Coastal Carolina National Bank is a brand new bank that was just opened on Monday in Myrtle Beach, South Carolina. As is common for new banks, they're offering some very competitive account specials. The first is a 3.00% APY 6-month CD. Minimum deposit is $1,000, and the maximum is $100,000. A checking account that's intended to be your primary checking account is required with a minimum opening balance of $2,500. The special is listed at the bank's CD promotion page as of 6/09/09.
The free checking account qualifies for the special CD. This offers free basic checks and unlimited free domestic ATM transactions (fees charged by other banks will be reimbursed). There's also a reward checking account called Premier Checking. For a reward checking it has some issues. There's a $10 maintenance fee if you don't make the required 10 debit card purchases per month or if your balance falls under $500. According to the CSR, the rate as of 6/09/09 is 2.50% APY for balances between $500 and $25K.
The money market account special offers a 2.75% APY on balances over $1,000. Minimum balance is $10,000 to open and to avoid a $10/month fee. The rate is listed at the bank's MMA promotion page as of 6/09/09. According to the CSR, you can do both this special and the CD special. The rate is subject to change at any time. Since they just started, it's probably a good bet that it'll last for a while.
The CSR said they may be able to open accounts by mail, and this would require a notarized signature. I'm labeling this a local deal since it's a new small bank which appears to be looking for long-term customers who'll stick around when the specials end. I would guess they would quickly stop offering the out-of-state mail option if they receive too many requests.
The bank is so new, it doesn't seem to be listed in the FDIC database. You can read about their opening in this Myrtle Beach Sun News article.
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.
Thanks to the reader who mentioned this special.