Mississippi Banking Rates and News

Community Trust Bank is offering a 13-month CD special with some competitive rates. If you meet all the checking account requirements, you can get a very competitive rate of 1.65% APY. That requires opening a checking account with a debit card, online banking, e-statements and direct deposit. Without direct deposit, the rate falls to 1.40% APY. Without a checking account, the rate is still quite competitive with a 1.15% APY. Minimum deposit is $5,000, and new money is required. This special is listed at the bank's promotions page as of 2/3/2012.

It appears that a...

Air Force Federal Credit Union did something that's not common these days. It made some large rate increases on its share certificates. Its long-term CDs and IRA CDs are now competitive. The best ones include a 2.75% APY 7-year CD, 2.20% APY 5-year CD and a 1.60% APY 3-year CD. Minimum deposit is $100,000. For the 7-year and 5-year CDs, rates are 5 basis points lower for a $2,500 minimum deposit. These rates are listed in the credit union's rates page as of 1/19/2012.

The credit union's early withdrawal penalty is a little convoluted:

The early...

Even though few readers will be eligible for this CD, it’s interesting to note the bank with the highest CD rate for terms under 10 years. It’s First Federal Savings and Loan Association which is offering an 8-year CD with a 3.75% APY. This is a Jumbo CD which has a $100K minimum deposit. The Jumbo 5-year CD rate is also competitive at 2.75% APY. The yields are 25 basis points lower for a $1,000 minimum deposit. These rates are listed in the bank’s rates page as of 5/25/2011. The bank rep informed...

In the last couple of weeks I've noticed a few new reward checking accounts. This one at Hope Credit Union is one of those new ones. It's nice that institutions are still launching new reward checking accounts. However, there's one downside. Most of these new ones have balance caps of $10,000, and that includes Hope Credit Union. Nevertheless, it has some features that make it noteworthy. In addition to the checking account, there's also a companion savings account. These accounts are under the Kasasa brand name. The checking is called Kasasa Cash and the savings is called...

SunTrust Bank continues to offer its special CD package with the competitive 2.40% APY. I first reported on this special in January. The special requires that you open both a 39-month CD and a 63-month CD with a $2K minimum deposit in both. Both CDs have a 2.40% APY. I have the full details in my SunTrust CD review.

SunTrust just came out with a new CD/IRA special with a higher rate. It's offering a 2.70% APY on a 66-month CD. Minimum deposit is $2K. This is listed at SunTrust's CD page...

It's getting harder to find reward checking accounts that offer the top rate for balances over $25K. However, there continues to be a few banks and credit unions that offer top rates on balances up to $50K. Just like rates, these balance caps can fall. If you're lucky, the institution will grandfather you in on the cap. One reader mentioned that Danversbank did this. Customers who opened the account before the cap reduction continue to earn 3.01% APY on balances up to $100K.

I did a quick review of the best rates in our reward checking table. If...

SunTrust Bank has brought back its special CD package. As you might expect, it's not as nice as what they were offering last year. Nevertheless, the current offer is competitive. The unusual feature is that it's actually two CDs: one with a 39-month term and one with a 63-month term. Both have a 2.40% APY. You must open both CDs with a minimum deposit of $2K for each CD for a total of $4K. Each CD must be funded with an equal amount. The special also requires that you have a SunTrust checking account. This can be...

Several insurance companies like State Farm and MetLife have banks that offer deposit accounts. I just found another one that's under Shelter Insurance Companies. Its bank is called Shelter Financial Bank, and it's currently offering some very competitive long-term CD rates. The notable long-term CD rates include a 3.20% APY 7-year CD, a 2.95% APY 6-year CD, and a 2.55% APY 5-year CD. Minimum deposit is $1,000. Rates are 10 basis points higher for the Jumbo CDs with a $95K minimum deposit. These rates are listed in the bank's deposit rates page as of...

Fort Financial Credit Union has a special 30-month CD with a 2.01% APY. It's called the COMFORT Certificate, and it allows you to bump up the rate one time during the term of the CD and add additional funds at the same time. A checking account is required. Minimum deposit is $500. The special is also available as a Traditional or Roth IRA. The rate is listed at the credit union's rate table as of 12/07/2010.

As a comparison to internet banks, the best 30-month CD rate is 1.74% APY (2.05% APY for...

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...

Liberty Bank is offering a very competitive rate on its Personal Savings account. The yield is 1.82% APY on all balances. It's not listed on the bank's website. A reader emailed me news of this, and I called yesterday (11/09/2010) for more details. According to the bank representative, the rate has been this way for a long time, and she didn't know when it might change. A branch visit is required to open an account.

The bank does have a few details about this account in its Personal Savings Account page. There's a...

Air Force FCU continues to offer competitive 3-year and 5-year CD rates. The best rates require a $100K minimum deposit and include a 3.00% APY 5-year CD and a 2.40% APY 3-year CD. For the 5-year CD, the rate only goes down by 5 basis points for deposits as small as $2,500. For the 3-year CD, the rates include a 2.35% APY for $25K, 2.30% APY for $12.5K and 2.25% APY for $1K. These rates are listed in the credit union's savings rates page as of 11/02/2010.

As a comparison, the best 5-year CD rate...