Simmons Bank is a great option for organizations looking for affordable in-person business checking services. It offers three types of small business checking accounts:
- Simply Business 50 Checking, which offers 50 free transactions for no monthly fee.
- Simply Business 250 Checking, which charges a $10 monthly fee and offers 250 free transactions.
- Simply Business 500 Checking, which includes 500 free transactions for a monthly fee of $20.
If you need access to additional digital banking services, such as wire transfers, automated clearing house (ACH) origination, and remote deposit capture (RDC), you can subscribe to one of Simmons Bank’s digital banking bundles, whose fees range from $0 to $30.
The bank’s other products include nonprofit checking, commercial checking for larger businesses, savings accounts, money market accounts, certificates of deposit (CDs), credit cards, employee benefits, and treasury management services.
Pros
- No monthly fee for basic accounts
- Monthly transaction limit of 250 or 500 for higher tier accounts
- Unlimited transactions and cash deposits for non-profit account
Cons
- Branch visit required for account opening
- No branches outside Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas
- Monthly fee of $10 to $30 for ACH and outgoing wire transfer support
Features
- Free Visa debit card
- Free digital banking bundle with online banking and unlimited bill pay
- $10 to $30 digital banking bundles for additional ACH, domestic wire transfer, and remote deposit capture support
- Commercial checking, nonprofit checking, savings accounts, money market accounts, CDs, lending products, credit cards, employee benefits, and treasury management also available
How Simmons Bank Stacks Up With Its Competitors
When Simmons Bank Is a Good Fit
- You want to bank without a monthly fee: Simmons Bank’s Simply Business 50 Checking charges no monthly fee and offers a fee-free transaction allowance of 50 processed items.
- You run a cash-reliant business: The higher-tier Simmons Bank business checking accounts offer high cash deposit limits relative to their monthly fees. Simply Business 250 checking offers a monthly cash deposit allowance of $10,000 for a monthly fee of $10. Meanwhile, Simply Business 500 checking offers a monthly cash deposit allowance of $100,000 for a monthly fee of $20.
- You operate a nonprofit organization: Simmons Bank’s Non-Profit Business Checking account offers unlimited transactions and cash deposits while charging a low monthly fee of $5.
When To Choose an Alternative
- You need nationwide access to in-person banking: Simmons Bank only has branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. If you need a bank with a wider branch network, choose Chase, which has locations in all 48 mainland states. Check out our review of Chase business checking for a breakdown of the provider’s three accounts.
- You frequently make digital transactions, such as ACH and wire transfers: To access ACH and domestic wire transfer origination, you are required to subscribe to one of Simmons Bank’s higher-tier digital banking bundles, which cost $10 per month at minimum. A good alternative would be Mercury, which charges $0 for all ACH transfers, incoming and outgoing domestic wire transfers, and incoming and outgoing international wire transfers. Read our Mercury business checking review for more information.
- You want to earn interest on a fee-free account: Simmons Bank’s only interest-earning account, Simply Business 500 Checking, charges a $20 monthly fee. Bluevine has no monthly fee and earns 2.0% annual percentage yield (APY) on qualifying deposits up to $250,000. Our review of Bluevine business checking lists the activity requirements you need to meet to earn interest.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
Simmons Bank Business Checking Overview
Simmons Bank Business Checking Requirements
To open a business bank account with Simmons Bank, you have to apply in person. You may be required to submit relevant identification and business documents during the application process.
The official list of Simmons Bank business checking requirements is unavailable on the bank’s website. For easy reference, check out our downloadable document requirement checklist provided in our article on how to open a business bank account.
Simmons Bank Business Checking Features
Digital Banking Bundles
Your Simmons Bank business checking account comes with a default digital banking bundle, which provides online banking capabilities. These include the following:
- Check images and e-statements (enrollment required)
- Internal transfers
- Mobile banking with mobile check deposit
- Business bill pay
- Secure messaging
- Transaction research and downloadable reports
However, if you need access to electronic transactions like ACH and wire transfers, you would need to subscribe to one of Simmons Bank’s paid bundles.
Default Bundle | Bundle One | Bundle Two | Bundle Three | |
---|---|---|---|---|
Monthly Fee | $0 | $10 | $20 | $30 |
Online Banking | $0 | $0 | $0 | $0 |
Incoming Domestic Wire Transfer Fee | $15 per wire | $10 per wire | 1 free per month, then $10 per wire | 2 free per month, then $10 per wire |
Outgoing Domestic Wire Transfer Fee | N/A | $15 per wire | $15 per wire | 2 free per month, then $15 per wire |
Monthly ACH Origination Limit Before Fees | N/A | 10 | 25 | 50 |
Excess ACH Origination Fee | N/A | $1 | ||
Same-day ACH | N/A | $1.50 per item | ||
Check Positive Pay | N/A | $10 per month | $5 per month | $0 |
Remote Deposit Scanner Cost | N/A | $375 to $500 | ||
RDC Monthly Fee | N/A | $30 | ||
Monthly RDC Limit Before Fees | N/A | 100 checks | ||
Excess RDC Fee | N/A | 75 cents |
Business Debit Card
The Simmons Bank business debit card can be used to make transactions anywhere Visa is accepted. It provides surcharge-free access to MoneyPass ATMs.
Mobile Banking
The Simmons Bank app is available for iOS and Android. It lets you do the following:
- View balances, transaction history, and monthly statements
- Transfer money
- Make payments
- Set up account alerts
- Organize transactions by adding tags, notes, and photos of receipts and checks
- Locate branches and ATMs
The app has 4.8 stars on App Store[1] (based on more than 32,000 reviews) and 4.7 stars on Google Play[2] (based on 4,000-plus reviews). Most users found the app convenient and easy to navigate. However, a few negative reviews highlighted that the mobile check deposit function was unreliable.
Other Simmons Bank Business Products
Simmons Bank offers specialty checking accounts, savings products, lending products, credit cards, employee benefits, and treasury management solutions. Click on each header below to learn more.
- Commercial Checking was designed for large commercial businesses. Rather than offering monthly transaction allowances, it lets you offset fees with earnings credits based on your balance. It has a minimum opening deposit requirement of $100.
- Non-Profit Checking offers unlimited monthly transactions and cash deposits. It charges a monthly fee of $5 and a minimum opening deposit of $5.
- Simply Business Savings has a monthly fee of $5 and an opening deposit requirement of $50. It offers unlimited fee-free monthly withdrawals.
- Money Market Savings Business charges a monthly fee of $10 and has an opening deposit requirement of $100. It comes with 50 free foreign deposited items per month and unlimited monthly withdrawals.
- CDs have a minimum new money deposit of $5,000 and offer APY rates up to 5.20%. Terms range from three to 18 months.
Simmons Bank offers the following business lending products:
- Agricultural loans
- Construction loans
- Small Business Administration (SBA) loans
- Warehouse lending
You can open a business credit card for yourself or issue corporate cards to your employees:
- The Visa Business Advantage Rewards Card has an annual fee of $0 and earns one reward point per $1 spent.
- The Visa Corporate Card has no annual fee. You can issue individual cards to employees and associates and set spending limits per card.
Simmons Bank helps you attract employees by providing competitive employee benefits packages. You can work with Simmons Bank’s insurance professionals to design packages that suit both your business’ and employees’ needs.
The group insurance services Simmons Bank provides include:
- Medical (fully insured and self-funded)
- Dental
- Vision
- Life
- Long-term and short-term disability
You can streamline banking with the following treasury management solutions:
- Payables solutions: ACH credits and wire transfers
- Receivables solutions: ACH debits, smart safe, lockbox services, and merchant services
- Fraud protection: ACH blocks and filters, multiuser online banking, and positive pay
- Information reporting: Account reconciliation, activity reports, BAI reporting, consolidated banking, Electronic Data Interchange (EDI) reporting, and summary reports
- Liquidity management: Cash concentration, investment sweep, loan sweep, and zero balance accounts (ZBAs)
Simmons Bank Business Checking Reviews From Users
Simmons Bank’s business checking reviews are mixed. The bank earned a rating of 3.7 on WalletHub[3] (based on more than 1,000 reviews). Recurring comments include the following:
- Good customer service: Reviewers typically remarked that Simmons Bank’s representatives were friendly and communicative. Many users singled out and praised individual bank managers from their local branches.
- Poor fraud detection: According to a few users, Simmons Bank has a tendency of blocking non-fraudulent transactions. It has even closed accounts for allegedly suspicious activity. However, it did little to protect customers from actual instances of fraud.
- Delayed balance updates: Customers said that Simmons Bank rarely updates digital banking account information, such as balances and transaction history, on time.
Bottom Line
If you have minimal digital banking needs, a Simmons Bank business checking account would provide great value for money. Its higher-tier accounts provide generous transaction allowances while charging relatively affordable monthly service and excess transaction fees. However, if you need support for ACH, domestic wire transfers, and remote deposit capture, you’ll incur additional transaction and subscription fees.
User review references: