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SouthState Bank Review 2023 | Bankrate

Updated April 25, 2023
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At a glance

3.3
Rating: 3.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.6 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 2.5 stars out of 5

MMA

Rating: 2.1 stars out of 5

About Bankrate Score

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
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.15
%
APY
APY
Info
As of 5/31/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Earn up to 5.15% APY with Marcus Referred. Terms Apply
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/31/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 5/31/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.

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

  • Checkmark

    Most accounts can be opened online without a minimum deposit.

  • Checkmark

    Most of the monthly fees are easily waived.

  • Checkmark

    SouthState is offering two special CDs with very competitive rates.

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.

SouthState Bank banking products

2.5
Rating: 2.5 stars out of 5
Bankrate Score

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 isn’t very high. 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 $100 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

  • Checkmark

    There’s no minimum deposit requirement.

  • Checkmark

    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.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.15
%
APY
APY
Info
As of 5/31/2023
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: Earn up to 5.15% APY with Marcus Referred. Terms Apply

Bank experience

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. 

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. 

SouthState customers have access to more than 240 branches and 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.

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.