Average User Rating:2 star rating based on 2 reviews.
Southern Community Bank & Trust
Southern Community Bank & Trust Locations|
P.O. Box 26134 Winston-Salem, NC 27114 (888) 768-2666  |
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Southern Community Bank & Trust Routing Number: 053112097
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Just one month after the last big rate cut, they did another one. This time the top reward checking yield has fallen from 2.25% to 1.15% APY. The balance cap remains at $25K. This is called the Maximum Earnings Banking account, and this rate is shown on t
Ready Saver, the internet bank from Southern Community Bank & Trust, slashed its savings account yield from 1.35% to 0.90% APY. This applies to all balances.
Ken reported in his Jan. 2 weekly summary that Southern Community Bank and Trust has cut their interest rate on their ME Banking RCA account from 3.0% to 2.25%. The new rate shows on the bank's web site as being effective Jan. 1, 2011. The other fea
Southern Community Bank & Trust is offering a special 18-month CD called the Easy Access CD. It has a competitive yield of 1.50% APY with a minimum deposit of $500. It's called Easy Access because ...
2010
- 12/8 - High Demand of Reward Checking Accounts Forcing Banks to Reduce Availability
- 11/2 - 5 Best Reward Checking Accounts Available Nationwide - Updated for November
- 8/17 - Ready Saver Account Yield Falls To 1.35% (Forum)
- 4/16 - Update on the Ready Saver Account and Clues About Future Rates
- 4/1 - Southern Community Bank & Trust Cuts Reward Checking Rate (Forum)
- 2/15 - New High-Yield Online Savings Account at Ready Saver - Available Nationwide
2009
2008
New Interest Rate Is 2.25% As Of 1-1-11
- jackstilton - Saturday, January 1, 2011 - 9:18 AMAnother one bites the dust.
http://www.smallenoughtocare.com/other.aspx?show=rates
3-year Term IRA CD
1.21% APY
Capital One 360
360 Checking Account
0.85% APY
ReadySaver - Southern Community Bank & Trust
While it boasts one of the highest savings rates of any online bank, the web interface is sub-par.
Web-inerface:
My first impression of the website was that it was extremely slow and nonintuitive. It's an odd mix of flash overlayed on a primitive non-flash webpage. If all you want to do is log in and see your account balance, then their website is fine. However, having been somewhat of a connoisseur of several online banks (e.g. ing, capital one, emigrant, etc) I've come to expect some minimum features that I believe all online websites should have.
For example, there isn't a way to set any e-mail alerts whatsover. I find that particularly annoying because it requires me to log in to confirm when/whether a particular transferred was successful; or to simply be alerted of any unanticipated account activity.
Setting up the ability for ACH transfers was also a hassle because they require a separate authorization form to be approved by an actual customer service representative. That's before you've even set-up any ACH links to the other banking institutions. It took almost 2 weeks to link up my accounts.
Customer Service:
They have live chat during business hours (9-5), which is a nice but necessary feature given that you can't seem to accomplish much with their website alone. When I opened an account, someone at the bank actually sent me a e-mail attached with a pdf document confirming that I had opened an account. Personal, but weird in this day and age.
Overall:
Overall, I find it strange that so many things seem unautomated given that it's an 'online' bank. For me, that gives the uneasy feeling that there is a higher risk of human error than most other online banks. There is also no ability to set-up any e-mail/text alerts for account activities. So, if you can remember to log-in to your account every week to make sure things are okay, then the high interest rate their paying is worth it (for the time being).