Southern Bank's Rewards Checking Account Available in AR, IL, and MO


Deal Summary: Southern Advantage (rewards checking), 2.01% APY, on qualifying balances up to $25k.

Availability: Market area includes Arkansas, Illinois, and Missouri.

Missouri-based Southern Bank recently began offering a new rewards checking account, Southern Advantage, as a replacement for its long-standing Kasasa Cash checking account. The Southern Advantage account currently earns 2.01% APY on qualifying balances up to $25k. Qualifying balances over $25k and non-qualifying balances both earn 0.05% APY.

4.00*%-$25kSouthern BankSouthern Advantage
OTHER TIERS: 1.00% $25k+
Rates as of February 26, 2024.

The monthly qualifying requirements include,

  • At least 20 debit card purchases
  • At least one direct deposit, ACH, or automatic debit

Opening a Southern Advantage account requires a minimum $500 deposit. There is a $5 monthly service fee that can be avoided by maintaining a minimum daily balance of $5k or by enrolling in electronic statements. Unlimited check writing is available and a free Mastercard debit card will be issued following account opening. There is a limit of one Southern Advantage account per Social Security number, and it may not be used as a commercial account.


Headquartered in Popular Bluff, Missouri, Southern Bank offers a variety of its accounts, including the Southern Advantage checking account, to the residents (18 years or older with a Social Security number) of Arkansas, Illinois, and Missouri.

While there is no online application for opening a Southern Advantage checking account, there is a Request an Account form, which is essentially a “Contact Me” form.

Get in touch to let us know you’re interested in one of our savings options – without having to visit a branch. We’ll get back with you just as soon as we can.

Opening a Southern Advantage checking account can be done in person at any of the 37 Missouri, eight Arkansas, or three Illinois branches.

Our lobbies are available for account opening, loan applications, or safe deposit box access. Please remember to remain a safe distance from other customers for your protection as well as theirs.

Bank Overview

Southern Bank has an overall health grade of "A+" at, with a Texas Ratio of 3.03% (excellent), based on March 31, 2021 data. In the past year, Southern Bank has increased its total non-brokered deposits by $401.5 million, an excellent annual growth rate of 20.71%. Please refer to our financial overview of Southern Bank (FDIC Certificate # 28332) for more details.

Founded in 1887 as the Southern Missouri Savings and Loan Association, Southern Bank is currently the 11th largest bank headquartered in Missouri, with assets in excess of $2.7 billion and more than 100,000 customer accounts. According to March 2021 press release,

Wow, what an honor. Out of more than 2,500 FDIC-insured financial institutions, Southern Bank was named the Best Small Bank in Missouri according to a joint consultation by Newsweek and Lending Tree.

Lending Tree culled candidates and applied filters to narrow the pool of more than 2,500 institutions into 18 categories. The ‘best banks’ were selected based on 55 individual factors and ranked on a scoring system developed by Newsweek.

Some determining factors included various fees, current and historical interest rates, account terms, customer service features, and mobile app scores.

How the Southern Advantage Checking Compares

The multi-state availability of the Southern Advantage checking account makes the comparison to nationally available accounts appropriate. When compared to the High Yield Reward Checking Accounts tracked by that are available nationwide and have maximum qualifying balances of at least $25k, Southern Bank’s Southern Advantage APY currently ranks second.

The above information and rates are accurate as of 6/30/2021.

Looking for the best Reward Checking Account rates, both nationwide and state specific? Please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: St. Louis checking accounts, Springfield checking accounts, Paducah checking accounts, Little Rock checking accounts, Jonesboro checking accounts, reward checking accounts

Another Case of Customers Kicked Out of Their Reward Checking Accounts

When banks get too much demand for their reward checking accounts, they often limit new accounts to their local market area. However, they rarely close accounts to out-of-state customers. Unfortunately, there was another case of this. A reader reported that he received a letter from Southern Bank informing him that his Kasasa Cash account will be closed at the start of April. He called the bank and spoke with the second in command at the bank and was told that they were reducing the client list to locals and closing...

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Top CD and Reward Checking Rates Continue at Southern Bank in MO & AR

Southern Bank continues to list several competitive CD rates. The rates are down since June, but they remain very competitive. The best ones include a 3.05% APY 5-year CD, a 2.40% APY 3-year CD and a 2.05% APY 2-year CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 9/14/2010.

In addition to top CD rates, the bank also offers a very competitive high-yield reward checking account called Kasasa Cash. It has been paying 5.01% APY on balances up to $25K since June 2009 (see...

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Top CD and Reward Checking Rates at Southern Bank in MO & AR

Southern Bank is listing several competitive CD rates. The most competitive ones include a 3.50% APY 60-month CD, a 2.25% APY 24-month CD and a 2.00% APY 18-month CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 6/27/2010. Note, there's a March date at the top of this page. I've sent a message to the bank to confirm these rates are still valid.

In addition to top CD rates, the bank also offers a very competitive high-yield reward checking account called Kasasa Cash. It...

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2.75% 25-Month CD at Southern Bank in MO & AR
Southern Bank is offering a special 25-month CD with a 2.75% APY. Minimum deposit is $500. This special doesn't seem to be listed at the bank's website. I reader mentioned this to me, and I contacted the bank yesterday (9/29/09) for more details.

According to the CSR, the CD can be opened online and through the mail. There's an online application link located at the bank's CD page. In addition to the online application, they require copies of two forms of ID with at least one photo ID. The online application...

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5.01% Reward Checking Account at Southern Bank

Update 4/3/2011: The balance cap has fallen from $25K to $15K.

Southern Bank is offering a reward checking account called Kasasa Cash. It pays 5.01% APY on balances up to $15,000 (1.01% for above) and refunds ATM fees nationwide if the following monthly requirements are met:

  • 12 check card purchases
  • one direct deposit or automatic payment
  • receive electronic statements

If these are not met, the rate falls to 0.10%. The minimum initial deposit is $100. There are no minimum balance requirements or monthly service charges.

Update 4/06/09: The bank has changed their policy an account availability....

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.