3.00% Savings Account at South Central Bank of Hardin County in Kentucky - Local Only


South Central Bank of Hardin County is offering 3.00% APY on its regular savings account. Minimum balance is $100. There's a $3 fee if the balance falls below $100. Withdrawals are limited to 6 per quarter. A fee is charged for additional withdrawals. The savings account rate isn't listed at the bank's website. A reader commented on this, and I just called for additional details. The CSR said this is not a promo rate, and it has remained at this rate for quite some time. However, it's subject to change at anytime.

A branch visit is required to open an account. According to the CSR, anyone in Kentucky can apply if they can make it to a branch. The bank has two branches located in Elizabethtown, Kentucky. Note, the bank has many sister banks in other parts of Kentucky (and they all share the website southcentralbank.com). However, only South Central Bank of Hardin County appears to have this high savings account rate.

The bank's ratings for safety and soundness are average: 3 stars (performing) at Bankrate.com (based on 3/31/09 data) and 3½ stars (good) at BauerFinancial (based on 6/30/09 data). The bank has been a FDIC member since 1995 (FDIC Certificate # 33977).

Thanks to the reader ichaelm who mentioned this savings account in the bank deals hub page.

Other Competitive Savings Accounts

As the reader ichaelm mentioned in the comments, this may be the only 3% savings account left in the country. The downside to savings accounts is that the rates are generally subject to change at anytime. As we've seen many times in the last year, very high rates often don't last too long at any one bank. However, there are cases in which banks will keep rates very competitive for many months. One example is at Solera National Bank in Colorado which is offering a 2.75% APY savings account. This is down from 3% when I reported on this in July, but 2.75% is still very competitive. The bank used to offer this nationwide, but it's now limited to local customers (see post).

For other top savings and money market accounts, refer to the following pages:
Related Pages: savings account

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