Rewards Checking Account in Alabama paying 4.01% APY
Anyone looking to deposit $100k into a high-yield, FDIC insured, interest bearing checking account? If so, SouthPoint Bank out of Alabama has a great deal on their “rewards checking account.”
Currently, they are offering an interest rate of 4.01% APY paid on all balances up to $100,000, with 1.01% APY paid on balances above that amount.
Thanks to BankVibe reader Sean for sending this one in!
One thing that slightly worries me about this rate is that it became effective back in April and has not been updated since. Interest rates in general, especially savings account rates and CD rates have dwindled drastically since then, so this rate may be on the verge of a drop.
This is a variable rate and is subject to change without notice.
Like all other Rewards Checking Accounts, you will be required to make a certain amount of debit card purchases each month. You will also need to set up at least one ACH auto transfer from this account along with enrolling to receive e-statements to earn this advertised interest rate.
SouthPoint Bank was founded in 2005 as a result of SouthTrust Corporation announcing that regional giant Wachovia was acquiring it. It was at that point that three bankers, bound by commitment to independence and the desire to provide the Birmingham area with a locally based bank, began making plans to open what would become SouthPoint Bank.
February 2nd, 2010 at 9:26 pm
Doesn’t seem to be offered anymore.
March 11th, 2010 at 12:11 am
I have one of the accounts at Southpoint and was very pleased by the interest which was posted on the first day of every month. Two weeks ago, I was notified that their rate was dropping to just over 1.7 APR but as a consolation I would be offered 60 month, 3% CDs with the option of a one time withdrawal without a penalty.Not sure what I will do now, but it was great while it lasted!
March 11th, 2010 at 4:26 am
Thanks for sharing your experience JP!
March 11th, 2010 at 1:19 pm
I have one of the accounts at Southpoint and was very pleased by the interest which was posted on the first day of every month. Two weeks ago, I was notified that their rate was dropping to just over 1.7 APR but as a fonsolation I would be offered 60 month, 3% CDs with the option of a one time withdrawal without a penalty.Not xure what I will do now, but 9t was great while it lasted!;
May 3rd, 2010 at 10:14 pm
Now,instead of their great rewards checking rate, they’re offering a( wait for it..) TOASTER with new checking accounts. Still looking for options better than the LOW CD rates in my area.
August 1st, 2010 at 10:59 am
My posts concerning my experience w/ Southpoint are above. To update: Since NOBODY is offering good CD rates, I’ve procrastinated about moving my money. On the 1st day of every month, I was initially earning arount $325 in interest. When their rates changed, my earnings dropped to around $100 per month. Today, when checking my balance online, I saw that only $24 of interest was deposited into the account(even though I had met and exceeded all of the stipulations to earn interest.) I was not notified of ANY changes in their terms. I am SO angry and will be demanding explanations and making some major changes tomorrow morning(this is Sunday).I think we are going to part company. I advise staying away from this bank. JP