Intro – Renasant Bank Review & Ranking
Renasant Bank was recently ranked and reviewed by AdvisoryHQ. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used for our Renasant Bank review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
The below Renasant Bank review provides a detailed review of Renasant Bank, including the specific factors we used in our decision-making process.
Renasant Bank Review
Founded in 1904 in Mississippi, Renasant Bank has grown from a small-town bank to a premier institution with more than 175 service offices located over multiple states, making it one of the most notable banking firms in locations throughout the country.
Renasant has assets of $8.5 billion, and for many years Renasant has been leading not only in growth but also in innovation and a willingness to embrace new challenges.
Currently, Renasant is led by Chairman, President, & CEO E. Robinson McGraw, with the goal of serving customers, shareholders, employees, clients, and communities.
Key Factors That Led to Our Ranking of This Bank
As part of our Renasant Bank review, the following are some of the reasons Renasant Bank was included on this list.
Renasant Bank Review: Rewards Checking
Rewards Checking is a signature Renasant Bank offering that provides customers with an interest-bearing checking account on balances.
Features that come with this checking account along with competitive interest rates include a debit card, online banking, mobile banking availability, and up to $25 in ATM fee refunds per statement period.
The opening balance requirement is low at $50, and there is no monthly maintenance fee for account holders with eStatements or a daily account balance of $500 or more.
Unlimited check writing is also included.
Renasant Bank Review: High-Yield Money Market Account
The high-yield money market account from Renasant lets users earn higher interest rates when they maintain higher balances. This particular money market account requires a minimum opening amount of $10,000, and you receive an easy-to-balance statement along with a debit card.
This account does require that there be a minimum balance of $10,000 every day of the statement cycle to earn interest in that individual reporting period, but there is no maintenance fee if balance requirements are maintained.
Account holders also have access to six third-party withdrawals and/or transfers during a statement cycle.
Renasant Bank Review: Health Savings Account
Renasant offers customers the opportunity to open Health Savings Accounts, ideal for people with high-deductible health care plans. The accounts can be used to set aside money for medical costs, and the balance rolls over year after year, so the entire balance doesn’t have to be used in a single year.
With Renasant HSA checking, account holders can make tax-deductible deposits, withdrawals for qualified medical expenses are tax-free, and interest earned each month is tax-deferred.
Renasant Bank Review: Mobile Debit Card Alerts
To empower account holders to maintain control over what they’re spending and provide them with complete control over their finances, Renasant offers options such as mobile debit card alerts.
These alerts are sent by text messages or email to account holders for reasons including:
- Funds Added: when there’s a cash or check deposit over a customized threshold at an ATM
- Funds Removed: lets account owners know when a PIN purchase or withdrawal is made
- Declined Transaction
- Signature Transaction: notifies users when approved signature transactions are made
- Card Status Change: shows when the status of the card changes, for example, if it’s temporarily blocked
- Suspected Fraud
- Pay-at-the-Pump Transaction
- International Transaction
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