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4.01% Reward Checking Account at Provident Community Bank in South Carolina

POSTED ON BY

Provident Community Bank
Update 9/19/09: The top rate is scheduled to fall to 4.01% effective 9/23/09.

Provident Community Bank is offering a reward checking account called Dream Checking that pays 4.01% APY on balances up to $50,000 (1.01% for above) and refunds ATM fees worldwide without limits if the following monthly requirements are met:
  • 10 Visa debit card purchases
  • one direct deposit or ACH auto debit
  • receive electronic statements
  • access online banking
If these are not met, the rate falls to 0.10%. Minimum opening deposit is $100. There are no monthly service charges.

Update 7/11/09: It has been reported that the bank now limits accounts to two per individual.

There's an online application, however, I was told they require you to come into one of their branches to complete the paper work. Branches are located in the South Carolina cities of Union, Jonesville, Winnsboro, Laurens, Rock Hill and Simpsonville.

The bank has been FDIC insured since 1934 (FDIC Certificate # 28997).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
09/23/09: 4.01% APY up to $50K;
02/18/09: 4.51% APY up to $50K
12/04/08: 5.26% APY up to $50K; 1.01% over; 0.10% base
  Tags: South Carolina, checking account, reward checking account, Provident Community Bank

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Comments
8 comments.
Comment #1 by Chris (anonymous) posted on
Chris
This is a VERY good article I found about Credit Default Swaps...

Crazy about Iceland!

http://www.gotoguy.com/?p=612

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Comment #2 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Down to 4.51%

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Comment #3 by Anonymous posted on
Anonymous
I opened a account on 4/10/09 and all went smoothly. One interesting thing to note is that you can open more than one account. The high interest rate goes up to $50K so this is good news if you have a bit to invest and can meet the requirements each month. Opening does require a branch visit, however, the CSR said if we wanted to open another account, we wouldn't have to visit the branch. It's a great deal if you can jump through the hoops.

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Comment #4 by Anonymous posted on
Anonymous
Provident Community Bank now limits accounts to two per individual.

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Comment #5 by James (anonymous) posted on
James
My wife and I have 3 of these accounts and they work great. The rate is super, and once you get them set up, they work very smoothly. It all depends how much energy you want to put into it. In our case, the extra hoops are definitely worth the extra interest.

I'm not sure why they let us open up 3 accounts, because we just opened the 3rd one and no problems. However, all our accts are joint and we alternate the primary name on the from me to my wife. Maybe that's how to get around the issue.

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Comment #6 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Dear Dream Checking Clients,

Effective Wednesday, September 23, 2009 Provident Dream Checking interest rate will change. We assure you, our client, this account will continue to be the highest paying checking account in all of our markets.

The new rate will be 4.01% APY* for balances up to $50,000.

Over $50,000.01, you will continue to receive 1.01% APY*

If the requirements are not met, your account will still function as a free checking account earning a base rate of .10%APY*

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Comment #7 by AtlantaWolf posted on
AtlantaWolf
Snail mail received 3/7/2010 starts with the dreaded "Dear Valued Client".

We are changing the maximum balance cap from $50k to $30k. These changes will become effective at the beginning of your next statement cycle, March 23rd, 2010.

They are adding new "Dream Savers" (2.01% on another $30k if you qualify for the month in your checking account), $100 minimum to open. Interest from your checking is automatically deposited into the savings account. See their website for details dreamchecking.com

New restriction on the Website: Dream Checking is only for consumers in North and/or South Carolina only.

Bankrate.com gives them one itty bitty star based on 9/30/2009 data.

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Comment #8 by AtlantaWolf posted on
AtlantaWolf
Email yesterday they're cutting the rate to 3.35% on the first $30k.

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