4.55% 24-Month Option CD at Old Southern Bank in Central Florida

Update 11/21/08: The rates have fallen on these Option CDs. The new rates as of 11/21/08 include: 4.30% APY 42-month, 4.15% APY 36-month, 4.00% APY 24-month. Please check the bank's website for the latest rates.

Old Southern Bank is offering special Option CDs with a yield of 4.55% APY and terms of 24, 36 and 42 months. The minimum deposit is $1,000. The option feature allows the following:

• Additional deposits during the term of $500 or more
• One time withdrawal of up to half of the principal balance without early withdrawal penalty
• Increase your interest rate one time during the original term

This offer is only available at Old Southern Bank offices in Orange, Seminole and Lake Counties, Florida.

This bank continues to offer a high interest checking account (non-reward). I first posted on this checking account in May 2007. When it started, the yield was 5.25%. The rate has fallen, but it's still competitive with a yield of 3.05% APY.

Branches are located in the Florida cities of Clermont, Orlando, Winter Park and Altamonte Springs.

The bank's finanical ratings are a tad weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both are based on 6/30/08 data. Old Southern Bank is a new bank that was just established in April 2006. It's FDIC insured (FDIC Certificate # 58182).

Tags: CD rates, Florida