Finding the best free banks in Mississippi depends on your banking needs. Whether your priority is interest-bearing checking accounts, high-yield savings, a variety of banking products, digital banking or physical branches, there is a bank in Mississippi that can meet your requirements.
However, if you’re unable to open a checking account due to ChexSystems or Early Warning Services (EWS) records, we also compiled a list of second chance banks in Mississippi that offer an opportunity to build a new banking history. Keep in mind there will likely be a monthly service fee associated with second chance banking accounts.
10 Best Free Banks in Mississippi
1. Upgrade Rewards Checking Plus
The Upgrade Rewards Checking Plus is best for debit card spending. Customers get up to 2% cash back on common everyday expenses for active accounts with a monthly $1,000 direct deposit 1 plus many features including the following:
- $0 Minimum Opening Deposit.
- Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases2.
- Optional savings account that earns 5.07% APY3.
- Customers with direct deposit can get paid up to two days early4.
- No monthly fees, no overdraft fees5, and get reimbursed for ATM fees with an active account.
- FDIC-Insured Up to $250,000.
Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank, Member FDIC.
2. OneUnited Bank
OneUnited Bank’s Online Checking Account is a free checking available to people in ALL STATES. OneUnited Bank is a Black-Owned Bank that offers the Black Wall Street Checking account with no monthly fee. If you’re looking for second chance banking options, OneUnited Bank’s U2 E-Checking Account is available but it has a monthly fee of $12. With OneUnited Bank customers can add cash to the OneUnited Bank Debit Card at over 90,000 locations across the country through a partnership with Green Dot®.
Here are the checking account features:
- $25 minimum opening deposit
- No monthly fee.
- Get paid up to 2 days early with early direct deposit.
- Free Online & Mobile Banking.
- Obtain Cash, Surcharge Free at Over 35,000 ATMs Nationwide.
- Deposit checks through the mobile app.
- Free Bill Pay
3. Consumers Credit Union
Consumers Credit Union is a credit union based in Illinois with membership open to anyone regardless of where they live or work. Financial products and services include checking, savings, CDs, personal, auto and mortgage loans, small business banking, investments and financial education. The monthly free checking account is called Rewards Checking with the following features:
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- Online & mobile banking plus bill pay
- Get paid as much as two days early with early direct deposit**
- No monthly maintenance fees, for anything
4. BMO Harris Bank
BMO Harris Bank is a well-established financial institution with over 500 branches across U.S. and access to over 40,000 ATMs. As the 8th largest bank in North America by assets, BMO Harris Bank has $852 billion in total assets. Financial products and services include checking, savings, CDs, personal, auto and mortgage loans, HELOCs, small business banking, investment and retirement accounts. The monthly free checking account is called Smart Advantage Account with the following features:
- $25 Minimum Opening Deposit
- Unlimited Transactions at 40,000+ fee-free ATMs nationwide
- $0 Monthly maintenance fee
- BMO Digital Banking – pay bills, transfer money and more
5. Truist Bank
Truist Bank is a financial institution headquartered in Charlotte, North Carolina, with branches located throughout Mississippi and other states in the Southeastern United States. The bank was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks, Inc. Truist Bank offers a range of financial products and services to individuals, businesses, and organizations. These include checking and savings accounts, credit cards, loans, mortgages, wealth management services, and insurance products. They offer several free checking accounts as long as you meet the following requirements:
- Make $500 or more in total deposits per statement cycle OR
- Make 10 or more qualifying transactions per statement cycle OR
- Be a student under the age of 25
6. First Horizon Bank
First Horizon Bank is a regional bank with headquarters in Memphis, Tennessee, that operates branches in several southeastern states, including Mississippi. The bank was founded in 1864 and has a long history of serving customers in the southeastern United States. Currently First Horizon offers a range of personal and business banking services, including checking and savings accounts, loans, mortgages, and wealth management services. The monthly free checking account is called FirstView Checking with the following features:
- $50 minimum deposit to open
- Free digital and mobile banking
- $0 Monthly maintenance fee
- No ATM fees when you stay in network at more than 600 ATMs across the Southeastern United States
7. Bank OZK
Bank OZK is a regional bank headquartered in Little Rock, Arkansas, with branches located throughout several southeastern and southwestern states, including Mississippi. The bank was founded in 1903 and has since grown to become one of the largest banks in the region. Bank OZK offers a wide range of banking and financial services, including personal and business banking, lending, wealth management, and investment services. One of the key strengths of Bank OZK is its focus on real estate lending. The bank has significant expertise in commercial real estate lending, including construction, development, and acquisition loans. They offer several free checking accounts as long as you meet the following requirements:
- Direct deposit totaling $500 or more OR
- Avoid the monthly service fee by maintaining a $2,500 average daily balance OR
- Maintain an average daily balance of $500 or more
8. Peoples Bank
Peoples Bank was founded in 1908 by Colonel Sidney McLaurin and Dewitt Enochs. It is one of the oldest banks in Mississippi, and it is headquartered in Indianola, Mississippi. The bank offers a wide range of financial products and services, including personal and business checking accounts, savings accounts, certificates of deposit, loans, and mortgages. Over the years, People’s Bank has expanded its operations and currently operates several branches throughout Mississippi. The monthly free checking account is called Easy Checking with the following features:
- No monthly service charge
- $100 opening deposit
- Maintenance fee $4.23 (waived for e-statements)
9. Trustmark
Trustmark’s history that dates back to 1889. It offers a range of financial products and services to individuals, businesses, and corporations, including checking and savings accounts, loans, mortgages, credit cards, and investment services. Trustmark operates over 200 branches throughout Mississippi, Florida, Tennessee, and Texas, and it also has a presence in several other states through its mortgage and wealth management divisions. They offer an account called “Simple Checking” with the following features:
- Make at least 15 debit card transactions per statement cycle, OR
- Receive a direct deposit of at least $100 per statement cycle, OR
- Keep an average balance of $1,500 per statement cycle
10. Community Bank of Mississippi
Community Bank of Mississippi is a full-service bank that was founded in 1995 and is based in Forest, Mississippi. It offers a range of financial products and services to individuals, businesses, and communities throughout Mississippi. The bank offers various deposit accounts, including personal and business checking and savings accounts, certificates of deposit, and individual retirement accounts. The monthly free checking account is called Community Checking with the following features:
- $50 Minimum Opening Deposit
- Free online banking with bill pay
- Notary Service
Second Chance Banks in Mississippi
Citizens National Bank
The Simple Checking Account requires a $50 opening deposit and has $6 monthly maintenance fee.
First Bank
The Clean Slate Checking Account requires a $50 opening deposit is $50 and has no monthly maintenance fee.
Regions Bank
The Regions Now Checking Account requires a $10 opening deposit and has a $5 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.
Southern Bancorp
The Opportunity Card requires a $0 opening deposit and has a $5 monthly service fee. You’ll have free access to online banking, mobile deposit, and account alerts.
The First Bank
The First Step Checking Account requires a $15 opening deposit and has a $3 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.
Second Chance Credit Unions in Mississippi
Gulf Coast Community Federal Credit Union
The New Chance Checking requires a $0 opening deposit and has a $15.00 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.
Hope Credit Union
The HOPE Choice Card requires does not require an opening deposit but has a $4 monthly service fee. You can load your HOPE Choice Card with unlimited funds without paying for each transaction. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.
MUNA Federal Credit Union
The Fresh Start Checking Account requires a $0 opening deposit and has a $10.50 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.
Mississippi Unbanked Numbers
According a Federal Deposit Insurance Corporation (FDIC) 2021 Survey, 11.1% of Mississippi’s residents were unbanked. It’s estimated that unbanked people pay up to 10% of their salary for check cashing services. Mississippi has the highest percentage of unbanked or underbanked households in America. Without access to traditional banks that offer free checking or second chance banks with low monthly service fees, too much money is being paid to conduct basic financial transactions.
ChexSystems Resources
- Banks That Don’t Use ChexSystems – Take a look at our list of banks that do not use ChexSystems for a new checking account.
- EWS (Early Warning Services) – EWS is similar to ChexSystems and can prevent you from opening a checking account.
- Check your ChexSystems Report – Unsure what information exists in your ChexSystems report? Learn how to find out.
- ChexSystems Scores – Did you know that you have a ChexSystems score similar to a credit score? Find out how to get yours.
- Account Abuse – Find out why ChexSystems often reports customers for account abuse with no real explanation of what that notation means.
Upgrade Disclaimers
1 Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards, ATM fee reimbursement, and more. See the Active Account page for more information.
2 Rewards Checking Plus customers who set-up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.
3 The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.07% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of September 1, 2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure. To earn APY, you must open and fund a Performance Savings account. Rewards Checking Plus accounts do not earn APY.
4 Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.
5 There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Rewards Checking Plus charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. For Active Accounts, Upgrade will rebate ATM fees charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month on a Rewards Checking Plus account, the account must be an Active Account in the prior calendar month. See the Active Account page for more information. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status. Some limitations apply. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.
