bank rates

Deep South Deal: 5.25% Checking Account


Britton & Koontz Bank is offering local customers in Mississippi and Louisiana one of the highest rates available on a rewards checking account.

B&K Bank Smart Rate Checking Its Smart Rate checking pays 5.25% APY on balances as high as $30,000 with a minimum deposit of only $100.

That’s far better than the 4.00% APY you’ll earn with the best nationally available high-yield checking accounts.

As with so many local deals, you must apply in person and live within 15 miles of one of the bank’s nine branches in Natchez, Vicksburg and Baton Rouge.

The requirements to qualify for the top rate are fairly typical for these kinds of accounts — 12 debit card purchases and one automatic bill payment or direct deposit per month.

(If you’re unfamiliar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will explain all of the rules.)

The one downside to Smart Rate checking is that the bank does not offer free use of other bank’s ATMs – a pretty standard perk with most high-yield checking accounts.

But since you have to live relatively close to a B&K branch to open an account, that’s probably not a deal breaker.

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Comments (5)
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5 Existing Comments
  1. CrankySaver said:
    on July 13th at 04:35 pm

    Investors sent stocks sharply higher after better-than-expected profits from aluminum maker Alcoa Inc. and railroad operator CSX Corp. The Dow rose more than 145 points for its sixth straight gain, and the major indexes were up well over 1%.

  2. Jen Stryker said:
    on July 13th at 04:37 pm

    It seems 13 of the nation's 15 biggest banks are pushing customers to opt-in to costly overdraft protection and fees.We had hoped that most banks would follow the lead of Citibank and Bank of America, and not pressure customers to sign up for overdraft protection. Hah. That was wishful thinking. The Consumer Federation of America says 13 of the country’s 15 biggest banks – all of them except Citi and Bank of America — are pushing customers to voluntarily sign up for a program that’s costing them $23 billion a year in fees. Our advice: Don’t do it.

  3. CardShark said:
    on July 13th at 04:46 pm

    It looks like Senate Majority Leader Harry Reid has lined up the support needed to pass the financial reform bill, and has scheduled a vote for Thursday morning. At least three Republicans, 55 Democrats and two independents are now expected to support the bill — enough to overcome a filibuster.

  4. CrankySaver said:
    on November 3rd at 04:39 pm

    As of Nov. 3, 2010, this rate is still good. Way to go Britton & Koontz.

  5. CrankySaver said:
    on November 15th at 03:34 pm

    Sigh. As of Nov. 15 the return on Smart Rate checking accounts has dropped to 4.25% APY on balances up to $30,000 and 0.753% APY on balances above $30,000. Still higher than any nationally available reward checking account is paying.