2.50% 12-Month CD & 2.25% Money Market Account at Coastal Carolina National Bank in SC - Local Only

Update 11/28/09: The CD and MMA rates have fallen. Please check the bank's website for the latest rates.

Coastal Carolina National Bank continues to offer some very competitive deposit specials. The first is a 2.50% APY 12-month CD. Minimum deposit is $1,000, and the maximum is $250,000. A new checking account is required with a minimum opening balance of $2,500. This rate and additional details are listed at the bank's CD specials page as of 11/24/09.

The second special is a money market savings account with a top rate of 2.25% APY for a $100,000 minimum balance. It's a tiered account with lower rates for smaller balances (2% APY $50K-$100K and 1.50% APY $25K-$50K). $10,000 minimum balance is required to avoid a $10 monthly fee. These rates and additional details are listed at the bank's money market specials page as of 11/24/09.

The free checking account qualifies for the special CD. There's also a reward checking account called Premier Checking; however, it has a $10 maintenance fee if your balance falls under $500.

I last reported on this bank in June when the bank was first established. At that time it was offering a 3% 6-month CD and a 2.75% money market account. As is common for new banks, you can often get many months of good deals as they try to build up their deposits.

A branch visit is required to open an account. The bank office is located in Myrtle Beach, South Carolina.

Since the bank is so new, it doesn't have ratings at Bankrate or BauerFinancial. The bank is a FDIC member (FDIC Certificate # 58864).

Thanks to the reader who emailed me news of these rates.

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