Dedicated to Deposits: Deals, Data, and Discussion

Special No-Penalty CD at Southern Community Bank & Trust in NC - Available Nationwide


Southern Community Bank & Trust

Southern Community Bank & Trust is offering a special 18-month CD called the Easy Access CD. It has a competitive yield of 1.50% APY with a minimum deposit of $500. It's called Easy Access because the bank allows one penalty-free withdrawal of principal during the term. An existing checking account is required. This CD is listed in the bank's rates page as of 12/29/2010.

Penalty-free CDs are rare these days. Ally Bank has one, but the rate is currently only 1.20% APY with a term of 11 months.

For regular 18-month CDs at internet banks, the best rate is 1.40% APY at Discover Bank as of 12/29/2010. You can get a little higher rate at Alliant Credit Union even after its recent rate cuts. With a $25K minimum deposit, Alliant's 18-month CD yield is 1.55% APY.

Other Southern Community Bank Accounts

Southern Community Bank & Trust still offers a nationally available reward checking account called Maximum Earnings Checking (see review). As of 12/29/2010 it pays 3% APY on balances up to $25K. This would be a good checking account to use to qualify for the Easy Access CD.

The bank also offers an online savings account called the Ready Saver Account (see review) which also has a competitive yield of 1.35% APY as of 12/29/2010.

Application Process

I used the bank's online chat service to ask about the CD. According to the CSR, the CD can be opened online in any state (just like the checking and savings accounts). However, you must first have an existing checking account. If you don't have one, you would need to apply for the checking account prior to applying for the CD.

Bank Overview

Southern Community Bank & Trust has its headquarters in Winston Salem with branches in several North Carolina cities including Asheville, Greensboro, Winston-Salem and Raleigh.

The bank isn't in the best financial health. It has an overall health score at of 2 out of 5 with a Texas Ratio of 61.56% (below average) based on September 2010 data. Please refer to our financial overview of Southern Community Bank & Trust for more details. The bank has been a FDIC member since 1996 (FDIC Certificate # 34321).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of

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

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