Simmons Bank Review: Personalized Banking and Vast Choices in Products
Written by
Rudri Bhatt Patel, CFHC™
Edited by
Joe Evans
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Simmons Bank has been around since 1903, when it started as a community bank in Pine Bluff, Arkansas. Today, it has more than 234 locations across six states and holds more than $27 billion in assets.
Simmons Bank is a community bank with branches in Arkansas, Missouri, Oklahoma, Tennessee, Texas and Kansas. The company’s 120-year reputation of stability makes it a good choice for long-term savings and your daily banking needs.
The bank features state-of-the-art digital banking, including their Coin Checking and Coin Savings, which is a digital bank account that increases your interest rate to 0.50% over Simmons Bank’s current rate when you use your debit card for 15+ purchases and have at least $500 in ACH deposits monthly. You can also round up debit card purchases and have additional funds transferred into a second account.
Simmons Bank Checking Accounts
Simmons Bank provides a staggering choice of seven checking accounts, ranging from an easy-to-open online account (Coin Checking), an interest-bearing checking account, financial products for those just getting started or rebuilding their financial standing, and Private Banking for higher net worth individuals.
- Coin, Simply and Affordable Checking don’t have a monthly maintenance fee.
- Classic Checking comes with standard checks and a $6 monthly service charge that can be waived.
- You can earn interest with Interest Checking as well as get free standard checks. The account comes with a $10 monthly service charge that can be waived.
- Affordable Checking is a checkless account.
- Private Banking Checking earns interest, has a $25 monthly service charge and gives you access to a Simmons Money Market account.
Simmons Bank Checking Account
Best For
No Monthly Minimum
FDIC-Insured
No Monthly Service Charges
Free Checks
Earned Interest
Seven choices in their checking accounts
Simmons Bank offers a diverse set of checking accounts, catered to individual needs like checkless checking, interest checking and accounts that require no monthly minimum service charge.
Fees
$0 to $25
APY
Up to 0.5% APY
Min Opening
$0 to $100
Pros
- Three checking accounts have no monthly minimum.
- Funds are FDIC-insured.
- Some accounts come with checks and earn interest.
Cons
- Monthly maintenance fees are high
- Low interest rates
- High overdraft fees
Why We Like It
Simmons Checking offers seven accounts that speak to individual needs. Customers can choose from no monthly service charge checking to checking accounts that earn interest and come with free checks.
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Simmons Bank Savings Accounts
Simmons Bank offers two savings accounts, Simply Savings and Simply Youth Savings.
- Simply Savings requires that you maintain a $100 daily balance.
- Simply Youth Savings is available to those age18 and below.
- Simply Savings requires a minimum deposit of $100, while Simply Youth Savings requires no minimum deposit.
- Simply Savings has a monthly fee of $5 that can be waived.
- Simply Savings earns nominal interest.
Simmons Bank Savings Account
Best For
High APYs
Low Maintenance Fees
FDIC-Insured
Youth Options
Waivable Fees
For those who want to save money but aren’t necessarily looking for a high APY
Simmons Simply Savings account is ideal for people who want a simple, no-hassle savings account they can manage online.
Fees
$5
APY
0.01% APY
Min Opening
$0 to $100
Pros
- Simply Savings has a low maintenance fee.
- Youth Savings is available for those aged 18 and under.
- FDIC-insured
Cons
- Low APY
- Monthly fees
- Better saving alternatives with higher-yielding products
Why We Like It
Simply Savings is a no-frills account that has a low maintenance fee that’s easily waivable.
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Simmons Bank CD Accounts
Simmons Bank CD options include promotional, standard and a Dream-Saver CD, but promotional CDs are not currently being offered at Simmons Bank.
- Minimum deposits for CDs range from $25 to $50,000
- Dream Savers CDs require a minimum deposit of only a $25
- CDs are FDIC-insured
- Terms are from three to 60-months
- You can earn up to 3.65% APY on promotional CDs. However, they are unavailable right now
Simmons Bank CD Accounts
Best For
Varied Terms
No Maintenance Fees
Low Deposits
High AYP offers
Affordable Option
Reliable savings with terms ranging from three to 60-months
Simmons offers several CD terms, with the Dream Savers CD requiring a minimum deposit of $25, lower than most competitors.
Fees
No monthly maintenance fees
APY
Up to 3.65% APY
Min Opening
$25 to $50,000
Pros
- Dream Saver CD requires only a $25 deposit.
- A variety of CD terms are offered.
- Promotional CDs (when offered) have high APYs.
Cons
- Promotional CDs require “new” money
- Promotional CDs come with a high minimum deposit
- Early withdrawal penalty
Why We Like It
CDs offer a way for those who have extra cash to save. Simmons Bank offers an affordable Dream Saver CD with only a $25 minimum deposit.
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Simmons Money Market Accounts
Simmons Bank offers two money market accounts: Simmons Money Market Savings and Simmons Elevate Money Market Savings. A minimum opening deposit of $100 is required to open the Simmons Money Market Savings and $10,000 for the Simmons Elevate Money Market Savings.
- Minimum deposit for money market accounts is either $100 or $10,000 (Elevate Money Market Savings).
- Funds are FDIC-insured.
- Money Market Savings has a $10 waivable fee, and Elevate Money Market Savings has a $25 waivable fee.
- You can earn up to 0.25% APY on Money Market Savings and up to 0.50% APY on Elevate Money Market Savings.
- APY is earned based on balances.
Simmons Bank Money Market Accounts
Best For
Low Fees
Low Minimum Opening Deposits
FDIC-Insured
Highly Liquid Options
Growth Options
If you want to invest your cash in a safe option, a money market account will earn interest.
There are two money market accounts, either a Money Market Savings or Elevate Savings. The Money Market Savings is accessible for most people since it requires a low minimum deposit.
Fees
$0 to $25
APY
Up to 0.5% APY
Min Opening
$0 to $100
Pros
- Low minimum deposit for a Money Market Savings
- FDIC-insured
- Highly liquid
Cons
- Minimum deposit is high for Elevate Money Market Savings.
- APY may not keep up with inflation
- Transaction limits
Why We Like It
People can grow their existing wealth with Simmons Bank Money Market accounts if they don’t need funds immediately.
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Banking Experience
Simmons Bank customer service offers live support by calling 1-866-246-2400 during the following hours:
Monday to Friday: 7:30 a.m. to 6:00 p.m. CTSaturday: 8:00 a.m. to 12:00 p.m. CT
When live support isn’t available, you can call the automated support at 1-877-245-1234.
Simmons Bank’s app on Google Play is rated as 4.6, while in the Apple Store the rating is 4.8.
How Does Simmons Bank Compare?
SELECTED BANK
Simmons Bank Checking Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $25
$0 or $15, with options to waive
$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts
APY
APY
APY
Up to 0.5% APY
N/A
to
Min Opening
Min Opening
Min Opening
$0 to $100
$0
$25 to $100
SELECTED BANK
Simmons Bank Savings Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5
$5 monthly, waivable
$8 waivable monthly maintenance fee per statement cycle
APY
APY
APY
0.01% APY
to for most accounts, 5% to 20% booster for Preferred Rewards members
Min Opening
Min Opening
Min Opening
$0 to $100
$0
$100
SELECTED BANK
Simmons Bank CD Accounts
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
No monthly service fee
Early withdrawal fees apply
APY
APY
APY
Up to 3.65% APY
Up to
to
Min Opening
Min Opening
Min Opening
$25 to $50,000
$1,000
$1,000
Simmons Bank vs. Bank of America
With branches in 37 states plus the District of Columbia, Bank of America is the better choice for people who like to bank in person and live outside of the South and Midwest. But for anyone who lives in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas, a smaller regional bank may offer the hometown-bank experience some prefer.
Simmons Bank vs. Commerce Bank
Commerce Bank offers a comprehensive product line that includes multi-benefit and disability insurance and student loans, which Simmons Bank doesn’t offer. If you don’t need those products, you might get more value from Simmons Bank’s personal banking products.
Webster Bank vs. Chase
Simmons Bank has more of a regional presence, while Chase has multiple nationwide locations. If you have higher balances, Chase may be a better fit. Chase, like Simmons Bank, has several checking account options, but if you prefer a personalized experience, though, Simmons Bank is probably a better fit.
Final Take
Simmons Bank has a long history and a solid reputation, along with FDIC insurance up to limits allowable by law. That means you can trust your money with this financial institution. The bank offers a variety of financial products for every stage of life. It’s easy to waive the fees on most accounts, and the bank has high-tech digital banking available for those who prefer to bank entirely online. If you live in the region it serves, it’s worth considering Simmons Bank for your banking needs.
FAQ
- Is Simmons Bank safe?
- Simmons Bank is safe. Its funds are FDIC-insured. Deposits are insured up to $250,000 per depositor, per ownership category, in the unlikely event of bank failure.
- What is the minimum balance of a Simmons Bank account?
- It depends on the bank account. Minimum balances range from $0 to $100.
- How much money can you withdraw from Simmons Bank in a single day?
- You can typically withdraw $500 to $1,000 per day. You can get more money in person, depending on the relationship you have with the bank.
- Does Simmons Bank charge a monthly maintenance fee?
- There are monthly account maintenance fees ranging from $0 to $25. Some fees are waivable, while other fees are not waivable.
- What services does Simmons Bank provide?
- Simmons Bank offers personal, business and investment services.
