Thursday, March 4, 2010 - 2:26 PMSouthPoint Bank
The rewards checking is DEAD. Replaced by a 3% 5 year CD.
Some changes are being made to your Rewards checking account that will become effective March 1, 2010. The primary change is that we will no longer offer 4.00% APY* on Rewards Checking accounts.
To provide you with an alternative for this change in rate, we are proud to announce:
THE SOUTHPOINT REWARDS CD
3.00% APY* as of February 16, 2010
(Includes a one-time no penalty withdrawal certificate**)
Benefits of The Reward CD:
You will continue to enjoy a very competitive high rate without the hassle of having to meet all the monthly account activity requirements.
You will continue to have access to your money by utilizing the one-time penalty free withdrawal certificate**.
You will have the added peace of mind of knowing that your CD rate will not change for 5 years.
Rate & Terms of The Reward CD:
The Rewards CD offer is exclusive to existing Rewards Checking customers only.
You can open up to (4) Rewards CDs for each Rewards Account. The combined balances of the Rewards CDs cannot exceed $100,000.00 for each Rewards account.
The dollar amount that is eligible to reinvest into the Rewards CD(s) is based on your collected balance as of March 1, 2010.
The Rewards CD is a 5-year CD. The rate and APY is based on the prevailing SouthPoint Bank 5-year CD rate on the date you open the Rewards CD. As of February 16, 2010, the SouthPoint Bank 5-year CD APY is 3.00%.**
The Rewards CD is a limited time offer. This offer will expire September 1, 2010.
* Annual Percentage Yield
** A penalty may be imposed for early withdrawal unless it qualifies for the one time penalty free withdrawal. The one time penalty free withdrawal does not apply to withdrawals made (a) within the first six days after a deposit has been made, or (b) within six days after a previous early withdrawal.
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