bank rates

Southern Bank Pays 4.01% On Checking

You'll earn this top rate on balances up to $15,000.The top nationally available rewards checking account is going to look pretty ugly beginning July 1.

That’s when both a rate cut and a lower balance cap kick in at Consumers Credit Union, based outside Chicago. It will pay 3.09% APY (down a full percentage point) on balances up to $5,000 (down from $10,000).

Yuck.

That’s just not worth the hassle.

There aren’t many nationally available deals that look much better, but there are still some local deals of note. Here’s one.

Southern Bank (www.bankwithsouthern.com), headquartered in Poplar Bluff, Mo., with more than a dozen branches in Missouri and Arkansas, pays 4.01% APY on balances up to $15,000. Any portion of your balance greater than $15,000 earns 0.25% APY.

That’s not nearly as attractive a deal as Southern Bank offered as recently as two years ago, but it looks great in comparison to what’s available to savers nationwide.

You need a minimum deposit of $100 to open this Kasasa Cash account and there are no minimum balance requirements or monthly fees.

You must be a resident in one of the following counties to qualify for this account: In Missouri — Butler, Carter, Christian, Dunklin, Greene, Mississippi, New Madrid, Ripley, Scott, Stoddard or Webster; In Arkansas — Clay, Craighead, Greene, Independence, Pulaski, Mississippi or White.

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.

Have you ever banked with Southern Bank? Share your experience with us. You don’t have to login or sign up to add a comment to this post. Just start writing in the box below.

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  1. Kathy at Bankaholic said:
    on June 22nd at 11:49 am

    Southern’s checking rate is still available.