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 578th largest bank in the nation. It was established in 1888 and as of December of 2020, it had grown to 341 employees at 27 locations. BankFirst (MS) has an A health rating.

Reviews (4)

Looks Like They Have Dropped Down To A $25K Cap

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Just got an email from them: The next Kasasa Cash Checking statement will be available on January 2, 2014. The qualification cycle for the December statement is November 29th to December 30th. As of November 1, 2013, the Kasasa Cash Checking rate is 1.25% APY on balances up to $25,000.99, and 0.15% APY on balances of $25,001.00 and up (if the qualifications are met).

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

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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

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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 - YTD1.03%
Return on Equity - YTD9.24%
Annual Interest Income$55.6MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$1.73B$1.28B
LoansQ4 2020vs Q4 2019$1.13B$895.0MM
DepositsQ4 2020vs Q4 2019$1.52B$1.11B
Equity CapitalQ4 2020vs Q4 2019$190.2MM$148.3MM
Loan Loss AllowanceQ4 2020vs Q4 2019$16.5MM$9.4MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$10.1MM$10.1MM
Real Estate OwnedQ4 2020vs Q4 2019$1.3MM$289.00K
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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) Savings Account Rates

0.50%*-$75kKasasa Saver
OTHER TIERS: 0.15% $75k+

BankFirst (MS) Checking Account Rates

1.25%*-$10kKasasa Cash
OTHER TIERS: 0.15% $10k+


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