The Performance Checking account offered by Bancorp South currently earns 1.51% APY on qualifying balances up to $30k. Qualifying balances over $30k and non-qualifying balances both earn 0.10% APY.
I first wrote about the Performance Checking account in 2008, when it earned 4.00% APY up to $30k. (At that time, Bancorp South was the largest bank to offer a Rewards Checking Account.) Since 2012, the Performance Checking account has had three rate increases and four rate decreases, with APYs ranging from 1.15% to 2.02%. The current 1.51% APY has been in effect for the past ten months.
The monthly qualification requirements include,
- At least 12 debit card purchases
- At least one ACH debit or credit, such as direct deposit or automatic bill payment
- Be enrolled in Online Statements
A Performance Checking account can be opened with a $50 minimum deposit. The $10 monthly service fee will be waived if either the three monthly qualification requirements are met, or a $1k minimum daily balance is maintained. If qualifications are met, the first five non-BancorpSouth ATM transactions will be reimbursed ($4 max per each transaction). Unlimited checking writing is available and a free Platinum Mastercard® debit card will be issued following account opening. Free paper statements are available if a $500 minimum daily balance is maintained. If the $500 balance is not maintained, there is a $2 monthly fee for truncated paper statements or a $4 monthly fee for paper statement with images.
The Performance Savings account earns 0.50% APY on qualifying balances up to $100k. Qualifying balances over $100k and non-qualifying balances earning 0.10% APY.
Even though this savings account shares the “Performance” name, it really isn’t a companion account. In other words, it’s not like a Kasasa Saver account. For example, earning the 0.50% APY is dependent on meeting the following two requirements:
Automatically deposit at least $50 into your Performance Savings account each interest cycle through direct deposit (ACH deposit) or our Online Banking transfer service.
Combine Performance Savings and Performance Checking account statements (both accounts on one monthly statement).
A Performance Savings account can be opened with a minimum $50 deposit. The $2.50 monthly service fee will be waived if a $50 minimum daily balance is maintained. An excessive withdrawal fee of $5 will be charged for each nonexempt withdrawal or transfer in excess of six per statement cycle.
Earned rewards and/or ATM fee reimbursements from a Performance Checking account are NOT automatically transferred to the Performance Savings account each month, but you can “transfer funds automatically from checking to savings, using our secure Online Banking transfer service.”
Annual Earnings of Combined Performance Checking/Savings Accounts
The potential combined annual earnings of the Performance Checking (1.51% APY/$30k) and the Performance Savings (0.50% APY/$100k) accounts is approximately $953 (0.733% APY/$130k).
Headquartered in Tupelo, Mississippi, Bancorp South offers its product line throughout Alabama, Arkansas, Florida, Louisiana, Missouri, Mississippi, Tennessee, and Texas.
Opening Performance Checking and Performance Savings accounts can be done online, or at any of 314 branches located in Alabama (30), Arkansas (43), Florida (5), Louisiana (29), Missouri (7), Mississippi (94), Tennessee (27), and Texas (79).
Walk-in service with limited capacity is available at most BancorpSouth branch lobbies. We will continue to manage branch lobby capacity and implement safety and wellness measures, in accordance with CDC guidelines.
Branches may be temporarily closed, open by appointment only and/or hours may be altered due to COVID-19. Contact the branch directly or call (888) 797-7711 to confirm the status.
Bancorp South has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.21% (excellent) based on September 30, 2020 data. In the past year, Bancorp South has increased its total non-brokered deposits by $3.28 billion, an excellent annual growth rate of 20.8%. Please refer to our financial overview of Bancorp South (FDIC Certificate # 11813) for more details.
Bancorp South was established in 1876 as the Bank of Mississippi, when the mercantile, Raymond Trice and Company, received a perpetual charter to set up a bank in their storefront. Although the Bank had three name changes and “organic” growth in the first 90 years, its real growth spurt began in 1971 with its first acquisition. Over the next 15 years, the Bank acquired twelve Mississippi banks and beginning in 1998 acquired another 32 banks in Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee, and Texas. Bancorp South is currently second largest bank headquartered in Mississippi (and 80th largest bank in the country), with assets in excess of $23.5 billion and nearly 700,000 customer accounts.
How the Performance Checking Compares
Given the multi-state availability, I’ve chosen to compare the Performance Checking account to nationally available accounts. When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $30k, Bancorp South’s Performance Checking APY currently ranks second.
The above rates are accurate as of 2/3/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.