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.
|2.01*%||-||$25k||Southern Bank||Southern Advantage|
|OTHER TIERS: 0.05% → $25k+|
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.
Southern Bank has an overall health grade of "A+" at DepositAccounts.com, 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 DepositAccounts.com 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.