Dedicated to Deposits: Deals, Data, and Discussion

3.00% Reward Checking Account at Bancorp South

POSTED ON BY

Bancorp South
Update 10/24/09: The top rate has fallen to 3.00% APY. Refer to the bottom of the post for the rate history.

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
  Tags: Alabama, Louisiana, Arkansas, checking account, Texas, reward checking account, Mississippi, Tennessee, Bancorp South, Missouri, Florida

Related Posts

Comments
9 comments.
Comment #1 by Anonymous posted on
Anonymous
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%.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
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!

1
Comment #3 by Anonymous posted on
Anonymous
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.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I just posted on Renasant's reward checking last Sunday (see post).

1
Comment #5 by Anonymous posted on
Anonymous
In Louisiana the APY is 4% I just got it directly from an email from BancorpSouth.

1
Comment #6 by Saver (anonymous) posted on
Saver
I live in Mississippi and my rate is 4%. A great deal for me since I already met all the requirements.

1
Comment #7 by Anonymous posted on
Anonymous
Please re-examine ATM fee refund....$3.50 x 5 = $17.50/cycle.

1