Mississippi Deposit Account Rates and Deals

Guaranty Bank and Trust is offering a high-yield reward checking account called High Interest (HIP) Checking. It has the following rates and features if certain monthly requirements are met:

• 4.00% APY on balances up to $25,000
• 1.00% on portion of balance over $25,000
• 0.10% base rate if requirements are not met
• ATM fee refunds up to $15 per month

The monthly requirements include:

• 12 debit card purchases
• 1 direct deposit, draft or internet bill payment
• Access Online Banking
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• $100 minimum initial deposit
• No Minimum Balance Requirement
• No Monthly Maintenance Fee
• Free Bill Pay

It appears that a branch visit is required to open an account. Branches are located in the Mississippi cities of Belzoni, Cleveland, Hernando, Batesville, Indianola, Senatobia, Vicksburg, Hollandale and Greenville.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1943 (FDIC Certificate # 15953).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

BankFirst Financial Services is offering two competitive CD rates: 2.29% APY for 18 months and 2.00% APY for 15 months. Minimum deposit for the 18-month CD is $1,000, and $2,500 for the 15-month CD. There's also an online special 6-month CD with a 1.50% APY. Unfortunately, 1.50% is now competitive for 6-month terms. These rates are listed in the bank's CD rates table as of 12/18/09.

The bank also offers a reward checking account with a 3% APY for balances up to $50K as of 12/18/09 (see my review).

A branch visit is required to open an account. Branches are located in the Mississippi cities of Columbus, Macon, Shuqualak, Starkville, West Point and in the Jackson suburbs of Flowood, Madison and Ridgeland.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 8870).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

Regions Bank has adjusted its special CDs, but they remain competitive in many states. All areas appear to have the same long-term CD special rates: 2.50% APY for 23 months and 3.00% APY for 42 months. The 7-month CD special also appears common for all areas, but it's not nearly as competitive with a 1.25% APY. They used to have a 12-month special, but the term is now 15 to 17 months. The APY is 2.00% for many states (I've confirmed this for AL, GA, IL and TX). In some states it's only 1.75% APY (I've confirmed this for FL and IN). The rates vary by area, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The above rates were checked on 12/16/09.

Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

First Tennessee Bank is offering a checking account promotion in which you can earn up to $150. Details of the promotion are described at firsttennessee.com/150. The promotion is scheduled to end on 12/31/2009. To receive $100 requires that you open a new checking account at a branch and present a copy of this promo or open online. Some of the important small print includes:

• Minimum opening deposit to receive bonus is $300.
• If you meet the stated requirements of this promotional offer, the bonus will be credited to your account within 6 weeks and will be reported as income on Form 1099-INT.
• Limit one $100 bonus per household.
• New checking households only.
• Customer agrees to maintain account in good standing for a minimum of six months.

The next $50 bonus is for new or existing customers who have not used Bill Pay Online. You'll get $50 for paying six bills with it by the end of the 2009. Some of the important small print includes:

• $50 Bonus is for new or existing customers who have never used First Tennessee Bill Pay Online or who have not used Bill Pay Online with any First Tennessee account since August 1, 2009.
• Customer must pay a minimum of six bills using First Tennessee Bill Pay Online between November 1, 2009, and December 31, 2009, to be eligible for bonus.
• Bills are considered paid as of the actual payment date, which is the date funds are withdrawn and sent to the payee.
• Customers receiving this offer who meet the requirements will receive a direct deposit of $50 into account from which bills were paid on or before January 31, 2010.
• No partial bonus amounts will be awarded.
• Limit one bill pay bonus per household.

Any checking account qualifies including the Free Checking Account which has no monthly service charges and the Bill Pay Online is free.

It appears that you must be in First Tennessee's market area to be eligible for this offer. The online application requires that you enter your zip code, and it won't let you apply for a First Tennessee checking account if the zip code is outside their area.

Branches are located mostly in Tennessee, but there are also branches in Georgia, Virginia, Arkansas and Mississippi. The bank has been a FDIC member since 1934 (FDIC Certificate # 4977).

Thanks to the reader who mentioned this promotion in the Bank Deals hub page.

Other Bank Bonus Deals:

• my last 40 posts on checking and savings account bonuses

Update 1/09/2010: The special CDs have changed, and the rates have fallen. Please check the bank's website for the latest rates.

Regions Bank just came out with a special 12-month CD rate of 2.00% APY. Also, the longer terms specials continue to be very competitive. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The 2% was available in zip codes in Texas, Illinois, Central Florida and Georgia. However, a lower 1.75% APY was listed for South Florida, Indiana and North Carolina. The longer term rates were the same for all of the above areas. The full list of special CD rates as of 10/28/09 include:

• 3.25% APY 42-month CD
• 2.50% APY 23-month CD
• 2.00% APY 12-month CD (1.75% APY in some areas)
• 1.25% APY 7-month CD

Minimum deposit is $10,000 of new funds, and the maximum deposit is $1 million. It also requires a Regions checking account. A reader mentioned in the comments that the Regions Preferred Plus Banking checking is $50 to open, has no annual fee and no monthly fee with the $10,000 CD.

I last posted on these specials in September. Before today the 42-month CD rate had gone down to 3% APY in many areas.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions Financial Overview

Regions Financial reported its third quarter results last week. According to this Reuters article, Regions' third-quarter loss was more than what analysts expected. However, the results were good enough to be encouraging to analysts.

One interesting thing to note in the earnings report is that Regions plans to close 121 branches to cut costs. Also, as you might expect with the CD specials that they have offered for many months, their deposits have grown with 270,000 new checking accounts. Average low cost deposits increased $1.3 billion versus the second quarter. These were highlights in the earnings report and show why they require a checking account with these special CDs.

Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com has dropped from 2 stars to 1 star (lowest). It continues to be 3 stars (adequate) at BauerFinancial. Both ratings are based on 6/30/09 financial data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Thanks to the reader who mentioned this new 12-month CD special in the bank deals hub page.

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Regions Bank continues to offer some competitive special CD rates. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. For zip codes in Texas, Florida, Georgia, North Carolina, Illinois and Indiana, the special CD rates as of 9/20/09 include:

• 3.25% APY 42-month CD
• 2.50% APY 23-month CD
• 1.60% APY 10-month CD

Minimum deposit is $10,000 of new funds, and the maximum deposit is $1 million. It also requires a Regions checking account.

I last posted on these specials in July, and the 2-year CD rate has actually gone up a little.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post). Regions Bank's ratings for safety and soundness continue to be a little weak: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 3/31/09 data). It has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368). It's a large bank with $135 billion in assets.

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Britton & Koontz Bank, NA is offering a reward checking account called Smart Rate Checking. The account has the following rates and features if certain monthly requirements are met:

• 5.25% APY on balances up to $30,000
• 1.01% APY on portion of balance over $30,000
• 0.10% APY base rate if requirements are not met

The monthly requirements include:

• 12 debit transactions (Point of Sale)
• 1 Automatic deposit or debit
• Access online banking
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• No minimum balance requirement
• No monthly service charge
• Multiple accounts (2) can be opened, but requirements must be met for each to receive the top rate

I can find nothing regarding ATM refunds, possibly a reason for the truly excellent rate.

A branch visit is required to open an account. Branches are located in Natchez and Vicksburg, Mississippi, and Baton Rouge, Louisiana.

The bank has some strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com based on 3/31/09 data.

The bank has been a FDIC member since 1934 (FDIC Certificate # 4995).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Update 9/27/09: The top rate has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

First National Bank of Pontotoc is offering a reward checking account called The MAX Checking. The account has the following rates and features if certain monthly requirements are met:

• 4.01% APY on balances up to $30,000
• 1.01% APY on portion of balance over $30,000
• 0.15% APY base rate if requirements are not met
• ATM fee refunds nationwide without limit

The monthly requirements include:

• 10 debit card purchases
• 1 direct deposit or automatic payment
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• $50 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Multiple accounts can be opened but requirements must be met for each to receive the top rate

There's an online application at the checking account's microwebsite. However, the top of the application states that after you apply online you'll be expected to come into a branch to complete the application process.

Branches are located in Pontotoc, Mississippi. The bank has been a FDIC member since 1934 (FDIC Certificate # 5006).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
09/21/09: 4.01% APY up to $30K
07/30/09: 5.01% APY up to $30K; 1.01% over; 0.15% base

Update 10/10/2009: The 42-month CD rate has fallen in some areas. Please check the bank's website for the latest rates.

Regions Bank is offering some competitive rates on a few CD specials. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. For zip codes in Texas, Florida and Georgia, the special CD rates as of 7/26/09 include:

• 3.25% APY 42-month CD
• 2.40% APY 23-month CD
• 1.70% APY 12-month CD

Minimum deposit is $10,000 of new funds. It also requires a Regions checking account.

Regions is currently advertising the 42-month and 12-month CD specials. According to the ad, the 12-month CD has a no-penalty feature which helps make it competitive since 1.70% is low for standard 12-month CDs. I've seen it advertised in Florida, in Dallas and in St. Louis. The ad is available online here. The no-penalty feature allows you to make a one-time no-penalty withdrawal (partial or complete). This has the same $10K minimum and checking requirement as the other CDs. The ad also lists the same 3.25% APY 42-month CD special. The small print states that this 42-month CD is also available in an IRA with minimum deposit of $4,000.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.

Regions Bank's ratings for safety and soundness are a little mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. These are based on 3/31/09 financial data. Regions is a large bank with $137 billion in assets. It has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

United Mississippi Bank is offering a high-yield reward checking account called NetChek. The account offers the following rates and features if certain monthly requirements are met:

• 5.13% APY on balances up to $25,000
• 1.01% APY on the portion of the balance over $25,000
• 0.25% base rate if qualifications are not met
• ATM fee refunds

The monthly requirements include:

• 10 debit card purchases
• 1 ACH direct deposit or debit
• receive e-Statements

Additional features of the account regardless of the monthly requirements include:

• No minimum balance requirement
• No monthly service charge

It appears that a branch visit is required to open an account. Branches are located in Natchez, Fayette, Woodville and Centreville, Mississippi. The bank has been FDIC insured since 1973 (FDIC Certificate # 21083).

Other Reward Checking Accounts

It's getting hard to find reward checking accounts with rates over 5% these days. Many have lowered their rates this year.

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.