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3.05% Checking Guaranteed Until 6/30/09 at Old Southern Bank in Florida


Old Southern Bank is offering a 3.05% APY on its Investment Checking Account and is guaranteeing this rate through June 30, 2009. This offer is listed at the bank's products page as of 12/20/08. Minimum balance to earn this yield is $10,000. If the average daily balance falls below $10K, the rate falls and a monthly fee of $25 is charged. Balances in excess of $1 million may be subject to a reduced rate.

Unlike many other high yield checking accounts, this does not require debit card usage or other activities to maintain the high rate. Accounts are for individuals only.

I first reported on this checking account in August 2006 when the bank was offering a 6% promo with a rate guarantee through March 15, 2007. Since then it has maintained a very competitive rate that has been comparable to online savings account rates. I've been tracking the rate history in this post.

On the bottom of the products page it states that these are "available in our Clermont, Downtown Orlando, Winter Park, Altamonte Springs, Longwood, Colonialtown and Sand Lake offices only." Please refer to the bank's branch page for addresses and phone numbers.

Old Southern Bank's ratings for soundness are mixed: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/08 data.

The bank has been FDIC insured since 2006 (FDIC Certificate # 58182). As I recommend with any bank, it's best to keep under the FDIC limits.

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Anonymous   |     |   Comment #1
In reality this is 6mo CD with no pre-pay penalty 10K min. at below average rate.