Simmons Bank review: Brick-and-mortar bank that has a free checking account with a $0 initial opening deposit

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Overall bank rating

Feature	Insider rating (out of 5)
Savings	3.5
Checking	3.75
CD	3.5
Money market account	3.5
Trustworthiness	4
Total	3.75

Pros and cons

Pros	Cons
Free checking account with $0 minimum opening deposit Solid interest rates on CDs Possible to waive monthly service fees on savings and money market accounts	Low interest rates on savings and money market accounts Monthly service fee on savings and money market accounts $100 minimum opening deposit on savings account

Simmons Bank Simply Savings Account

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. 

On the other hand, if you don’t think you’ll meet these requirements, our best savings account guide includes free savings accounts with lower minimum opening deposits and higher interest rates.

Simmons Bank Coin Checking Account

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.

Simmons Bank Certificate of Deposit

Simmons Bank pays a higher interest rate on Simmons Bank Certificate of Deposit than other brick-and-mortar banks and requires only $500 to open a CD. 

You’ll want to bear in mind the early withdrawal penalty, which can be high for some terms.

Simmons Bank Money Market Account

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.

How Simmons Bank works

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 4.6 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 may safely keep up to $250,000 in an individual account or $500,000 in a joint bank account. 

Simmons Bank trustworthiness and BBB rating

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

We also include ratings from the Better Business Bureau so you can see how a bank deals with customer issues.

The BBB gave Simmons Bank an NR rating because it doesn’t have enough information to rate the bank. 

A strong BBB rating isn’t necessarily the end-all and be-all. Talk to current customers or read online customer reviews to get a more well-rounded perspective of the bank.

Simmons Bank vs. Regions Bank

Simmons Bank and Regions Bank have brick-and-mortar locations in most of the same states. Here’s how the two compare.

Locations AR, KS, MI, OK, TN, and TX	Locations AL, AR, FL, GA, IL, IN, IA, KY, LA, MI, MS, NC, SC, TN, and TX
Standout feature Free checking account with $0 opening deposit	Standout feature Free savings account
Simmons Bank Simply Savings Account	Regions LifeGreen® Savings Account

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, zero monthly service fees, and 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

See how Simmons Bank stacks up to another regional bank in the South: First Horizon Bank.

Locations AR, KS, MI, OK, TN, and TX	Locations AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA
Standout feature Free checking account with $0 opening deposit	Standout feature Free checking account with free direct deposit
Simmons Bank Simply Savings Account	First Horizon Bank Traditional Savings Account

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

You might learn more about 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 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.

Frequently asked questions

How many states is Simmons Bank in?

Simmons Bank is available in 6 states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

What is a Simmons coin checking account?

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.

Is Simmons a good bank?

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.