Arkansas Deposit Account Rates and Deals

SunTrust Bank continues to offer a special CD package with a 3.00% APY. It's a bit unusual in that it requires that you open two CDs: one with a 26-month term and the other with a 49-month term. An equal amount must be deposited in each. Minimum deposit is $2,000 per CD. A checking account is required. I was told that the free checking qualifies. You can also open these special CDs in an IRA. This CD special is listed at the SunTrust CD page as of 3/12/2010.

I first reported on this CD special in February when it was only available in the Tampa metro area. I called SunTrust today (800.279.4824), and the CSR said it could be opened by phone from any state. The CSR said he could open it by phone and use ACH debits from your bank's checking or money market account to fund the CDs and checking account. Note, it would take 3 debits to fund the accounts which could cause you to go over your 6-per-month limit on savings and money market accounts. According to the CSR, the CD rate would lock on the day you apply by phone. The CD rate is subject to change on any day. The CSR didn't know how much longer it would last. I also asked the CSR about the early withdrawal penalty, but I didn't get a simple answer. It appears to be based on how close you are to maturity. If you have more details about this, please leave a comment.

$150 Checking Account Bonus

SunTrust's $150 checking account promotion is still available. I first mentioned this in my February bonus review. According to the CSR, one could open the checking account for this promotion and then open these CD specials at the same time by phone. Or if you don't want the CDs, you could just do this checking promotion. Make sure you register your SunTrust checking account in the promotion via suntrust.com/solid by April 30, 2010. Refer to my February bonus review for more promotion detailss.

No Hard Credit Pull

According to the CSR, there's no hard credit inquiry. It's only a soft pull. This is the same info that I received in 2008 and many have confirmed there's no hard pull in this FW thread. So you shouldn't have to worry about having this ding your credit score.

Bank Overview

SunTrust is a large regional bank with $125 billion in deposits. It has branches throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.

Dow Jones reported on SunTrust's downgrading by Standard & Poor's Ratings Services on February 1st:

SunTrust, which serves areas of the southeast U.S. hit hard by the real estate crash, including Florida, has suffered from exposure to local construction and commercial real estate, as well as effects of high unemployment. The lender posted a string of losses last year.

As you may expect, SunTrust's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). SunTrust is a FDIC member (FDIC Certificate # 867).

BancorpSouth Bank continues to offer a high-yield reward checking account called Performance Checking. I first reported on this account in May 2008. The rates have fallen a bit, but it remains competitive, and it has a higher-than-average balance cap of $30K. Another thing nice about this bank is that it's large with 289 offices throughout the Southeast. So if you're looking for a local reward checking account, a BancorpSouth branch may be nearby.

The rates are not easy to find at the bank's website. The only place I found the rate was at the start the online application (link to application located at this BancorpSouth page). You first have to select the state and the city of your home branch. The next page has links for each account, and you can click on the link for the Performance Checking to see the rate. It does vary based on your city. I've checked a few cities, and here are the two rates as of 3/11/2010:

• 3.25% APY up to $30K for Baton Rouge, LA & Tyler, TX
• 3.00% APY up to $30K for Destin, FL & Huntsville, AL

Please leave a comment about the rate if you check your city. The Performance Checking account has the typical reward checking features such as debit card usage (12 per month). Refer to this BancorpSouth page or my BancorpSouth checking review for more details.

Performance Savings Account

One thing that has been added since my 2008 post is a high-yield savings account. This also has the Performance name. The Performance Savings has a 1.50% APY (as of 3/11/2010) for all balances if the following two requirements are met:

• Transfer at least $50 into your Performance Savings account each interest cycle electronically via ACH or Internet Banking Transfer.
• Combine your Performance Savings statement with your BancorpSouth Checking account statement (you will no longer receive a separate statement for your Performance Savings account).

If these requirements are not met, the rate falls to the standard rate of 0.15%. This does require the Performance Checking account, but unlike other reward checking/savings combos, you don't have to meet the reward checking requirements to qualify for the bonus rate.

The Performance Checking and Savings accounts provide a nice alternative to savings accounts at internet banks, many of which now have rates of 1.25% or less.

Online Application and Branch Locations

As I mentioned above, there's an online application for both these accounts at this BancorpSouth page. The application makes it appear that you have to live near a branch to qualify. Most of BancorpSouth branches are located in Mississippi, Alabama, Tennessee, Arkansas and Louisiana. There are also a few in East Texas, the Florida Panhandle and in the Springfield and St. Louis metro areas of Missouri.

Financial Overview

BancorpSouth's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 11813).

Thanks to the reader who emailed me news of this reward checking account.

Other Reward Checking Accounts

As I mentioned above, BancorpSouth is a large bank with 289 branches, $13.2 billion in assets and $10.6 billion in deposits. There are not many other large banks offering reward checking accounts. I recently reviewed a few large banks offering reward checking, but I forgot about BancorpSouth which happens to be larger than the ones I mentioned in that post.

To find nationally available reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.

Eastman Credit Union continues to offer competitive certificate rates. The two most competitive ones include a 2.00% APY 12-month CD and a 2.30% APY 2-year CD. Minimum deposit is $1,000. An extra 10 basis points are applied to Jumbo CDs with a $100,000 minimum deposit. These rates are listed in the credit union's deposit rates table as of 2/2/2010.

Membership is open to those who live, work or attend school in several counties in the northeast part of Tennessee. Counties in southwest Virginia and in Harrison and Gregg Counties in Texas are also included. There's also a long list of Select Employer Groups. Please refer to the Who Can Join Page for the full details.

Branches are located in Tennessee, Virginia, Texas, South Carolina and Arkansas.

The credit union's ratings for safety and soundness are strong: 4 stars (sound) at Bankrate.com and 5 stars (superior) at BauerFinancial. Both ratings are based on 9/30/09 financial data. The Bankrate rating is one star higher than what I reported in August when it was based on 3/31/09 data.

The credit union is federally insured by the NCUA (Charter # 68095). It's a large credit union with $2.1 billion in assets and 109,770 members based on 11/17/09 NCUA data.

Allied Bank in Arkansas has an internet bank called JustBANKit.com, and they're offering some decent CD rates. The two most competitive are the 1.90% APY 12-month CD and the 2.00% APY 18-month CD. There's also a 1.50% APY 6-month CD and a 2.10% APY 30-month CD. These rates are listed on the bank's home page as of 1/23/2010. Minimum deposit is $1,000. Interest is compounded semi-annually.

Even though the bank's About page states that JustBankIt.com is an internet branch and the online applications currently have no geograhpic limitations listed, I asked the CSR yesterday if it's available nationwide just to make sure. I received an "it depends" answer. The CSR said they may reject your application if your credit report isn't top notch. He wasn't sure if this was a hard or soft pull. They also do a ChexSystems verification.

According to the CSR, the CD can be funded by mailing a check or a wire transfer ($15 fee). The CD rate won't lock until they receive the funds.

The CSR said the early withdrawal penalty is 3 months of interest. If you decide to not let the CD renew, you can instruct them to send a check or initiate a wire transfer ($15 fee). If you also open their free checking account, I would think they would be able to transfer it into the checking.

Branches are located in several cities of Arkansas including Little Rock.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 data. The bank has been a FDIC member since 1934 (FDIC Certificate # 91).

Thanks to the reader who emailed me news about this bank and the CDs.

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

• Minimum opening deposit to receive bonus is $300.
• If you meet the stated requirements of this promotional offer, the bonus will be credited to your account within 6 weeks and will be reported as income on Form 1099-INT.
• Limit one $100 bonus per household.
• New checking households only.
• Customer agrees to maintain account in good standing for a minimum of six months.

• $50 Bonus is for new or existing customers who have never used First Tennessee Bill Pay Online or who have not used Bill Pay Online with any First Tennessee account since August 1, 2009.
• Customer must pay a minimum of six bills using First Tennessee Bill Pay Online between November 1, 2009, and December 31, 2009, to be eligible for bonus.
• Bills are considered paid as of the actual payment date, which is the date funds are withdrawn and sent to the payee.
• Customers receiving this offer who meet the requirements will receive a direct deposit of $50 into account from which bills were paid on or before January 31, 2010.
• No partial bonus amounts will be awarded.
• Limit one bill pay bonus per household.

• my last 40 posts on checking and savings account bonuses

• 3.25% APY 42-month CD
• 2.50% APY 23-month CD
• 2.00% APY 12-month CD (1.75% APY in some areas)
• 1.25% APY 7-month CD

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

• 3.25% APY 42-month CD
• 2.50% APY 23-month CD
• 1.60% APY 10-month CD

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals