Renasant Bank Review: A Regional Bank With Personal and Business Services
Written by
Rudri Bhatt Patel, CFHC™
Edited by
Joe Evans
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Although located in a few Southeastern states, Renasant Bank offers a full range of services, a wide range of deposit accounts, loans, investments and other financial services. Renasant Bank offers mortgage lending and business banking with the availability of deposit products, loans and credit cards.
Renasant Bank Checking Accounts
Renasant offers three checking accounts: Simple Checking, Rewards Extra Checking and Interest Checking. Here’s a look at some key details:
- All checking accounts require a $50 minimum deposit.
- Renasant Simple Checking requires a $10 monthly maintenance fee, but it’s waivable.
- Renasant Interest Checking and Rewards Extra Checking earn interest and provide ID Theft Aid.
- Renasant Rewards Extra Checking comes with a $20 refund for non-Renasant Bank ATM withdrawals, cell phone protection and a monthly fee of $6.50.
- Renasant Interest Checking has a $10 monthly maintenance fee that’s waivable.
Renasant Bank Checking Account
Best For
Customer Service
National Banks
Multiple Options
Minimal Fees
Premium Checking
All checking accounts have a minimum deposit of $50
Renasant Bank has a choice of three checking accounts, and Renasant Rewards Extra Checking has additional perks.
Fees
$6.50 to $10
APY
Not published on the site
Min Opening
$50
Pros
- Low minimum deposit
- Funds are FDIC-insured
- Low maintenance fee that’s waivable with Simple Checking
Cons
- Fees are steep if you’re unable to waive them
- Frequent errors with mobile apps
Why We Like It
Renasant Bank offers three different checking accounts, with all products requiring a $50 minimum deposit. If you want additional perks, you can open a Rewards Extra Checking account.
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Renasant Bank Savings Accounts
Renasant Bank offers three savings accounts: Regular Savings, Rewards Savings and a Children’s Savings account. Here are the details:
- Renasant Regular and Reward Savings require a minimum deposit of $250.
- A maintenance fee of $15 is charged each quarter if the minimum balance falls under $250.
- APYs on Regular Savings are up to 0.1%.
- APYs on Rewards Savings are up to 1%, and higher balances can earn up to 1.5%.
- The Children’s Savings Account requires no minimum deposit and no monthly maintenance fee.
Renasant Bank Savings Account
Best For
Customer Service
National Banks
Online Banking
no-fees
Premium Checking
Renasant Bank offers one-stop savings for adults and kids
Renasant is ideal for people who want a simple and hassle-free savings or for those wanting to teach their children to save, but APYs can be nominal.
Fees
$10 to $20
APY
Up to 1.5% APY
Min Opening
$250
Pros
- Three different accounts offered
- Children’s Savings Account requires no minimum deposit or balance
- FDIC-insured
Cons
- Low APYs
- High minimum deposit for Regular and Rewards savings
- Must maintain a certain minimum balance to waive the monthly fee
Why We Like It
Renasant Bank offers three options for people to save.
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Renasant Bank CD Accounts
Renasant Bank offers standard CDs with a minimum deposit of $1,000. Terms are between 32 days and 84 months.
- Minimum deposit for CDs is $1,000.
- CDs are FDIC-insured.
- Promotional CDs require a $10,000 minimum with APYs ranging from 3.05% to 4% APY.
- Promotional CD terms are five, seven, 11 and 17 months.
- CDs can be used as collateral for a personal loan.
- CDs automatically renew at maturity
Renasant Bank CD Accounts
Best For
Customer Service
National Banks
Online Banking
no-fees
Premium Checking
Short-term CDs can provide a high APY
Renasant Bank offers CDs with a variety of terms and requires a $1,000 or $10,000 minimum deposit.
Fees
No monthly maintenance fees
APY
Up to 4%
Min Opening
$1,000 or $10,000
Pros
- Interest compounds daily
- High-net-worth individuals will benefit from higher APYs
- Multiple terms to choose from
Cons
- APYs on standard CDs are generally lower than those of competitors
- To earn a high APY, you must have a $10,000 minimum deposit
- Limited liquidity
- Early withdrawal penalty
Why We Like It
Renasant Bank offers CDs for high-net-worth individuals and everyday savers.
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Banking Experience
Renasant Bank customer service can be accessed by contacting service representatives with questions by dialing 1-800-680-1601, the general service number. You can contact customer service during the following hours: Monday to Friday, 7:00 a.m. to 6:00 p.m. CT and Saturday, 8:00 a.m. to 1:00 p.m. CT.
The Renasant Bank’s app on Google Play is rated 4.7, while in the Apple Store the rating is 4.8.
How Does Renasant Bank Compare?
SELECTED BANK
Renasant Bank Checking Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$6.50 to $10
$0 to $25, many waivable
$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
Not published on the site
for Key Select Checking
to
Min Opening
Min Opening
Min Opening
$50
$0 to $50
$25 to $100
SELECTED BANK
Renasant Bank Savings Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10 to $20
$0
$8 waivable monthly maintenance fee per statement cycle
APY
APY
APY
Up to 1.5% APY
to for most accounts, 5% to 20% booster for Preferred Rewards members
Min Opening
Min Opening
Min Opening
$250
$10
$100
SELECTED BANK
Renasant Bank CD Accounts
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
N/A
Early withdrawal fees apply
APY
APY
APY
Up to 4%
Up to
to
Min Opening
Min Opening
Min Opening
$1,000 or $10,000
$2,500
$1,000
Renasant Bank vs. UMB Bank
Renasant Bank is located mainly in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee, while PNC has locations in over 27 states. PNC Bank offers a CD that requires a minimum deposit of $500, while Renasant Bank’s CDs require a $1,000 minimum deposit.
Renasant promotional CD rates are up to 4.00% APY, while PNC Bank’s highest rate is up to 3.65%.
Renasant Bank vs. KeyBank
Renasant requires a minimum opening deposit of $250 on its savings accounts, while KeyBank requires only $10.
KeyBank also has much higher monthly maintenance fees on its checking accounts than Renasant Bank does — up to $50 versus $10.
Renasant Bank vs. Bank of America
Renasant Bank has more of a regional presence, while Bank of America has multiple nationwide locations. If you have higher balances, Bank of America may be a better fit. Renasant Bank has three checking account options, and if you prefer a personalized experience, this financial center is ideal for you.
Final Take to GO
Renasant Bank is a great regional bank that is ideal for those who want personalized attention from their bank. Renasant Bank offers personal banking products, but also has small business products too. For those who are building a house in the Southeast, Renasant may be a good resource for those who want a mortgage.
FAQ
- Is Renasant Bank safe?
- Renasant 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 Renasant Bank account?
- Checking accounts require a $50 minimum deposit, and two savings accounts require a $250 minimum deposit. A CD requires a minimum deposit of $1,000 or $10,000.
- How much money can you withdraw from Renasant Bank on a single day?
- You can typically withdraw $750 per day. However, withdrawal amounts are impacted by the number of accounts and the relationship you have with the bank.
- Does Renasant Bank charge a monthly maintenance fee?
- There are monthly maintenance fees between $0 to $15 for some accounts, but these are waivable.
- What services does Renasant Bank provide?
- UMB offers personal, business and corporate services as well as mortgages and wealth management.
