3.00% Reward Checking Account at Bancorp South
May 11, 2008 - 5:26 PM by Ken Tumin
Bancorp South is offering a reward checking account called New Performance Checking that pays 3.00% APY on balances up to $30,000 (0.25% for above) and refunds ATM fees (up to five $3.50 transactions per month) if the following monthly requirements are met:
- 12 debit card purchases
- one ACH debit or credit
- be enrolled in internet banking and receive electronic statements
If these are not met, the rate falls to 0.25%. There's a minimum initial deposit of $500.
Bancorp South is listing this Performance Checking on their home page, but it doesn't seem to be listing the rate. I found the 4% mentioned in a Bancorp South ad in a Memphis newspaper. The small print of the ad does state that rates may vary by location.
Update 5/13/08: A reader has confirmed that top rate is not available at all locations. In middle Alabama, it's 50 basis points lower.
Bancorp South is the largest bank that I'm aware of that is offering a reward checking account. It has over $13 billion in assets and 287 offices located in 8 states (Alabama, Florida, Mississippi, Tennessee, Arkansas, Louisiana, Missouri and Texas). The bank has been FDIC insured since 1934 (FDIC Certificate # 11813).
Other High Yield Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
Edit 1/02/09: Updated ATM fee refunds
Rate History:
10/22/09: 3.00% APY up to $30K (as reported by reader)
05/11/08: 4.00% APY up to $30K; 0.25% over; 0.25% base
Banks Mentioned in this Post:
| Bancorp South Locations: 282 Health Rating:  |   |
| Recent Posts: Competitive CD Specials at BancorpSout... | Reward Checking and a High-Yield Savin... | |
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Anonymous - #1, Tuesday, May 13, 2008 - 4:31 PM
I live in middle Alabama and in my region, the rate is only 3.50%.
They couldnt match the memphis rate.
ING pays me 3.30%, Im not willing to deal with all those requirements for an extra .2%.
Banking Guy (anonymous) - #2, Tuesday, May 13, 2008 - 4:52 PM
Thanks for the comment. I had a feeling this Memphis rate was going to be higher than other areas. I've updated this post with your info. Thanks!
Anonymous - #3, Sunday, June 29, 2008 - 1:48 PM
Renasant Bank offers basically the same deal but their interest rate is higher. I just moved my personal checking from my local bank to them and my rate is 4.26%. I am in Mississippi and am not really sure if it varies by location, I don't believe that it does.
Plus BancorpSouth required you sign up for HomeTown banking and Renasant doesn't. All the other requirements are the same. One other difference is that Renansant only goes to 25,000 and the regular rate is .10.
Banking Guy (anonymous) - #4, Sunday, June 29, 2008 - 2:14 PM
Thanks for the info. I just posted on Renasant's reward checking last Sunday (see post).
Anonymous - #5, Thursday, July 31, 2008 - 8:53 AM
In Louisiana the APY is 4% I just got it directly from an email from BancorpSouth.
Saver (anonymous) - #6, Wednesday, November 5, 2008 - 3:17 PM
I live in Mississippi and my rate is 4%. A great deal for me since I already met all the requirements.
Anonymous - #7, Thursday, January 1, 2009 - 8:33 PM
Please re-examine ATM fee refund....$3.50 x 5 = $17.50/cycle.
notnot vens (anonymous) - #8, Sunday, October 16, 2011 - 3:05 AM
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