Renasant Bank offers two traditional savings accounts. The Regular Savings account requires a minimum of $250 as an opening deposit. The account comes with a maintenance fee of $15 per quarter. The bank will waive the fee when maintaining a balance of $250 or more. Interest rates are not available online.
Renasant Bank also offers HSAs, CDs, Money Market Accounts, renovation and repair loans, mortgages, and business banking.
Pros: Access to over 190 branches across five states; account fees can be waived
Cons: Interest rates are not available online; some services are only accessible in branches
11. Trustmark
Trustmark is an FDIC-insured bank operating over 180 branches in Mississippi, Tennessee, Alabama, Florida, and Texas.
It offers six checking accounts. The Simple Checking Account requires a minimum opening deposit of $50 and offers a free debit card plus unlimited check-writing. No monthly fees are due on this account as long as you complete 15 or more transactions, receive a direct deposit of at least $100, or maintain an account balance of $1500 or more.
The bank also offers four traditional savings accounts. The Personal Savings account requires a minimum opening deposit of $50, and the monthly fee of $5 is waived when your account balance is $200 or more. Interest is compounded daily and credited quarterly. APY rates are not available online.
Trustmark also offers business banking, agricultural lending, credit cards, home loans, and treasury management services.
Pros: Mobile deposits through the mobile banking app, monthly fees can be waived
Cons: APY rates are not available online, savings accounts only allow two free transactions per month
How to Choose the Best Bank in Mississippi
Know your habits
Understanding your spending and saving habits will help you choose a bank or credit union that can offer you more relevant perks and benefits. If you like to spend, look for a financial institution that offers cash back, mobile apps with round-up features, or rewards checking accounts.
On the other hand, looking for a bank or credit union that pays out a higher interest rate might make more sense if you’re on a mission to grow your nest egg.
Consider alternatives
Federal credit unions usually offer the same services, protections, and facilities as banks. Since credit unions are not-for-profit organizations, they are likelier to have their members’ best interests at heart.
The requirements for membership vary significantly from one credit union to another. Still, you are likely to have more than one membership available depending on where you live, work, study, or worship.
Just like bank deposits are insured by the FDIC, the NCUA insures deposits made at a federal credit union.
Read the fine print
Always read through the terms and conditions that come with any financial product. Sometimes, a bank account or credit card might seem incredible on the bank’s website; however, it might come with hefty penalties or restrictive clauses.
Consider whether you might be better off opting for an account with more limited perks and fewer restrictions.
Frequently Asked Questions
What is the biggest bank in Mississippi?
Regions Bank, Trustmark, Wells Fargo, and Cadence all make it onto the list of the biggest banks in Mississippi.
When choosing a financial institution, it’s wise to prioritize both online/mobile app and branch accessibility as opposed to the size of the bank alone.
What bank has the most locations in Mississippi?
Regions bank has the most locations within the state, with over 140 branches and 170 ATMs. However, many other banks and credit unions also have a substantial physical presence in Mississippi.
