Update 3/11/2010: The reward checking account is no longer being offered by the bank.
SouthPoint Bank is offering a rewards checking account with the following rates and features if certain monthly requirements are met:
- 4.00% APY on balances up to $100,000
- 1.00% on balances over $100,000
The monthly requirements include:
- 12 debit card purchases
- One direct deposit
- Log into online banking
- Receive E-statements
Additional features of the account regardless of the monthly requirements include:
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free Online Bill Pay
These rates are listed in the bank's rates page as of 7/19/09. The above details are described in the checking account page.
It appears a branch visit is required to open an account. Branches are located in the Alabama cities of Birmingham, Gardendale and Trussville.
SouthPoint Bank has been a FDIC member since 2005 (FDIC Certificate # 58088).
Thanks to the reader who mentioned this reward checking account in the comments.
Other Reward Checking Accounts
Compared to the typical reward checking account with a $25K cap, this reward checking account with a $100K cap is especially nice.
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.