SouthState Bank Review 2024

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At a glance

3.4

Rating: 3.4 stars out of 5

Bankrate Score

CDs

Rating: 3.6 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 2.3 stars out of 5

MMA

Rating: 2 stars out of 5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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Overview

SouthState is best for customers who live within the bank’s geographical footprint: Alabama, Florida, Georgia, North Carolina, South Carolina, Virginia. Savers will find better options elsewhere, but those looking for an easily-accessible checking account in those locations may find SouthState to be a good fit.

Highlights

Highly Rated App

Overall

SouthState Bank offers a wide array of banking products, ranging from consumer savings accounts and credit cards to mortgages and small business banking. The bank generally offers low yields for its savings accounts, but its wide variety of checking accounts will fit many needs.

Pros

Most accounts can be opened online without a minimum deposit.
Most of the monthly fees are easily waived.
SouthState is offering a special CD with a very competitive rate.

Cons

Fee-free ATMs are concentrated in the southern states where SouthState operates.
SouthState charges a steep overdraft fee.
Savers looking to grow their money can easily find higher rates elsewhere.

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SouthState Bank banking products

2.3

Rating: 2.3 stars out of 5

Bankrate Score

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SouthState Bank savings overview

SouthState offers multiple savings accounts, ranging from standard accounts to health, holiday and youth savings. The account reviewed and scored for this section is SouthState’s Personal Savings.

Personal Savings isn't a tiered account, meaning you’ll earn the same yield regardless of your balance. And that yield is very low. You can easily find much higher yields at other institutions, particularly online-only banks.

There’s no minimum deposit requirement, and you’ll start earning the APY with as little as $0.01. There’s a $5 monthly maintenance fee, but it can be waived if you maintain a $200 minimum daily balance per charge cycle.

SouthState limits withdrawals from this account to just three per month. This is very prohibitive, as not all banks limit withdrawals from savings and most that do allow at least six per month. SouthState will charge a $2 fee for each withdrawal that goes above that limit.

Pros

There’s no minimum deposit requirement.
The monthly fee is easily waived.

Cons

Withdrawals are limited to three per month; a $2 fee applies for each withdrawal above that limit.
Higher yields are easily found elsewhere.
There’s a $5 monthly maintenance fee.

SouthState Bank

APY

APY last updated between 6/25 and 7/1.

APY

APY last updated between 6/25 and 7/1.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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SouthState Bank CD overview

SouthState offers a wide array of CD terms, ranging from seven days to 5 years. The bank is also currently offering a special seven-month CD, which offers a highly competitive yield. The bank’s other standard CDs also offer solid yields, though you can easily find better rates if you shop around.

You can open one with just $1,000, and the CD will automatically renew at the end of the term. There’s a 10-day grace period to withdraw your money without penalty after your CD renews.

Pros

There is a special CD option offering a very high APY.
The $1,000 opening deposit is reasonable.
There’s a 10-day grace period to withdraw your money without penalty after your CD renews.

Cons

While SouthState’s APYs for its standard CDs are solid, higher yields can generally be found elsewhere.

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SouthState Bank money market overview

SouthState’s Personal Money Market account is a tiered account, meaning you’ll earn a higher yield the more money you deposit. Although there’s no opening deposit requirement, you need at least $2,000 to start earning the APY (and it’s rather low). Even the highest yield on the account — requiring $100,000 in deposits — won’t do much to grow your savings.

There’s a $12 monthly maintenance fee, but it can be waived if you keep a $2,000 minimum daily balance or $5,000 average daily balance. Withdrawals are limited to six per month. There’s a $10 fee each time you withdraw above that threshold.

Pros

There’s no opening deposit requirement.

Cons

Much higher yields are easily found elsewhere.
The $12 monthly maintenance fee is not easily waived.
You need $2,000 to start earning the APY.
There’s a six-per-month withdrawal limit, and you’ll be charged a $10 fee each time you surpass that limit.
A $50 minimum opening deposit is required if you open the account in a branch.

4.2

Rating: 4.2 stars out of 5

Bankrate Score

Compare top checking rates

SouthState Bank checking overview

SouthState Bank offers five checking accounts sure to fit a wide variety of needs. We’ve reviewed and scored the base checking account, SouthState Checking.

There’s no minimum opening deposit to open the account online, but there is a monthly maintenance charge of $5. You can waive the charge if you enroll in e-statements. The account comes with a debit card, unlimited check-writing and all the bells and whistles of modern digital banking, including a highly rated app for Apple and Android users, Bill Pay and Zelle.

Although SouthState’s accounts have some overdraft protection, the bank still charges a $36 fee per overdrawn transaction, which is much higher than the national average.

Pros

There’s no ATM fees when using a SouthState ATM.
There’s no minimum opening deposit.
The monthly fee is easily waived.

Cons

There’s a $36 overdraft fee per overdrawn transaction.

Bank fees

Fee	Charged?
Overdraft fee	$36
Non-sufficient funds fee	None
Monthly maintenance fees	$5 - $12
Out-of-network ATM fee	$3
Excessive transaction fee	$2 - $10

Customer experience

Customer service. Customer care is available by phone Monday through Friday from 7 a.m. to 8 p.m Eastern time, and Saturdays from 8 a.m. to 5 p.m Eastern time. The bank is closed on Sundays, but customers can also reach the bank through its online contact form.

Digital experience. SouthState’s app, which is highly rated by iOS and Android users, comes with a host of digital banking features, including Bill Pay, Zelle, mobile deposits and free e-statements.

Physical Presence. SouthState customers have access to more than 270 branches and more than 240 ATMs in Florida, Alabama, Georgia, North Carolina, South Carolina and Virginia.

About SouthState

SouthState is an FDIC-insured bank headquartered in Winter Haven, Florida. SouthState was established in 1992 and has more than 270 branches across six southern states: Alabama, Florida, Georgia, North Carolina, South Carolina, Virginia.

How does SouthState compare to other banks?

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

SouthState Bank Review 2024 | Bankrate (2024)

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Overall

Pros

Cons

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SouthState Bank banking products

SouthState Bank savings overview

Pros

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SouthState Bank savings rates

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American Express

SouthState Bank CD overview

Pros

Cons

Advertiser Disclosure

How We Make Money

Marcus by Goldman Sachs

SouthState Bank money market overview

Pros

Cons

SouthState Bank checking overview

Pros

Cons

Bank fees

Customer experience

About SouthState

How does SouthState compare to other banks?

Review methodology

References