Dedicated to Deposits: Deals, Data, and Discussion

3.00% 6-Month CD & 2.75% Money Market Account at Coastal Carolina National Bank in SC - Local Only


Coastal Carolina National Bank
Update 6/20/09: The 3% 6-mo CD is no longer listed at the website. There's now a 2.50% APY 12-month CD listed. Please refer to the bank's website for the latest rates.

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.

  Tags: money market accounts, South Carolina, CD rates, Coastal Carolina National Bank, checking account

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Comment #1 by Anonymous posted on
Great service and professional website. Was easy to open the 3% 6-month CD. This is by far the best rate in the nation. I am thinking about signing up for the 2.75% savings account. Their rates should remain competitive since they just opened and have fresh capital with no bad loans on the books.

Comment #2 by Anonymous posted on
I'm out of state. I tried to open up the CD and savings account, but then their officer level manager got involved and told the CSR they did not want customers outside their immediate service area.

The CSR was very helpful, but did give me the bad news. Maybe you will have more luck with another CSR, since they are very new and not all of them may know about this denial policy.

Comment #3 by Anonymous posted on
I had to open a free checking account to qualify for the 3% 6mo CD - don't need another checking account. It is a great rate, so no problem. I called the FDIC and they cross referenced a Federal Reserve data base and got the FDIC certificate # for CCNB. It is 58864. The CSR didn't blink when I requested the FDIC # and they obviously matched. They do charge for checks on the MMA, if you want that feature.

Comment #4 by lesliepear (anonymous) posted on
I tried this AM and the
Customer Service 843.839.2265 comes up as out of service?

Calling 866-928-4713 just refers you to another number.