Simmons Bank Review 2024

• Overall Rating
• Pros and Cons
• Savings
• Checking
• CDs
• Money Market Account
• About Simmons Bank
• FAQs
• How Simmons Bank Compares
• Why You Should Trust Us

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• Simmons Bank Simply Savings Account
• Simmons Bank Coin Checking Account
• Simmons Bank CD
• Simmons Bank Money Market Account

The bottom line: Simmons Bank could be a great choice if you're considering opening a checking account or CD at a brick-and-mortar bank in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, or Texas. It pays some of the best CD rates in the area. The bank pays low interest rates on savings and money market accounts, though.

Simmons Bank: Overall Rating

Simmons Bank: Pros and Cons

Simmons Bank Simply Savings Account Rates

$5 monthly service fee

Varies by location and balance

$100

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive monthly service fee

• con icon Two crossed lines that form an 'X'. Low interest rate
• con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
• con icon Two crossed lines that form an 'X'. $5 monthly service fee

• Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
• Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
• To waive the $5 monthly service fee, keep at least $100 in your account daily
• Interest compounded and deposited every quarter
• Member FDIC

You might find the Simmons Bank Simply Savings Account appealing if you are able to open your account with at least $100 and maintain this amount daily. 

The account pays a very low rate, though — the best high-yield savings accounts pay drastically better rates.

Simmons Bank Coin Checking Account Overview

no monthly service fee

None

$0

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Simmons Bank Round-Ups
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection available

• con icon Two crossed lines that form an 'X'. No checks included
• con icon Two crossed lines that form an 'X'. $3 paper statement fee (no fee for online statements)
• con icon Two crossed lines that form an 'X'. $36 overdraft fee
• con icon Two crossed lines that form an 'X'. $10 overdraft transfer fee
• con icon Two crossed lines that form an 'X'. No reimbursements on out-of-network ATM fees

• Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
• Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
• No minimum opening deposit (Must make a deposit of any amount in the first 45 days, though)
• Simmons Bank will round-up purchases to the nearest dollar and deposit the extra change into a second account if you have one
• Overdraft protection that links your checking account to a savings account or apply for a line of credit
• Member FDIC

The Simmons Bank Coin Checking Account is an overall strong checking account. It charges zero monthly services and has a $0 initial opening deposit — just make sure to make a deposit of any amount within the first 45 days, or the account will be closed by the bank.

The one downside to the checking account is it doesn't include checks. You'll still have a debit card, though.

This is a digital checking account, and if you open it, you qualify to open the digital Coin Savings Account. Then you'll earn 0.50% APY on top of the rate you'd already be earning with Simply Saving.

Simmons Bank CD Rates

0.30% to 5.10%

$500

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good interest rates compared to other brick-and-mortar banks
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard CD terms

• con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties
• con icon Two crossed lines that form an 'X'. Online banks offer higher interest rates

• Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
• Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
• Terms range from 6 months to 5 years
• Promotional CDs must be opened with new money (3, 6, 9, 18 months CDs)
• Early withdrawal penalties: If your CD term is under one year, the penalty is 180 days interest on the amount withdrawn; If you CD term is over one year; the penalty is 360 days of interest on the amount withdrawn
• Interest compounded and deposited every quarter
• Member FDIC

Simmons Bank pays high CD rates, especially compared to many other brick-and-mortar institutions. If you want to open a CD with a regional bank, Simmons is a good choice.

Simmons Bank Money Market Account Rates

$10 monthly service fee

Varies by location and balance

$100

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $100 minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. 50 free deposits per month

• con icon Two crossed lines that form an 'X'. Low interest rate
• con icon Two crossed lines that form an 'X'. $10 monthly service fee
• con icon Two crossed lines that form an 'X'. $0.25 deposit fee for each transaction that exceeds the monthly limit
• con icon Two crossed lines that form an 'X'. No debit card included
• con icon Two crossed lines that form an 'X'. No checks included

• Over 200 locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
• Access to 37,000 surcharge-free ATMs through the MoneyPass ATM network
• Earn 0.01% APY if you have an account balance under $2,500
• Earn 0.05% APY if you have an account balance between $2,500 and $50,000
• Earn 0.10% APY if you have an account balance between $50,000 and $100,000
• Earn 0.15% APY if you have an account balance over $100,000
• To waive the $10 monthly service fee, keep at least $2,500 in your account daily
• Interest compounded and deposited every month
• Member FDIC

The Simmons Bank Money Market Account might be worthwhile if you plan to keep a high bank account balance.

You'll earn a higher interest on the  Simmons Bank Money Market Account than the Simmons Bank Simply Savings Account if you maintain $2,500 or more in your account. You'll also waive the $10 monthly service fee by doing this.

Simmons also has the Elevate Money Market Account that pays higher rates, but you'll need $10,000 to open an account.

About Simmons Bank

Simmons Bank has over 200 brick-and-mortar locations in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. The bank is part of the MoneyPass ATM network, which has 37,000 surcharge-free ATMs throughout the US. 

Customer service is available by phone from 7:30 a.m. to 6 p.m. CT on weekdays and 8 a.m. to noon CT on Saturdays. 

The bank's mobile app received 4.7 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the App Store.

Simmons Bank is FDIC insured. You can safely keep up to $250,000 in an individual account or $500,000 in a joint bank account. 

Is Simmons Bank Trustworthy?

Simmons Bank hasn't been involved in any recent public scandals. 

We also look at ratings from the Better Business Bureau so you can see how a bank deals with customer issues. The BBB gave Simmons Bank an A+ rating.

Simmons Bank FAQs

Yes, Simmons Bank is a legitimate bank that has FDIC insurance.

Simmons Bank is available in six states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

The Simmons Bank Coin Checking Account is a free checking account with a $0 minimum opening deposit.

You can open the account online if you have a US ID, a social security number, and are at least 18 years old.

Simmons Bank could be a good option if you're searching for a checking account or CDs. If you'd like to earn a competitive interest rate on a savings account or money market account, online banks will likely pay a higher rate.

How Simmons Bank Compares

Simmons Bank vs. Regions Bank

Simmons Bank and Regions Bank have brick-and-mortar locations in most of the same states. Your decision between these two banks will likely depend on the bank accounts you'd like to open.

Regions may be worthwhile if you plan to open a savings account. The Regions LifeGreen® Savings Account charges zero monthly services. In comparison, Simmons Bank charges a $5 monthly service fee on its lowest-tier savings account if you don't keep at least $100 in your account. 

If you'd like to open a checking account, you'll probably prefer Simmons Bank, though. The Simmons Bank Coin Checking Account has a $0 minimum opening deposit and monthly fee, and it has 2-day early direct deposit. Meanwhile, Regions Bank charges monthly service fees on its checking accounts and requires an initial deposit of at least $50.

Simmons Bank vs. First Horizon Bank

Both Simmons Bank and First Horizon Bank offer free checking accounts.

You might prefer Simmons Bank if you'd prefer to open a checking account with $0 or get a 2-day early direct deposit. It also might be worth exploring if you'd also like to open a CD. Simmons Bank CDs earn a higher interest rate than First Horizon Bank CDs.

You might favor First Horizon Bank if you're worried about overdraft fees. First Horizon Bank offers free overdraft protection that lets you link your checking account to a First Horizon Bank savings account, apply for a line of credit, or use a credit card.

Why You Should Trust Us: How We Reviewed Simmons Bank

To review Simmons Bank, we used our bank account methodology for savings, checking and money market accounts. We used our certificate of deposit methodology when rating CDs. We assign each account a rating between zero and five.

When rating an account, we look at the company's ethics, customer service, and mobile app. The other factors we consider depend on the type of account. For example, we evaluate overdraft fees for checking accounts and interest rates for savings accounts.

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

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