SouthState Bank, National Association Review: Regional Bank For Checking Options
Written by
Rudri Patel
Edited by
Joe Evans
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Choose from five checking accounts with a $0 minimum deposit
SouthState Bank offers five checking accounts with waivable monthly fees and interest, as well as other perks like a safety deposit box and free checks. Healthcare workers, military, law enforcement and those in education qualify for a checking account with no minimum deposit or monthly fees.
SouthState Bank has 256 branch and ATM locations in Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. The bank has over $44.9 billion in assets. It offers the same services and features as the big, national banks, like online and mobile banking, money transfer with Zelle, bill payment and customized alerts.
GOBankingRates has ranked SouthState Bank among the top 10 best banks for customers in Florida and South Carolina.
SouthState Bank Checking Account
SouthState Bank offers five different checking accounts: SouthState, Choice, Gold, Direct and Community Hero. All accounts require no minimum deposit if you open online.Â
- Monthly maintenance charges range from $5 to $8 depending on the account, but fees are waivable
- SouthState Checking: There’s no opening balance or minimum balance requirement. The account has free email and text alerts, unlimited check writing and a free wealth consultation. This account does not earn interest.
- Direct Checking, which has no overdraft services or fees, is designed for those who want to keep their checking account straightforward. Transactions that would cause an account to overdraft are declined; however, the bank does not charge a fee if the account does overdraft. A monthly maintenance fee of $5 applies to this account.
- Gold Checking offers some interest, free checks, up to five reimbursements up to the statement cycle, and a 3. x 5 safety deposit box
Community Hero Checking, which earns interest and does not have a monthly maintenance fee, is for those in healthcare, law enforcement, education, or the military.
Best For
Mobile App
No Minimum Deposit
Banking in Florida
Banking in South Carolina
Low Monthly Fees
Reliable Multi-Tiered Checking Account
A reliable checking option with minimal monthly maintenance fees, overdraft protection for customers, and various account types for different balances.
Fees
$0 to $8 monthly maintenance charges
APY
to
Min Opening
$0
Pros
- Variety of checking accounts
- Community Hero Checking doesn’t have a monthly maintenance fee, and healthcare workers, law enforcement, education professionals, and the military are eligible
- Waivable monthly fees
Cons
- Low APYs on interest-earning checking accounts
- Limited in-person branches
- Monthly maintenance fees may be difficult for some to waive
Quick Take
SouthState Bank offers several checking account options with some earning interest and other perks.
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SouthState Bank Savings Accounts
The SouthState Personal Savings account has no minimum opening balance requirement, and if you maintain a minimum balance of $200, you avoid the $5 per month maintenance charge. This account is free to account holders under 22 and pays APY on all balance tiers.
- No minimum opening balance requirement if opened online
- FDIC insured
- Three withdrawals per month
- Health Savings account offered
Best For
Mobile App
No Minimum Deposit
Banking in Florida
Banking in South Carolina
Low Monthly Fees
Reliable Personal Savings Account for Customers
A solid personal savings account option with no opening balance requirements, low fees and a decent APY for all balances.
Fees
$5 monthly maintenance fee waived with a minimum daily $200 balance
APY
Min Opening
$0
Pros
- No minimum deposit
- Waivable monthly maintenance fee
- Access via digital banking
- FDIC insured
- Account part of the Round Up and Save Program – Debit card purchases will be rounded to the nearest dollar. The difference will be deposited in your savings account. At the end of the year, SouthState will match those funds up to $250.
Cons
- Limited free withdrawals
- Low APY
- Must keep $200 minimum to avoid maintenance charge
Quick Take
SouthState Bank offers a straightforward savings account option with perks like the Round Up and Save Program. However, some may find more competitive APYs on savings accounts.
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SouthState Bank CDs
The bank offers CDs for seven days to 10 years, which require a minimum opening deposit of $1,000. SouthState doesn’t publish its rates, so you must contact the bank for specific rates.
- Minimum deposit of $1000
- Varying lengths of CDs
- Rates not disclosed online
Best For
Mobile App
No Minimum Deposit
Banking in Florida
Banking in South Carolina
Low Monthly Fees
Good Choice for Varying Length CDs
SouthState offers a wide range of CD options for customers, allowing for a wide range of investors.
Fees
No monthly maintenance fees
APY
Rates not disclosed online
Min Opening
$1000
Pros
- FDIC insured
- Varying CD length termsÂ
- Fixed interest rates
Cons
- Rates not disclosed online
- The minimum deposit may be too high for some
- Early withdrawal penalties
Quick Take
SouthState Bank offers varying length terms CD options, but rates are not disclosed online. Customers either visit a branch or call customer service to find rates.
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SouthState Bank Money Market Account
SouthState Bank offers one money market account with the added benefits of liquidity and competitive interest rates that are paid monthly. It offers a to APY on balances of $2,000 and up, depending on the balance tier.
- A $12 monthly maintenance fee applies unless you maintain a $2,000 minimum daily balance or $5,000 average daily balance each statement cycle.
- $0 minimum to open, as no opening deposit is required when opening an account online.
- You are allowed six withdrawal transactions per month.
- If you surpass six withdrawal transactions per month, you will incur a $10 fee per withdrawal.
Best For
Mobile App
No Minimum Deposit
Banking in Florida
Banking in South Carolina
Low Monthly Fees
Easy, No-Frills Money Market Accounts
SouthState’s basic money market account offers a competitive APY for various balances and solid monthly rates.
Fees
$12 monthly waivable maintenance fees
APY
to
Min Opening
$50 in person, $0 online
Pros
- No minimum depositÂ
- Earns interest rate of .10% to .50% depending on the balance
- Six withdrawal transactions per month
Cons
- $12 monthly maintenance fee (can only be waived if you meet $2,000 minimum balance or $5,000 during the statement cycle)
- Limited free withdrawals
- Lower APYs compared to other money market accounts
Quick Take
SouthState Bank’s Money Market Account provides a secure savings option with accessible funds and tiered interest rates. However, potential fees and comparatively lower interest rates may influence customers to explore alternative accounts offering more favorable terms.
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Banking Experience
Despite its relatively small geographic footprint, SouthState Bank provides customers with a robust banking experience. The bank offers online and mobile banking, money management tools, and more.
The SouthState Bank mobile app lets you deposit checks, check your balance on your Apple Watch, and set up alerts to let you know when your balance reaches a certain level. The mobile app is rated 4.6 out of 5 stars on the App Store and 4.8 stars on Google Play. You can also send money with Zelle and set up your bills to be paid automatically.
The SouthState Bank website offers information and advice on setting and reaching financial goals and provides access to a financial advisor for long-term planning.
How Does SouthState Bank Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $8 monthly maintenance charges
$12, waivable
$0 to $8 a month
APY
APY
APY
to
N/A
Up to
Min Opening
Min Opening
Min Opening
$0
$50
$0 to $25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 monthly maintenance fee waived with a minimum daily $200 balance
$5, waivable
No monthly service fee
APY
APY
APY
Min Opening
Min Opening
Min Opening
$0
$25 to $50
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
No monthly service fee
Early withdrawal penalties may apply
APY
APY
APY
Rates not disclosed online
Up to
Up to
Min Opening
Min Opening
Min Opening
$1000
$1,000
$1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$12 monthly waivable maintenance fees
$12, waivable
No monthly service fee
APY
APY
APY
to
Min Opening
Min Opening
Min Opening
$50 in person, $0 online
$50
$25
When you’re looking for a bank for a long-term financial relationship, it makes sense to compare your options. Here’s a look at some other banks to consider and how they stack up against SouthState Bank.
SouthState Bank vs. First Horizon Bank
First Horizon Bank is a regional bank in eleven states: Alabama, Arkansas, Florida, Georgia, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas and Virginia. First Horizon also offers a comprehensive selection of banking products and services, but its mobile banking app seems to be lacking. Its rating is only 3.4 out of 5 stars on Google Play.
SouthState Bank vs. Truist Bank
Truist Bank is a much larger bank with over 3,000 locations throughout the Southeast and mid-Atlantic areas. Truist is the result of a merger between SunTrust and BB&T and is among the top 10 commercial banks in the United States. Truist has a wide range of checking, savings, and investment products, but minimum opening deposits are $25 or $50 for most accounts, and there are requirements to waive the monthly maintenance fee in most cases.
SouthState Bank vs. SoFi®
SoFi is online only but offers competitive interest rates. Savings balances earn up to APY for members with direct deposit and less for those without direct deposit. These APYs are higher than those of SouthState Bank, but you can walk into a SouthState Bank if you want in-person access. SoFi customers can ask questions over the phone or online.
Final Take To GO
SouthState Bank is a good place to keep all your accounts together, with local branches and online and mobile banking for when you’re on the go. Fees are low or nonexistent, which lets you keep more of your hard-earned money. Its financial education and Round Up to Save options will help keep you on track toward your financial goals.
SouthState Bank FAQ
SouthState Bank is a regional bank with a strong presence in the Southeast. This FAQ provides answers to common questions about SouthState Bank's products and services, including checking and savings accounts, loans, and more:- Does SouthState Bank have a monthly fee?
- Yes, most checking accounts, as well the savings accounts, have a monthly maintenance fee. However, the fee can be waived if you meet specific requirements
- How much do you need to open an account at SouthState Bank?
- If you open a checking account online, you do not need a minimum deposit. However, if you open a checking account at a branch, you need a $25 minimum deposit.
- Does SouthState Bank accept Zelle?
- Yes, SouthState Bank accepts Zelle.
- Does SouthState Bank have ATM fees?
- For SouthState ATMs, there is no fee. However, if you use a SouthState ATM, there may be a fee of $3 or more
Karen Doyle and Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 17, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 17, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
SoFi® members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn APY on savings balances (including Vaults) and APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
