Southern Bank is listing several competitive CD rates. The most competitive ones include a 3.50% APY 60-month CD, a 2.25% APY 24-month CD and a 2.00% APY 18-month CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 6/27/2010. Note, there's a March date at the top of this page. I've sent a message to the bank to confirm these rates are still valid.
In addition to top CD rates, the bank also offers a very competitive high-yield reward checking account called Kasasa Cash. It has been paying 5.01% APY on balances up to $25K since June 2009 (see my Southern Bank review).
There's an online application for both the CDs and the reward checking account. However, both applications state that only Arkansas and Missouri residents are eligible to open accounts. The apply button for the CDs is available here.
Branches are located in southeast Missouri and in northeast Arkansas.
In 2009, the bank added four branches in northeast Arkansas, and the bank's name changed from Southern Missouri Bank to Southern Bank.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial, 4 stars (strong) at Bankrate.com and an overall health rating of 4 out of 5 at DepositAccounts (see our Southern Bank financial overview page). Ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been FDIC insured since 1951 (FDIC Certificate # 28332).