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. Chime Checking Account
Chime is available to people in all states and can be opened online with no deposit. The Chime free checking account does not use ChexSystems so it can be used as a second chance checking account. Chime’s checking account has many features including the following:
- $0 Minimum opening deposit
- Overdraft protection up to $2001 if you have a qualifying direct deposit
- Receive pay up to two days earlier with Chime direct deposit
- Manage your money with 24/7 mobile banking.
- Access cash with over 60,000 fee-free ATMs2
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members 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.
