bank rates

Southern States Deal On Savings, Checking

Dollar sign in the cloudsResidents of three Southern states can open a savings account that pays just as much as the best nationally available deal, but at $100 requires a significantly smaller minimum deposit.

State Bank & Trust Co. in Greenwood, Miss., pays 1.00% APY on balances to $15,000 with its Platinum Savings account.

The savings account must be opened in conjunction with a Platinum Checking rewards checking account, which pays a respectable 2.50% APY on balances to $15,000.

In comparison, the best savings rate you can find nationally is the 1.00% APY paid by The Palladian PrivateBank (, located in Chicago.

It requires a $10,000 minimum deposit and charges a $10 monthly fee if your balance falls below that minimum.

Anyone who lives in Mississippi, Louisiana or Alabama can open Platinum accounts at State Bank.

You’ll need to open a rewards checking account with a minimum deposit of $100 and then make at least 12 debit card purchases each month, have at least one direct deposit or automatic payment for the month, log into online banking and receive eStatements.

By doing that, you’ll receive 2.50% APY on your Platinum Checking account, plus get up to $20 in ATM fees reimbursed. Balances above $15,000 earn 0.50% APY.

When you fulfill those requirements, you’ll also earn 1.00% APY on your Platinum Savings account on balances up to $15,000. Higher balances earn 0.50% APY.

If you don’t meet the monthly requirements, you’ll earn 0.05% APY on both accounts.

Like the rewards checking account, you need to make a minimum deposit of $100 to open a savings account. Neither account requires a minimum balance to earn interest, and the accounts don’t have monthly fees.

State Bank & Trust. Co. has almost three dozen locations in Mississippi, Alabama and Louisiana. You can stop by a branch to open your accounts or open them online.

For more information, visit or call 877-455-1301.

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