Cadence Bank is relatively new, but it still offers a good variety of account options to choose from. To find out if Cadence Bank is right for you, continue reading the review below.
All of Cadence Bank accounts earn interest even if they aren’t the highest, but they have some reasonable account options and then there are also options for those who want premium features.
Checking Account Options
Cadence Bank has several checking accounts that are pretty decent for being a newer bank in business. They all come with different and unique benefits.
This is Cadence Bank’s basic checking account. You will need $50 to open it.
There is also a $5 monthly fee, but you can waive it by maintaining a monthly average balance of $500 or more.
This account also comes with a complimentary Cadence Bank Debit Card, and you can earn cash back rewards on BuzzPoint.
You will get unlimited check writing and access to online and mobile banking.
This checking account offers slightly more benefits than the basic one, but still costs $50 to open.
This account comes with an Identify Theft Protection feature so your cards can be protect for not additional charge.
However, to compensate for Identify Theft Protection, there is an unavoidable monthly fee of $8.
Additional benefits include discounts on safe deposit boxes, shopping, travel and entertainment.
This checking account is designed for those who have a higher balance to keep up with.
There is a monthly fee of $20, but you can waive it as long as you have an average monthly balance of $5,000. You can also waive it by having an overall balance of $250,000 in combined Cadence accounts.
This account will earn interest an all balances, so you don’t have to worry about losing interest.
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Savings Account Options
Cadence Bank’s savings accounts simplistic but all of them earn interest. Each of them come with various benefits that are exclusive to those accounts.
This is a standard savings account. You will need $50 to open it, but you can set up automated transfers from your checking to this savings account.
There is a $4 monthly fee that starts within 90 days of account opening, so that is something to consider before applying.
You can, however, waive the fee by maintaining at least $250 per month in your account.
The downside is that interest is compounded and credited every 3 months.
This is considered Cadence’s premium savings account, but it costs relatively less to open.
You only need $25 to open this savings account and there are also no monthly fees to worry about either.
You can earn interest as long as you manage to maintain a daily balance of $5,000. If your balance exceeds it, however, interest can drop unfortunately.
You also have access to online and mobile banking as well.
This savings account is for those who are 18 and younger and would like to start saving responsibly.
With a small opening deposit of just $10, you can start earning interest at an early age!
There is no monthly service fee until you turn 18, where this account will be treated as a Personal Savings account by then.
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Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Cadence Bank has two money market accounts that earn pretty decent interest rates.
For $50 as an opening deposit, you can earn slightly above average interest.
This account is ideal for those who have higher balances because they will need to maintain a minimum daily balance of at least $1,500 to earn interest.
There is a $10 monthly fee, but you can waive it by having $5,000 overall in your account.
Interest is compounded monthly for this account.
This money market is considered Cadence’s premium account, but luckily it only costs $50 to open.
However, you do need a minimum balance requirement of $100,000 to start earning interest.
There is also a $10 unavoidable monthly fee to consider.
Compare Money Market Accounts
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Reasons to Bank with Cadence Bank
- Their checking accounts are rather simplistic if you don’t prefer too many options.
- The Value Checking account comes with Identify Theft Protection.
- They have a separate youth savings account to encourage young teens and adults to save and manage their finances responsibly at an early age.
- People who have higher balances can invest in the MarketWise Checking account.
- Conduct all your banking online or on Cadence Bank’s mobile app.
- Earn cash back rewards with BuzzPoint on your Cadence Bank Debit Card.
- You get access to AllPoint and Presto ATM and can use them fee-free when you link your debit card.
Reasons Not to Bank with Cadence Bank
- They don’t earn the best interest rates.
- Value Checking’s monthly fee is unavoidable.
- The minimum balance requirements are a little higher.
- Cadence Bank only operates in 60 branches. These include Alabama, Florida, Minnesota, Tennessee and Texas.
Cadence Bank Routing Number
The routing number for Cadence Bank is 062206295.
Contact Customer Service
For general customer service, you can call 800-636-7622. For all other inquiries, check Cadence Bank’s website.
How Cadence Bank USA Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- Huntington Bank: Huntington Bank has various account options and offers checking bonuses, overdraft protection, free mobile banking, online bill pay, access to several branches and ATMs, and much more.
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Bottom Line
Overall, Cadence Bank offers some decent account options. Even thought they don’t earn the best interest rates, they offer several kinds of checking, savings and money market accounts that hold their worth.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Cadence Bank, apply today! For more options from a variety of banks, see our list of the best bank promotions!
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