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Canceled: 4.00% Reward Checking Account for up to $100K at SouthPoint Bank in AL - Local Only

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SouthPoint Bank

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.

  Tags: Alabama, checking account, SouthPoint Bank, reward checking account

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Comments
4 comments.
Comment #1 by rjm (anonymous) posted on
rjm
I've been with these guys for a few months now. Didnt want to shoot myself in the foot which is why I did not tell you about it.

Found out about it by driving by the gardendale branch, then forgetting the name, then asked around and got the name and found out they had a branch closer to home.

Most disturbing thind is your username must start with a capital letter and include a number and your passwords first letter must be capitalized.

And, I think one needs a different username to log in to get a statement. I just dont do that.

1
Comment #2 by 51hh posted on
51hh
No longer offered; kinda know that this (4%, $100K) will not last long.

DanversBank is the only one that offers such great (grand-fathered) rate/limit.

1
Comment #3 by KenBDG posted on
KenBDG
Thanks 51hh for the update. Sorry to see it no longer being offered. They could have always cut the cap to $25K instead of ending it.

That's definitely a sweet deal you got at DanversBank. I don't know many banks that have done such grandfathering.

1
Comment #4 by 51hh posted on
51hh
Ken,

For 4-5 years in the RCA "business", Danvers is the only bank that grand-fathered their RCA limit.  Luckily, I have two of those "sweet deals" with them.

R,51hh

1