Southern Bank and Trust Rates & Review

Southern Bank and Trust Review

Southern Bank and Trust is a subsidiary of Southeastern Bank Financial Corporation. The bank was opened in 2006 in Aiken, South Carolina. It has three full-service branches in the area. Its sister bank, Georgia Bank and Trust, is the oldest local independent bank in August, Georgia.

High interest checking account

A core product of this bank is its free high interest rewards checking account called Impact Checking. It automatically reimburses ATM fees and comes with free online banking. There are no monthly fees and no minimum balance requirements for this account although the best interest rates are earned when certain monthly qualifications are met.

Those qualifications are to make 10 MasterCard debit card purchases, complete one direct deposit or bill pay transaction and access statements online. Additionally, bonus interest can be earned on account balances over $25,000.

Other checking account products

This bank's checking accounts are include totally free checking and VIP interest checking with no minimum balance. Additionally, this bank offers special product bundles called Checking Advantage that offer free and discounted checking account services to students and employees of select companies.

High yield savings account options

Southern Bank and Trust provides several different options for savers seeking a high yield savings account. These options include a Christmas Club account, a regular money market account, a money market IRA, an IRA CD and traditional CDs.

Other savings account types

Low-interest savings accounts are also available with this bank. These include regular savings and prime savings. The latter requires a $2,500 opening deposit and has tiered interest with higher bank rates for balances over $5,000. Another option is SMART savings for children.

Deposit insurance

Southern Bank and Trust has been insured by the Federal Deposit Insurance Corporation since 2006, the year of its launching. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

Compare high yield savings accounts from Southern Bank and Trust and hundreds more banks and credit unions at SavingsAccounts.com.