4.00% Money Market Account Guaranteed to 6/30/09 at Bank of the Carolinas
Jul 15, 2008 - 5:38 PM by Ken Tumin
It appeared to require a branch visit, but since this deal was especially hot, I called to verify. Unfortunately, the CSR said new accounts do require you to come into a branch. According to the CSR, this promotion just started today, so it should last for awhile.
The bank also offers a reward checking account with a yield of 4.50% APY (see post).
Branches are located in the North Carolina cities of Winston-Salem, Mocksville, Lexington, Landis, King, Harrisburg, Concord, Cleveland, Asheboro and Advance.
The bank has a 3.5 star rating (good) at BauerFinancial based on 3/31/08 data. It has been FDIC insured since 1998 (FDIC Certificate # 34903).
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O-Qua Tangin Wann (anonymous) - #1, Wednesday, July 16, 2008 - 2:48 AM
Who wants to give me a ride to North Carolina?
Damn! I am all the way across the country. Is this bank stupid? They would get a lot of deposits if they allowed out-of-state people to get that 4% account.
I guess they really don't want millions and millions of dollars in new deposits.
I wonder what they are afraid of?
~O-Qua Tangin Wann
Banking Guy (anonymous) - #2, Wednesday, July 16, 2008 - 7:36 AM
Yea, when the CSR told me of the branch-visit requirement, I knew this would be a disappointment to many. This kind of one-year rate guarantee is rare.
Anonymous - #3, Wednesday, July 16, 2008 - 10:38 AM
"I guess they really don't want millions and millions of dollars in new deposits.
I wonder what they are afraid of?"
Possibly they are afraid of not being certain that they have a place to invest their funds which, for the nearly unlimited amount of principle they might get if they made this offer nationally, will give them a GUARANTEEED 4% plus (plus of course whatever expenses they have to make this offer), for 1 year. The basics of being a bank is that you have to make more on the funds you take in that you are paying out - see IndyMac.
tuphat (anonymous) - #4, Sunday, July 20, 2008 - 12:26 PM
Just to be clear: the first $10k only earns 0.25%; it's only amounts in excess of $10k that earn 4.00%. Still a pretty good deal if seen as hedge against flat or falling rates.
Anonymous - #5, Wednesday, September 3, 2008 - 10:25 PM
Thanks so much for this info!!! I live in Charlotte and visited their new Concord, N.C. branch today. It was almost 40 miles one way from my house, but I opened 2 accounts with various POD benes so that I could maximize my FDIC coverage. They were very nice and professional. How rare to get a 10 month guarantee on a 4% money fund rate. It's like a CD that lets you get your money any time. Maybe in 10 months those 6% CDs will be back!
Banking Guy (anonymous) - #6, Thursday, September 4, 2008 - 7:08 AM
Thanks for the info. Glad to read the promo is still available.
Anonymous - #7, Thursday, September 4, 2008 - 10:35 AM
The posting on July 20, 2008 is incorrect. If you keep over $10,000in the account, the whole account receives 4%, not just everything over $10,000. The .25% rate only kicks in if your account balance falls below $10,000.I have confirmed this via phone call with "Mat" in their operations center as well as via e-mail with "Janet" (who opened my accounts)in their Concord, N.C. office. Thanks.
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