Update 5/17/08: Yield has fallen from 3.25% to 3.05% APY.
Update 3/22/08: Yield has fallen from 4.00% to 3.25% APY.
Update 2/23/08: Yield has fallen from 4.65% to 4.00% APY.
Update 9/23/07: Yield has fallen from 5.25% to 4.65% APY.
Old Southern Bank continues to offer a high yield on its Investment Checking account. It pays 5.25% APY for balances of $10,000 or more. If the average balance falls below $10K, the rate falls and a monthly fee of $25 is charged. Unlike many other high yield checking accounts, this does not require debit card usage or other activities to maintain the high rate. Accounts are for individuals only.
I first reported on this checking account in August 2006 when the bank was offering a 6% promo with a rate guarantee through March 15th of this year. So the bank has some history of high rates with this account.
Branches are located in the Florida cities of Clermont, Orlando, Winter Park and Altamonte Springs. Accounts must be opened at one of these branches.
Old Southern Bank is a new bank that was just established in April 2006. It's FDIC insured (FDIC Certificate # 58182).