Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
State Bank & Trust Company (MS)2.50%-$15kPlatinum Checking
State Bank & Trust Company (MS)1.00%-$15kPlatinum Savings
State Bank & Trust Company (MS)0.05%--Platinum Savings
State Bank & Trust Company (MS)0.05%--Platinum Checking
Accounts mentioned in this post. Rates as of July 30, 2014

High-Yield Reward Checking & Savings Accounts at State Bank & Trust Company in MS, LA & AL

POSTED ON BY

State Bank & Trust Company (MS)

State Bank & Trust Company is offering a reward checking account and a companion savings account under the platinum name. These accounts have the following rates and features (as of 11/17/2010):

Platinum Checking Account:

  • 3.50% APY on balances up to $15K
  • 0.75% APY for over $15K
  • 0.10% base rate if requirements are not met
  • Refund of nationwide ATM charges up to $20 per month

Platinum Savings Account:

  • 1.50% APY on balances up to $15K
  • 0.75% APY for over $15K
  • 0.10% base rate if requirements are not met

To receive the above rates requires meeting the following monthly requirements:

  • 12 debit card purchases
  • 1 Direct Deposit or ACH Auto Debit
  • Receive only Electronic Statements
  • Access online banking

These accounts have no monthly service charge and no minimum balance requirement.

I noticed this bank was on CheckingFinder.com when I was searching with a Miami zip code. It appears that it can be opened online by anyone in Florida. Here's the bank's CheckingFinder page. However, the bank only has branches in Mississippi, Louisiana and Alabama. If you're in Florida and you are interested in this account, it would be a good idea to call the bank first to ensure you are eligible. Banks often change their eligibility criteria.

The bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 12.99% (excellent) based on June 2010 data. Please refer to our financial overview of State Bank & Trust Company for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 8878).

How Do These Compare?

The $15K balance cap is a little low, but unfortunately, sub-$25K balance caps are growing more popular these days. On the plus side, the 3.50% APY is a little higher than average these days. The Savings account helps those who have more than $15K to deposit and don't want to open multiple reward checking accounts. If you have $15K in both accounts, your average yield would be 2.50%. There are still many reward checking accounts (several nationally available) that offer 3% APY on balances up to $25K (as of 11/17/2010).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.


  Tags: reward checking account, checking account, Mississippi, Alabama, Louisiana, State Bank & Trust Company (MS)

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