bank rates

5% Checking Deal In Arkansas, Missouri

In July 2010, we wrote about what was then a good deal on rewards checking for residents of Missouri and Arkansas.

Southern Bank is offering this deal on deposits up to $15,000That deal is still good. It might even be considered great in this banking climate.

While untold others have slashed rates or limited enrollment on their high-yield checking accounts, Southern Bank continues to offer 5.01% APY on its Kasasa Cash checking account.

That’s nearly a full percentage point above the best nationally available deal.

Like many other rewards checking accounts, Southern has dropped its balance limit.

The 5.01% APY used to be good on balances up to $25,000; now it’s capped at $15,000. Balances above that amount earn 1.01% APY — which is still far above the national average.

You need to make at least 12 check card purchases, have one direct deposit or automatic payment and receive eStatements to earn the top amount each month. If you fail to meet the minimum requirements, you’ll earn 0.10% APY for that particular month. It takes a $100 minimum deposit to open the account.

The bank, headquartered in Poplar Bluff, Mo., has more than a dozen branches in Missouri and Arkansas.

If you live outside Missouri or Arkansas, the best you can do nationally is the 4.09% APY offered by Consumers Credit Union of Waukegan, Ill., on balances up to $10,000

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on May 16th at 09:05 am

    This deal is still available as of May 16, 2011.