2023 Review of SouthState Bank

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APY, which stands for annual percentage yield, represents the annual return on a bank or investment account.

The Bankrate scores provided are determined in an objective manner by our editorial team. Our scoring formula takes into account several factors that consumers should consider when selecting financial products and services.

Check out this link to access the SouthState Bank review in detail: [SouthState Bank Review](https://wealth-click-service.bankrate.com/lazy_ep/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCIsImtpZCI6ImdyYXBocWwta2V5LWhzMjU2In0.eyJpc3MiOiJkZXBvc2l0cy1ncmFwaHFsLXByb2QiLCJwcm9kdWN0X2lkIjoyNzEsInByb2R1Y3RfbmFtZSI6InNhdmluZ3MiLCJtYXJrZXRfaWQiOjI4LCJzdGF0ZV9jb2RlIjoiIiwibWFya2V0X25hbWUiOiJTZWF0dGxlIiwicmF0ZSI6NC42MywieWllbGQiOjQuNjUsInN2eV9pbnN0X2lkIjoyMzcyNywicHJpY2UiOjcsInNlZ21lbnRfaWQiOjQxOSwiYWRfcmVmZXJfdXJsIjoiaHR0cHM6Ly9hZC5kb3VibGVjbGljay5uZXQvZGRtL2Nsay81NDIzNDA3ODc7MzUwNzU4ODc3O3o_aHR0cHM6Ly93d3cucG5jLmNvbS9lbi9wZXJzb25hbC1iYW5raW5nL2Jhbmtpbmcvc2F2aW5ncy9oaWdoLXlpZWxkLXNhdmluZ3MuaHRtbD9XVC5tY19pZD1IWVNfQWZmbHRfQlImYWZmaWQ9QnJbQlJMSURdIiwiaXNfZGF0YV9wYXNzX29uIjpmYWxzZSwiaXNfYnJsaWRfb24iOmZhbHNlLCJhZHNldF9pZCI6MTUyNzcsImNsaWNrX3R5cGUiOjExLCJjb2JyYW5kIjoiYnIzIiwiemlwY29kZSI6Ijk4MTIxIiwiaWF0IjoxNjg5ODExNjAxfQ._FPL0ygcDruCjwCjPs0dfrzsIxRt6qRoMb1n3d9N4Xs?pur_id=3119431689811601083&c=1,11,,,,,br3&ref_url=https://www.bankrate.com/banking/reviews/southstate-bank&row=1)

Discover the Exclusive Deal

Featured Deal: No need for a minimum balance or deposit to get started.

APY, also known as annual percentage yield, represents the annual earnings on your bank or investment account.

APY, also referred to as annual percentage yield, showcases the yearly profits generated from your bank or investment account.

Bankrate evaluations are meticulously crafted by our team of experts. Our unique scoring algorithm takes into account various factors that consumers should carefully consider when selecting financial products and services.

Choose the Best Offer

Directly Accessible Link: https://wealth-click-service.bankrate.com/lazy_ep/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCIsImtpZCI6ImdyYXBocWwta2V5LWhzMjU2In0.eyJpc3MiOiJkZXBvc2l0cy1ncmFwaHFsLXByb2QiLCJwcm9kdWN0X2lkIjoyNzEsInByb2R1Y3RfbmFtZSI6InNhdmluZ3MiLCJtYXJrZXRfaWQiOjQxNiwic3RhdGVfY29kZSI6IiIsIm1hcmtldF9uYW1lIjoiMTAwIEhpZ2hlc3QgWWllbGRzIiwicmF0ZSI6NC40LCJ5aWVsZCI6NC40LCJzdnlfaW5zdF9pZCI6MjQyMzksInByaWNlIjo3LCJzZWdtZW50X2lkIjo0MTksImFkX3JlZmVyX3VybCI6Imh0dHBzOi8vcmVmZXIuc29maS5jb20vYy8xMjQzNDQ4LzEzMDU3MTkvMTExOTA_YWRjYW1wYWlnbmdyb3VwPWJhbmsmc3ViSWQxPVtCUkxJRF0mYWRuZXR3b3JrPUJEIiwiaXNfZGF0YV9wYXNzX29uIjpmYWxzZSwiaXNfYnJsaWRfb24iOmZhbHNlLCJhZHNldF9pZCI6MzU2MDgsImNsaWNrX3R5cGUiOjExLCJjb2JyYW5kIjoiYnIzIiwiemlwY29kZSI6Ijk4MTIxIiwiaWF0IjoxNjg5ODExNjAxfQ.pRnGdNbXdyeBUh40USfI3nQ7Qx1VjYjrONsJQBpC7aI?pur_id=3847481689811601083&c=2,11,,,,,br3&ref_url=https://www.bankrate.com/banking/reviews/southstate-bank&row=2) (opens in a new tab) Presentation of the Offer: No service charges and earn a staggering $250 with direct deposit (specific terms and conditions apply)

APY, commonly known as annual percentage yield, denotes the yearly gains achievable through a bank or investment account.

Annual Percentage Yield (APY), also known as the yearly return, pertains to bank or investment accounts.

The assessment of Bankrate scores is conducted objectively by our editorial team. In order to assist consumers in selecting the most suitable financial products and services, our scoring formula takes into account several factors.

Take a look at the offer

This offer is promoted for its easy application process, absence of a required minimum balance, and impressive yield.

SouthState Bank provides a vast selection of banking products that cater to various needs. From consumer savings accounts and credit cards to mortgages and small business banking, they offer a comprehensive range of options. While the savings accounts may not offer high yields, the bank compensates with a diverse array of checking accounts that suit different requirements.

• Online account opening is available for most accounts, and there is no need to provide a minimum deposit.

• The majority of the monthly fees can be easily waived.

• SouthState is currently presenting two exceptional Certificates of Deposit (CDs) that come with highly competitive interest rates.

• SouthState Bank's fee-free ATMs are primarily concentrated in the southern states where the bank operates. However, it's important to note that SouthState charges a significant overdraft fee, which can be quite steep. So, if you're prone to overdrawing your account, you may want to consider other options.

  Furthermore, if you're a saver looking to grow your money, you might want to explore other institutions that offer higher interest rates. While SouthState does offer multiple savings account options, including health, holiday, and youth savings accounts, the rates they provide are not as competitive as those offered by online-only banks or other financial institutions. Therefore, if maximizing your earnings is a priority, it would be wise to explore alternative options.

  Let's dig deeper into SouthState's Personal Savings account, which is a non-tiered account. This means that regardless of your account balance, you will earn the same yield or interest rate. However, it's worth noting that the yield offered by SouthState is not exceptionally high compared to other institutions. In fact, you can easily find much better yields at other banks, especially online-only ones.

  One advantage of SouthState's Personal Savings account is that there is no minimum deposit requirement. You can start earning the annual percentage yield (APY) with as little as $0.01 in your account. However, there is a $5 monthly maintenance fee associated with this account. The good news is that you can waive this fee if you maintain a minimum daily balance of $100 per charge cycle.

  Unfortunately, there is a significant limitation when it comes to withdrawals from the Personal Savings account. SouthState only allows three withdrawals per month. This is quite restrictive in comparison to many other banks that allow at least six withdrawals per month from their savings accounts. If you exceed the three-withdrawal limit, SouthState will charge a $2 fee for each additional withdrawal.

  

  In summary, SouthState Bank offers various banking products, including a range of savings accounts such as health, holiday, and youth savings. However, it's important to consider alternative options, as higher yields can be easily found elsewhere. While the Personal Savings account has no minimum deposit requirement and the monthly fee can be waived, the limit of three withdrawals per month and the associated fee for exceeding that limit are notable restrictions to consider.

  Explore this offer

  Exclusive offer: Absolutely no requirement for a minimum balance to initiate. Zero obligation to deposit any minimum amount.

  SouthState presents a vast selection of CD durations, ranging from as short as 30 days to as long as 10 years. The bank is currently extending an opportunity to invest in two exceptional CDs, each with terms of nine and 13 months, respectively. These special CDs provide the highest returns available at our bank presently, although the yields on our standard CDs are also commendable, particularly the one-year CD. With a mere $1,000, you can begin your investment, and the CD will automatically renew at the end of the term. Furthermore, we offer a grace period of 10 days after the CD renews, during which you may withdraw your funds without incurring any penalties.

  • Our bank provides two exceptional CDs with extraordinarily competitive rates.

  • The initial deposit requirement of $1,000 is eminently reasonable.

  • Following the renewal of your CD, a grace period of 10 days exists, allowing you to make penalty-free withdrawals.

  • While SouthState's APYs (Annual Percentage Yields) for our standard CDs are commendable, superior yields can typically be found elsewhere.

  Compare the most competitive money market rates

  SouthState's Personal Money Market account adopts a tiered structure, meaning the more funds you deposit, the higher your yield will be. Although an initial deposit is not mandatory, you must deposit at least $2,000 to start earning an APY (which, it must be noted, is rather low). Even the highest yield offered by this account, which necessitates a deposit of $100,000, will not significantly contribute to the growth of your savings. There is also a $12 monthly maintenance fee attached, though you can avoid it by maintaining a minimum daily balance of $2,000 or an average daily balance of $5,000. Withdrawals are restricted to six per month, and any withdrawals surpassing this limitation will incur a $10 fee.

  • There is no requirement for an initial opening deposit.

  • Superior yields can be easily found elsewhere.

  • The $12 monthly maintenance fee is not easily waived.

  • To begin earning the APY, you need to deposit $2,000.

  • The number of monthly withdrawals is capped at six, and any transactions beyond this limit will result in a $10 fee.

  • If you choose to open the account in person, a minimum opening deposit of $50 is mandatory.

  Evaluate the top checking rates on the market

  SouthState Bank proudly presents five checking account options, each crafted to cater to a wide range of individual needs. One of our primary offerings, SouthState Checking, has undergone a comprehensive review and has been given a favorable score. Opening an account online does not require a minimum initial deposit, but a monthly maintenance fee of $5 will be incurred. However, this fee can be waived if you choose to receive e-statements. The account is equipped with a debit card, unrestricted check-writing capabilities, and modern digital banking features, including a highly regarded app available for both Apple and Android users. Bill Pay and Zelle services are also included. While our bank does provide some overdraft protection, please take note that we charge a $36 fee for each overdrawing transaction, which exceeds the national average.

  • Using a SouthState ATM will not incur any ATM fees.

  • There is no requirement for a minimum opening deposit.

  • The monthly fee is easily avoidable.

  • For each overdrawn transaction, there is a $36 overdraft fee.

  The products showcased on this page have been sponsored by our partners, which affects their appearance, location, and order.

  APY, also known as annual percentage yield, refers to the yearly earnings on a bank or investment account.

  Bankrate scores are determined objectively by our editorial team. Our scoring formula takes into account various factors that consumers should consider when selecting financial products and services.

  

  Check out the offer here!

  If you need assistance, our customer support team is available to help you over the phone. You can reach us Monday through Friday from 7 a.m. to 8 p.m. Eastern time and on Saturdays from 8 a.m. to 5 p.m. Eastern time. We're closed on Sundays, but you can also get in touch with us through our online contact form.

  Our app, highly acclaimed by users on iOS and Android, is packed with various digital banking features. From Bill Pay and Zelle to mobile deposits and free e-statements, we've got you covered.

  With SouthState, you have access to over 240 branches and ATMs across Florida, Alabama, Georgia, North Carolina, South Carolina, and Virginia.

  As an FDIC-insured bank headquartered in Winter Haven, Florida, SouthState has been serving customers since 1992. Spread across six southern states, we boast over 270 branches in Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia.

  We understand that choosing a financial institution can be overwhelming. That's why Bankrate offers a comprehensive and regularly updated list of reviews on banks and credit unions. Our expert editorial team meticulously evaluates each institution, analyzing their deposit products, including savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts (MMAs). We take into consideration crucial factors such as interest rates, fees, minimum balance requirements, and ease of access to funds, among others. Each account and its features are assigned a score, which is then carefully weighed based on their significance to account holders. This allows us to determine an overall score for each institution. For more details on our review methodology, check out our full review here.