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

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Updated on Tuesday, December 1, 2020

Renasant Bank checking account options

Renasant Checking

This account could get expensive if you don’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

The Renasant checking account is best for those looking for a simple option. While it’s unfortunate you don’t earn any interest, you do get free online banking and bill pay. You’ll also get a Renasant Debit MasterCard with extra features such as zero liability protection and extended warranty. You can also link the card to Apple Pay.

To waive the monthly maintenance fee, you should either sign up for e-statements or maintain a minimum daily balance of $500.

How to get the Renasant Checking account

There is an online application form you can fill out to open a Renasant Bank Checking account. First, you’ll need to provide the bank your mobile phone number. Once you receive an access code via text and enter it in the appropriate box, you’ll be asked to fill in your personal details such as your name, address and Social Security number, as well as a method to fund the account.

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on Renasant Bank’s secure website

Rewards Checking

You can get a pretty competitive rate for your first $25,000 but only if you qualify.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.30%
$25,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 each month
  • Overdraft fee: $36

If you’re looking for a great rate and a way to save on ATM fees, this could be the account for you. The Rewards Checking account offers you the opportunity to earn a high APY, up to your first $25,000. To qualify for this bonus rate, you’ll need to elect to receive e-statements, have at least one direct or ACH deposit and a minimum of 10 debit card transactions each month. Otherwise, your rate will go down to the lowest APY — which is super tiny.

With this account, you also get online and mobile banking, bill pay and a debit Mastercard. If you can maintain a $500 minimum daily account balance or receive e-statements, your monthly maintenance fee will be waived.

You’re also in the right place if you’re looking for extra features in an deposit account. For an additional $6 each month, you can get the rewards extra checking add-on, where account holders can get bonuses like identity theft protection, 24/7 roadside assistance, accidental death coverage and over 400,000 discounts at qualifying retailers.

How to get the Rewards Checking account

You’ll need to have your Social Security number and personal information such as your address ready. Aside from showing up at your local branch, you can open an account by filling out an online application form. Before filling in your personal details, you’ll need to enter in your mobile number and enter a verification code. Once you do so and fill out the rest of the application, you can then fund the account.

SEE DETAILS Secured

on Renasant Bank’s secure website

Member FDIC

Student Checking

This account has the same features as the Renasant Checking account, but you do get ATM refunds.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 a month (you’ll need to meet the bank’s qualifications)
  • Overdraft fee: $36

It’s another non-interest bearing account, but you may be able to qualify for ATM refunds if you elect to receive e-statements and make at least 10 debit card transactions each month. Renasant Bank’s website claims you may be to earn some interest, though you’ll need to call the bank directly to find out their current rates.

Just to be clear — only students 16 to 25 years old can open this account. Once you turn 26, this account will switch to the Renasant Checking account and you can no longer get any rate bonuses or ATM refunds. Anyone who wants to open this account and is under 18 years old will need a parent or guardian acting as a joint account owner.

How to get the Student Checking account

If you’re at least 18 years old, you can open an account by filling out an an online application form. First, you’ll need to enter in your mobile number and type in a verification code before proceeding. Then, you can fill in your personal details such as your name, address and Social Security number, and a way to fund the account.

If you’re under 18 years old, you’ll need to head to a local branch with your parent or guardian to open an account. You’ll probably need your Social Security number as well as the joint owner’s.

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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

Regular Savings

A savings account with a high maintenance fee.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Quarterly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account earns interest but it isn’t advertised on their site, so you’ll need to call to find out what it is. Plus, you could be paying a fairly high quarterly maintenance fee if you can’t maintain a $50 quarterly account balance. There is no ATM access, but you can link your Renasant checking account to do so. You do get online banking access, but that’s pretty much all there is to this account.

One more thing — the fees can add up if you’re not careful. You’re allowed up to six certain debits a month because of Regulation D. Renasant Bank will charge you $2 per withdrawal if you make more than six each month. You could also face a $0.07 fee per deposit if you make more than 150 during the quarterly statement cycle.

How to get the Regular Savings account

You’re going to have to head to a brick-and-mortar location to open this account. You’ll most likely need to bring your government-issued ID and Social Security number. To find out more, call customer service at 1-800-680-1601.

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on Renasant Bank’s secure website

Rewards Savings

You can earn a higher rate but you’ll also need to pay a higher maintenance fee (although it can be waived).
APYMinimum Balance to Earn APY
0.96%
$0.01
0.30%
$100,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Rewards Savings account is meant to complement the Rewards Checking account, as in it offers you a higher rate compared with the Regular Savings account. You’re also able to waive the monthly maintenance fee if you choose to receive e-statements or maintain a $2,500 minimum daily account balance.

The eligibility requirements to receive the higher rates are simple — link to your Rewards Checking account that receives e-statements, makes at least 10 debit card transactions and make one direct or ACH deposit per month. Remember, because of Regulation D, you’re allowed up to six certain debits each month. If you go over that amount, your transaction may be denied and could be converted to a checking account if you keep trying to make excessive debits.

How to get the Rewards Savings account

You’ll be able to open an account once you verify your mobile phone number by entering in a verification code on Renanant Banks’s online application form. Then, you can fill in your personal details such as your name, address and Social Security number. Afterward, fund your account.

SEE DETAILS Secured

on Renasant Bank’s secure website

Member FDIC

Children’s savings

Just a simple savings account for minors.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The children’s savings account is a free account for customers under 13 years old that doesn’t have any minimum balance requirements nor does it charge any monthly fees — a parent or guardian will need to be a joint owner. One of the few times you’ll be charged is if you go over six debits each month — it’s a $2 fee per excessive withdrawal-related transaction. You’ll also need to pay $0.07 for each deposit you make over 150 each quarter.

Once the child turns 18, this account will be converted to the regular savings one. One more thing — the children’s savings account rates aren’t advertised on their website so it’s best to call and find out the current rates.

How to get the children’s savings account

Both the parent or guardian and the child will need to go in person to open an account. You’ll both probably need to bring your government-issued ID and Social Security numbers.

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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

Certificate of deposit

We like that it’s a fixed rate CD.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Renasant Bank’s CD rates aren’t advertised on their website so we encourage you to call them to double-check. Renasant Bank also offers other terms — anywhere from 32 days to 84 months — so if you’re interested, Renasant Bank’s customer representatives should be able to help.

For these fixed-rate CDs, interest is compounded and credited to your account each quarter. Interest you earn can either be rolled over into your existing CD, transferred to another Renasant Bank account or mailed to you via check. Once your account matures, you’ll get a grace period of 10 business days where you can make any changes like making withdrawals, deposits or renewing your CD for another term. If you don’t do anything, the CD will automatically be renewed for the same term as the original one.

You can also use this CD as collateral, if you decide to take out a personal loan with Renasant Bank. Contacting customer service is your best bet to find out more details.

How to get Renasant Bank’s CDs

Right now, you’re only able to open a CD account in person. The bank will most likely ask you to bring proof of identity such as a government-issued ID and Social Security number.

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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

Personal Money Market Account

You get ATM access bu the minimum opening deposit may not be feasible for everyone.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

We like that you get a debit card with this money market account, but the minimum opening deposit may be difficult for some to meet. By the way, the rates aren’t advertised on their site so it’s not a bad idea to call and check what the most current ones are. The monthly maintenance fee looks pretty steep but you can get that waived if you can maintain a daily balance fee of at least $1,000.

You’ll need to watch out for how many transactions you make in any given month because you could be charged for them. First, you could be paying $5 for each debit you make over six each month. You could also be paying $0.10 for each deposit if you make more than 150 in any given month.

How to get the Personal Money Market Account

You’re going to have to head to your nearest branch to open a Personal Money Market Account. You may need to bring items such your Social Security number and government-issued ID.

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High-Yield Money Market Account

The bank doesn’t advertise rates for this account online so you’ll need to call to find out.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Given the fact that the High-Yield Money Market account requires you to deposit at least $10,000 to earn interest, it may potentially offer higher rates than the bank’s other offerings. But there’s no way to tell unless you call the bank for rate info, as it is not currently advertised on the website.

For those who don’t have that kind of money laying around, you may want consider opening Renasant Bank’s Rewards Checking or Rewards Savings accounts.

There is a monthly maintenance fee, but you’ll be able to waive that if you can maintain a $10,000 minimum daily balance. You also get a debit card but you’re allowed up to six certain debits a month due to Regulation D. If you go over that amount, you’ll face a $25 excess transaction fee. You’ll also need to pay $0.10 for each deposit you make that’s over 50 each month.

How to get the High-Yield Money Market Account

Head to the nearest branch to open an account. You can call customer service at 1-800-680-1601 to find out what you’ll need to bring but it’ll most likely be your government-issued ID and Social Security number.

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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

IRA CD rates

IRA CD

These IRA CDs have a fairly average minimum opening deposit amount.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Anyone who’s interested in a conservative investment account might want to consider these IRA CDs. The minimum opening deposit isn’t the lowest we’ve seen but it’s not extremely high either. Just like the regular CDs offered at Renasant Bank, interest you earn is compounded and credited quarterly. However, if you do make an early withdrawal, you’ll face potential IRS penalties on top of what Renasant Bank will charge you. Renasant Bank’s IRA CD rates aren’t advertised on their website so we encourage you to call them to double-check.

Your CD will renew automatically unless you make changes during the grace period, which is 10 business days. You can make changes such as renewing the CD for another term, making withdrawals or additional deposits.

How to get Renasant Bank’s IRA CDs

Head to your nearest branch to open a Renasant Bank IRA CD. You may be asked to provide details and items such as your address and Social Security number.

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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.

IRA savings account

This account doesn’t have any monthly maintenance fees and requires a low opening deposit amount.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account may be a good choice if you need a place to stash your IRA funds until you figure out what to do with it, like opening an IRA CD. You can make unlimited deposits up to the IRS limits each year. As for withdrawals, you can make up to six per month or else your transaction will be denied. If you’re under 59 1/2 years old, you may also face IRS penalties for making withdrawals from an IRA account, so it’s best to check the current rules.

Keep in mind that the rates for the IRA savings account isn’t currently advertised on their website, so before opening one, check by calling customer service to find out what they are.

How to get Renasant Bank’s IRA savings account

To open an IRA savings account, head to the nearest branch. It’s best to check by calling customer service at 1-800-680-1601 to find out what to bring, but you’ll likely be asked to bring items like your government-issued ID and Social Security number.

SEE DETAILS Secured

on Renasant Bank’s secure website

Overall review of Renasant Bank’s banking products

We really like Renasant Bank for their Rewards Checking account as it’s one of the best rates we’ve seen. You also get a wide range of benefits, with or without the add-on option. The CDs are also pretty decent even though they do require a fair bit of cash to open an account.

Other than that, the rest of their accounts aren’t really worth it. Combined with high minimum amounts, monthly fees and the fact that you can’t open all of them online, we’re not terribly impressed. Renasant Bank faces some stiff competition from other online banks, so it may be a better idea to keep your eyes peeled for bank accounts that offer better features.