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Top CD and Reward Checking Rates Continue at The East Carolina Bank - NC Only


The East Carolina Bank

The East Carolina Bank continues to offer a very competitive reward checking account. It still pays 4.01% APY on balances up to $25K as of 11/29/2010. The bank also offers a companion savings account called Real Saver that pays 1.50% APY on balances up to $50K. Both accounts require that you meet the typical reward checking account requirements. There's an online application, but according to the application, new accounts are only opened for North Carolina residents. Please refer to my May account review for more details.

For those who don't want the hassles of reward checking, have too much savings or worry about future reward checking rate cuts, the bank also offers some competitive long-term CD rates. The 60-month CD rate has fallen since my September post, but it remains competitive. The best CD rates as listed in the bank's rates page as of the morning of 11/29/2010 include:

  • 2.75% APY 5-year CD
  • 2.50% APY 4-year CD
  • 2.25% APY 3-year CD

Minimum deposit is $2,500. The early withdrawal penalty for terms over 1 year is only 3 months of interest. Penalties are listed below the rate table. There's an online application at the CD overview page. However, it only allows you to select terms of 6, 12 and 36 months. It instructs you to visit one of their branches to open other CD terms.

Branches are located throughout East North Carolina including the cities of Washington, Leland, Morehead City, New Bern, Currituck, Hatteras, Engelhard, Williamston, Wilmington, Hertford, Greenville and Columbia.

The bank's overall health score is 3 out of 5 with a Texas Ratio of 26.29% (above average) based on 9/30/2010 data. Please refer to our financial overview of The East Carolina Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 2017).

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Comment #1 by Bill Gates (anonymous) posted on
Bill Gates
What a Sad day!


On the First Day, in who knows how long, I actually read on that other banks/credit unions are raising rates, East Carolina Bank announced today in their monthly E-mail the following:


In response to the current rate environment, effective April 1, 2011, East Carolina Bank will be making the following changes to ECB Reward Checking.

ECB Reward Checking Account:
• 3.01% APY** on qualifying balances up to $15,000.00
• 1.01% APY** on qualifying balances over $15,000.00
• 0.05% APY** on all non-qualifying balances



Yikes, not only a rate cut...but a cut in the maxium amount that can earn interest.

Time to go bank shopping again!