Simmons Bank Review: Personalized Banking and Vast Choices in Products

Simmons Bank has been around since 1903, when it started as a community bank in Pine Bluff, Arkansas. Today, it has more than 200 locations across six states and holds more than $27 billion in assets.

Quick Take

• Pros
  • High APY on Savings and CDs
  • Wide range of products
  • Online banking
  • Community-based
  • Early direct deposit
  • Access to 32,000+ MoneyPass ATMs
• Cons
  • Branches in only six states
  • Some accounts have fees, although they’re easily waived
  • Some accounts must be opened in person only

Total Rating: 4.95

Simmons Bank Overview

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 .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.

In addition to the convenient Coin Checking and Coin Savings accounts Simmons Bank offers a 6-month CD with up to 5.10% APY and a full suite of loan products, credit cards, and investment accounts.

Key Features

There are almost too many features to list, so let’s focus on the ones that stand out and bolster Simmons Bank’s reputation as a community bank with as many services as larger banks, ready to meet customers’ needs.

Variety of Savings Products: 5.0

If 5.10% APY on a 6-month CD caught your eye, you aren’t alone. But you will need at least $50,000 in new money to open this account. Otherwise, deposit at least $5,000 and earn 4.70% APY, which is currently higher than the national average.

Simmons Bank doesn’t disclose interest rates for its other savings products on its website, but it offers six savings and money market account options. Most have low or no fees and no monthly limits or fees on withdrawals. The bank even offers a health savings account, so you can save for medical expenses with pre-tax dollars.

Checking Options: 5.0

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, products for those just getting started or rebuilding their financial standing, and Private Banking for higher net worth individuals.

Most of the accounts have no monthly service charges or fees that are easily reduced or waived with minimum daily balances or ACH deposits. Affordable Advantage Banking, with no monthly fee and no overdraft fees, is certified as a “Bank On” product by the Cities for Financial Empowerment Fund. It requires just $25 to open the account. Customers enjoy features like early direct deposit and compatibility with digital wallets.

The Coin Checking + Savings digital account also has no monthly fees and offers features like higher interest rates, round-up savings, and no minimum opening deposit. https://www.simmonsbank.com/personal/checking/coin-checking

Small Business Banking Services: 4.9

Simmons Bank is a Small Business Administration (SBA) Preferred Lender, which means it can help businesses in the region qualify for an SBA loan with lower down payments and flexible terms. The bank offers five business checking account options, including one for larger businesses that offers treasury management services and one for non-profit organizations.

Monthly fees for business checking accounts range from $5 to $20, but these fees may be waived with minimum daily balances or by meeting other criteria. The business savings option has a low monthly fee of $5, which is also easily waived, while the business money market account has a $10 fee, which is easily waived. Both accounts require a $100 minimum opening deposit.

Investment Services: 4.9

Simmons Investment Services can help you plan for retirement, big events, or paying for college with personalized guidance from wealth advisors. The bank’s Trade Direct program offers self-directed investing. Simmons Bank offers online trading around the clock through LPL Financial.

Simmons Bank can also help with estate planning, life insurance, disability coverage, long-term care insurance and annuities, which means the bank can serve all your financial needs now and in the future.

Comparable Simmons Bank Options

• Arvest

Arvest Bank, serving Arkansas, Kansas, Missouri, and Oklahoma, was rated one of the best Southwest Regional Banks by GOBankingRates in 2024. Besides serving a smaller area than Simmons Bank, Arvest has fees for almost all banking activities, according to a recent GOBankingRates review. Unlike Simmons Bank, it does not work with a nationwide network of ATMs, so you might pay fees for ATM transactions.

• Wells Fargo

If you’re looking for a bank with a national presence, or even one of the Big 4, Wells Fargo earned a 4.5-star rating and was recognized as one of GOBankingRates best national banks for 2024. With 4,700 branches nationwide, you can’t beat Wells Fargo’s presence across the country. However, you won’t find the personalized service that you will at a community bank like Simmons and you’ll pay monthly service fees on checking and savings, as well as high overdraft charges.

How Simmons Bank Stands Out

Simmons Bank stands out with its personalized service and wide variety of products for consumers in six southern states. Customers have access to the nationwide network of MoneyPass+ ATMs for fee-free banking virtually anywhere.

How To Apply

If you’ve made the decision that Simmons Bank is for you, you’ll need to visit a local branch to open an account, unless you’re opening a Coin Checking + Savings. Keep in mind, you can only apply for a Coin account between 6 a.m. and 7 p.m. CT. If you’re on a laptop, scan the QR code with your phone to get started.

If you apply at a branch, be sure to bring a government-issued ID, your social security number and the required minimum opening deposit.

Who Simmons Bank Is Best For

Simmons Bank is best for individuals and businesses in Arkansas, Missouri, Oklahoma, Tennessee, Texas and Kansas who are looking for personalized service and vast options in banking products, from deposit accounts to loans.

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.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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