Dedicated to Deposits: Deals, Data, and Discussion
Southern Bank3.01%-$15kKasasa Cash
Southern Bank1.40%$500-60 Month CD
Southern Bank0.80%$500-36 Month CD
Southern Bank0.75%$500-24 Month CD
Accounts mentioned in this post. Rates as of July 31, 2014

Top CD and Reward Checking Rates Continue at Southern Bank in MO & AR


Southern Bank continues to list several competitive CD rates. The rates are down since June, but they remain very competitive. The best ones include a 3.05% APY 5-year CD, a 2.40% APY 3-year CD and a 2.05% APY 2-year CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 9/14/2010.

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 has an overall health score of 4 out of 5 with a Texas Ratio of 3.55% (excellent) based on 6/30/2010 data. Please refer to our financial overview of Southern Bank for more details. The bank has been a FDIC member since 1951 (FDIC Certificate # 28332).

Searching for the Best CD and Reward Checking Rates

  Tags: CD rates, Arkansas, Missouri, Southern Bank

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Comment #1 by 51hh posted on
This bank has the longest run for extremely high RCA interest rate.  It also holds the record of being the first "fussy" bank to demand RCA usage as a "primary checking account"; i.e., "we cannot tell you what a primary account usage is, but we will certainly let you know if you are NOT using it as a primary account."  Translation: "Legally we can not set a lower limit for debit card spending, but take a guess... hint: $5 - $10.  We also hate multiple payments at a single place, say gas station."   

I fully expected their rate to fall six months ago, but it is still 5.01%.  I have to admit now that it is indeed a great RCA bank (and eat my own words)!

Comment #2 by darkdreamer4u posted on
I love it - it's been my most stable for a while now. And I play nice so I hope to continue with it for a long time.