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).