BankFirst (MS)

Overview / Commentary
900 Main Street
Columbus, MS 39701

BankFirst (MS) is headquartered in COLUMBUS and is the 8th largest bank in the state of Mississippi. It is also the 442nd largest bank in the nation. It was established in 1888 and as of March of 2024, it had grown to 460 employees at 48 locations. BankFirst (MS) has an A health rating.

Reviews (3)

Great People, Great Bank

I have been a customer of Bankfirst for several years. I finally abandoned my old bank completely, closing a business account of 30 years, giving the entirety of my business to Bankfirst. I am regretful at losing a long relationship but they just could not, or would not, get with the program for online banking. Bankfirst has done so, and with great rates in their Reward Checking product. Steve A.

Long Application Process But Very Good Service

Posted by: |

I opened a Kasasa checking acct here just after they dropped their rate from 2.5 to 2.0%. (Lucky me) My former bank, Peoples United in Massachusetts, had dropped their rate from 3.01 to less than 1% with notice whatsoever. Since I check this blog every month, I found BankFirst had the highest rate for non-locals-only banks at the time.

It took about 3 weeks to establish the account, needing to mail the application they sent to me after completing it online and then also needing to send them copies of my SSN & drivers license. But they're very friendly and helpful on the phone and in their written correspondence (they're in Mississippi if that matters).

They have one of the best home pages I have seen with very easy links to all your other banks showing balances in all your accounts (if desired and set up.) Transfers are easy too but there is a $2000 ACH limit per 3 days (they say $2000 per day but another transfer is not possible until the "daily" transfer is fully completed.) Should you need more than that faster, Walmart or Costco checks are the way to go. Their system also allows you to pull money out of another linked bank by ACH without fee, bypassing the high fees some banks charge to send money out of your account.

ACH transfers in from any other linked bank account in any amount satisfies the direct deposit requirement and there is no minimum transaction amount for the 10 required for the higher interest rate.

I'm not happy about the recent drop to 1.5% but at least they sent a notice (2 weeks after the fact) but at the moment it's the highest rate for up to $50,000.

Bankfirst's Reward Checking Account

Posted by: |

Mine was reduced to $25,000 a month ago. They said they sent a message but I did not receive it. This month it paid on $25,000. The other day their webpage still said $50,000. Haven't had time to check it lately.


Health Grade Components

FDIC Certificate #8870
Year Established1888
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.82%
Return on Equity - YTD6.46%
Annual Interest Income$31.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.7B$2.67B
LoansQ1 2024vs Q1 2023$1.78B$1.7B
DepositsQ1 2024vs Q1 2023$2.33B$2.33B
Equity CapitalQ1 2024vs Q1 2023$345.8MM$316.5MM
Loan Loss AllowanceQ1 2024vs Q1 2023$24.3MM$23.2MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$11.5MM$11.9MM
Real Estate OwnedQ1 2024vs Q1 2023$57K$878K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

BankFirst (MS) Checking Account Rates

1.25%*$0$15kInterest Checking + PERKS
OTHER TIERS: 0.15% $15k+
1.25%*$0$15kInterest Checking
OTHER TIERS: 0.15% $15k+
1.25%*$0$15kVIP Interest Checking + PERKS
OTHER TIERS: 0.15% $15k+


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