Southern Community Bank & Trust Cuts RCA Rate From 3.0% To 2.25%, Keeps $25K Cap

Ken reported in his Jan. 2 weekly summary that Southern Community Bank and Trust has cut their interest rate on their ME  Banking RCA account from 3.0% to 2.25%. The new rate shows on the bank's web site as being effective Jan. 1, 2011. The other features of the account appear to have remained unchanged, including its $25,000 balance cap and monthly requirement of at least 10 debit card transactions. Better than 3.0% RCA accounts are dropping like flies...

The bank's interest rates chart for the ME Banking account and others is located here:

http://www.smallenoughtocare.com/other.aspx?show=rates