Banks are an integral part of society, as they allow consumers and business owners to store money with FDIC protection. These banks allow you to easily access your money when you need it, borrow extra money for expensive purchases, and earn interest on the money that you save. Magnolia Bank is one of the financial institutions that help consumers with their banking, and the company has been doing it for over 100 years.
What is Magnolia Bank?
Magnolia Bank is a financial institution that was established in 1919 by local men and women. The group raised $15,000 to charter the Bank of Magnolia, a name the company held until 2004. The first branch opened up in downtown Magnolia, Kentucky. The bank now has multiple branches in Kentucky and mortgage offices located throughout the United States. The bank wrapped up 2022 with over $450 million in total assets and over $1 billion in home loans closed throughout the year.
How Does Magnolia Bank Work?
Magnolia Bank offers personal and business banking services. You can open bank accounts, take out loans, and download the app for easy access to your account. The bank is one of the top mortgage originators in the country and also specializes in commercial leases.
What Does Magnolia Bank Offer?
Magnolia Bank offers several resources for consumers and small businesses that need help with their banking.
Magnolia Bank lets its customers create checking and savings accounts. The minimum opening deposit for a checking account is $50, but once you’re in, you do not have to maintain a minimum daily balance requirement. The checking account also comes with no maintenance fee.
The savings account has the same minimum opening requirement, but there is a $200 minimum daily balance requirement. The bank will charge a $5 maintenance fee if your daily balance falls below $200. If you are a full-time student who is 23 years or younger, you won’t have to worry about this maintenance fee.
Checking and savings accounts have online banking. Once you set up a Magnolia Bank account, the company can help you obtain a debit or credit card.
The business bank accounts have a $50 minimum opening deposit, except for a Business Sweep account. A Business Sweep account is specifically for businesses that want FDIC coverage to exceed $250,,000. To get this account, you need to make an opening deposit of at least $250,000. The minimum daily balance requirement depends on the type of account you have. Business owners can choose a Basic, Plus, or Pro account.
You can also create a Business Money Market Account to earn higher interest on your money. The rates aren’t the best relative to competitors, but you do get a higher interest rate if you put more money into your account. The Business Money Market Account has the same tiered interest rate system as the Personal Money Market Account.
Magnolia Bank is one of the top loan originators in the country. The bank offers conventional mortgages, refinancing, VA loans, FHA loans, construction loans, ARM mortgages, reverse mortgages, and USDA loans. This amount of coverage can turn Magnolia Bank your one-stop resource for home loans.
Magnolia Bank also offers several types of business loans with competitive rates. You can get SBA loans, business credit cards, equipment loans, lines of credit, agricultural loans, wholesale loans, and more. The financial institution’s abundance of choices gives small business owners more flexibility in getting the capital they need.
What are the Benefits of Banking with Magnolia Bank?
Magnolia Bank presents several advantages for people who use the company’s services:
- Many types of loans: You can get all of your financing from Magnolia Bank. Some banks do not offer enough financial products for all of your needs, but Magnolia Bank has you covered.
- Earn interest on your money: You can receive interest payments from checking, savings, and money market accounts.
- Low minimum opening deposit: Most of the company’s accounts only require a $50 minimum deposit.
- Competitive interest rates: A lower interest rate reduces your monthly loan payments. Magnolia Bank makes its rates competitive.
- Business and personal finances in one place: You don’t have to open a bank account at a separate financial institution to manage your business funds. Magnolia Bank lets you manage personal and business funds from one place.
How Does Magnolia Bank Compare?
Magnolia Bank is on par with other financial institutions due to the company’s suite of loans. You can borrow all of the money you need from a single bank. Magnolia Bank also lets you open many checking and savings accounts, a benefit that not all banks offer. You can receive interest on the money you save, but you may get higher savings rates somewhere else.
Where Is Magnolia Bank Located?
Magnolia Bank has several branches located in Kentucky. However, it has mortgage offices across the United States and serves clients throughout the country.
Should You Open an Account with Magnolia Bank?
A Magnolia Bank account offers financial security through its FDIC insurance and access to several loans. The financial institution can also connect you to debit card and credit card opportunities. The bank has been around for over 100 years and may make sense for you, depending on your preferences.
How to Get Started with Magnolia Bank
You can get started with Magnolia Bank by visiting the company’s website. You can decide whether you want to create a personal or business bank account.