Southern Community Bank and Trust is pushing for their high interest savings account online called Ready Saver Account . The current interest rate for this high yield savings account is 2.00% APY.

Opening the Savings Account

The minimum deposit to open this savings account is just $1. The bank does not collect any monthly service fees neither do they have any hidden charges. This savings account deal is available nationwide except for the state of North Carolina.

The current interest rates for this savings account are still posted on the bank’s website but they can be changed any time without notice. The account accrues interest on a monthly basis. In case you decide to close the account, make sure that the yields have been credited or you will not be able to receive them.

This savings account can only be opened online. Account holders are also required to log in to you online banking account every month so the bank can verify if you can access your electronic statement.

If you decide to apply for an account, be advised that the bank does a hard credit pull via Equifax for new accounts.

We have confirmed the link between the Ready Saver Account website to its parent bank, the Southern Community Bank and Trust. It is always a good practice to do this. The Ready Saver application uses the same platform as the reward checking account of the bank.

Features of the Ready Saver Account

Southern Community Bank and Trust has an ACH facility. The disclosure states that there is a daily limit of $15,000 for ACH transfers but according to their customer service, this rule is not being strictly enforced. We were told by on of our readers though that you need to input an account information every time you want to initiate a transfer. They also do not do test deposits.

Monthly withdrawals are limited to six per month. It will cost you $3 for every excess transaction. Debit transactions are also limited to 9 every quarter with a $3 fee for every transaction going beyond the limit.

About the Bank

Southern Community Bank and Trust is headquartered in Winston Salem with several branches across North Carolina including Releigh, Winston-Salem, Greensboro, and Asheville. North Carolina residents though are excluded for this offer. Maybe the bank is trying to attract new money for their deposits.

The financial ratings of the bank are a bit mixed. BauerFinancial issued 3 ½ stars while Bankrate.com issued the lowest of 1 star for soundness and safety. The bank is covered by the FDIC. If you decide to open an account after weighing the pros and cons, it will be wise to stay within the FDIC limits.

Southern Community still offers competitive interest rates for their reward checking account. It might be a good sign that this savings account deal will maintain its good interest rates. The bank also has a good amount of deposits at around $1.3 billion. The figures indicate that it will not easily be overwhelmed by a huge influx of applicants.