The Old Southern Bank in Florida offers their best reward checking account that has a guaranteed yield of 3.05% through June 30, 2009. An account holder must have a balance of at least $10,000. Balances of more than $1 million will be subjected to a lower rate.

A monthly service charge of $25 is imposed on accounts with balances dropping below $10K. It will be wise to call the bank how the rate will be affected if you can not maintain the required minimum balance.

Unlike other checking promos of other banks, this one from Old Southern Bank does not require purchases using a debit card and other conditions to meet. This offer is valid for individual account holders only.

The offer is granted through their offices in Sand Lake, Colonialtown, Longwood, Altamonte Springs, Winter Park, Downtown Orlando, and Clermont branches. You can check out the website of the bank to know the specific contact details of these offices.

The bank has been maintaining a very competitive rate on this program comparable to online savings accounts.

BauerFinancial gave a 3-star review of the bank’s financial soundness while Bankrate.com gave a 1-star rating. These figures are based on their September 2008 collected data. It will be best to stay within the limits of the FDIC coverage.

Southern Bank is insured with the FDIC since 2006 with certificate # 58182.