Dedicated to Deposits: Deals, Data, and Discussion

1.80% Money Market Account & 3% 36-Month CD at Southern Community Bank and Trust in NC - Available Nationwide

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Southern Community Bank & Trust
Southern Community Bank and Trust is offering several good deposit deals. The first is a money market account special with a 1.80% APY guaranteed to 1/31/2010. The rate requires a minimum balance of $25,000, and a $1,000 minimum balance is required to avoid a monthly fee. A checking account is required. This special is listed at the bank's checking page as of 10/29/09.

Another good deal is the CD special which includes a 3.00% APY 3-year CD and a 3.25% APY 5-year CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 10/29/09. One downside to these CDs is a severe early withdrawal penalty. According to the CSR, it's 24 months of interest. The rate locks at the time of the application. If you live outside of North Carolina, they require electronic funding (via ACH). These rates are also available in an IRA, but an IRA requires a branch visit.

The bank also offers a reward checking account with a top rate of 4.00% APY on balances up to $25K if the typical reward checking requirements are met (rate as of 10/29/09). The bank has kept this reward checking rate competitive over the last 18 months (see account review).

I contacted the bank using their online chat service. According to the CSR, all of the above accounts (except an IRA CD) can be opened via their online applications (checking and MMA application links and CDs application link). Accounts can be opened by any US resident living in any state. After the application is submitted, they'll send you documents to be signed and mailed back.

I was told that their online banking system does have an ACH transfer service which allows you to initiate transfers to and from your other banks. According to the CSR, there's no dollar limit on the ACH transfers.

The above accounts can also be opened at the bank's branches which are located in several North Carolina cities including Raleigh, Asheville, Winston Salem, Greensboro, Mooresville, Madison, King, Mount Airy and Jonesville.

The bank's ratings for safety and soundness are mixed: 3½ stars (good) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1996 (FDIC Certificate # 34321).

Other Competitive Savings Accounts and Certificates of Deposit

  Tags: money market accounts, North Carolina, CD rates, Southern Community Bank & Trust

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Comments
Comment #1 by Lawrence (anonymous) posted on
Lawrence
Doesn't seem all that attractive to me.

1