The Southern Community Bank & Trust is pushing for their best money market rates:

$0 - $4,999 0.25% APY
$5,000- $24,999 1.30% APY
$25,000 - $49,999 1.80% APY
$50K and over 1.80% APY

The interest rates’ page has a date of July 21, 2009 but according to the online customer service representative these current interest rates are still in effect.

You can apply for the money market account online and the bank will be sending you the documents which you to sign and return. According to the bank, they offer their products and services to any state in the U.S.

Upon application, you will be asked for funding information, account number, routing number, and other relevant stuff. The bank will debit from that account and credit your money market number.

This money market special has check writing privileges. You can enjoy the best interest rates even if you tandem your money market account with their fee free checking account. This free checking account checking account does not have any balance requirements and will work well with the money market promo. Account holders may also opt for a money market account not linked to a checking account.

The CSR was not able to inform us about the fees which may affect the earnings of your money market account. We had a lengthy chat with the CSR and we commend the great customer service. You can call Southern Community through 1877-353-7222. The website also has a branch locator to help you find the nearest office from your location.

Southern Community Bank & Trust also offers some competitive interest rates for their 3-year certificate of deposit special at 2.75% APY on all tiers.

The bank is covered by the FDIC.