Thursday, 3 December 2020

Renasant Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Renasant Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
17 Nov
2:48

Renasant Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.96%

Savings

Renasant Bank Rewards Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

Renasant Bank checking account options

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How Renasant Bank’s checking accounts compare

We like the rate for the Rewards Checking account as it’s one of the highest we’ve seen — even compared with the ones on our list of the best online checking accounts. You can also get ATM refunds, which is pretty nice if you intend on using out-of-network ATMs. Add the fact that there is a low minimum opening deposit requirement, and this account can be a great choice.

What we don’t love are the Renasant Checking and Student Checking accounts as you currently don’t earn any interest. If you’re after the best rates, you’re better off going with the Rewards Checking or one of the many online competitors.

Renasant Bank savings account options

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How Renasant Bank’s savings accounts compare

We’re a little disappointed in these rates considering the Rewards Checking account has a higher APY based on eligibility requirements than any of the above mentioned savings accounts. The Rewards Savings account offer rates way lower than what other places are offering, such as the competitors on our list of the best online savings accounts. If you’re into maximizing your savings as much as we are, you may be better off looking elsewhere.

Renasant Bank CD rates

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How Renasant Bank’s CD rates compare

We can’t tell for certain how good their rates are compared to our list of the best CD rates considering they’re not advertised anywhere on Renasant Bank’s website. If for some reason you do need to make an early withdrawal, the penalties don’t seem as high as some of the other accounts out there.

However, the minimum opening deposit may be a bit high for some people. In that case, it could pay to do some comparison shopping as there are many banks that offer a low or no minimum opening deposit.

Renasant Bank money market account options

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How Renasant Bank’s money market accounts compare

You need a significant amount of money deposited to qualify for any of Renasant Bank’s money market accounts, which can make it out of reach for many. Other online competitors on our list of the best money market rates and accounts have lower minimum requirements, sometimes none at all.

What we’re trying to say is that if you can’t come up with that much cash to open a Renasant Bank money market account, looking at other money market accounts might be a better choice.

Renasant Bank IRA account options

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How Renasant Bank’s IRA CD rates compare

The minimum opening deposit for these IRA CDs are also around the same as what others require. However, you must open an account in person so it may be a bit of a hassle for you, especially if you don’t live near a branch. In that case, you may want to check out our list of the best IRA CD rates for some ones you can open online.

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/renasant-bank/

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