2.50% Checking Account at Old Southern Bank in Central Florida

Old Southern Bank continues to offer a very competitive rate on its Investment Checking Account. The rate is 2.50% APY as of 4/30/09 for balances of $10,000 or more. If the average daily balance falls below $10,000, the rate falls and a monthly fee of $25 is charged. Balances in excess of $1 million may be subject to a reduced rate. The rate and the features are described in the bank's Products and Services Page.

This is not a reward checking account so there are no debit card usage requirements or small balance caps.

I first reported on this checking account in August 2006 when the bank was offering a 6% promo. Since then it has maintained a very competitive rate that has been comparable to online savings account rates. My last post was last December when the bank was offering 3.05% though 6/30/09.

On the bottom of the bank's products page it states that these are "available in our Clermont, Downtown Orlando, Winter Park, Altamonte Springs, Longwood, Colonialtown and Sand Lake offices only." Please refer to the bank's branch page for addresses and phone numbers.

Old Southern Bank's ratings for soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 2006 (FDIC Certificate # 58182).

Tags: checking account, Florida