North Carolina Banking Rates and News

In today’s interest rate environment, the vast majority of rate changes have been cuts. When there’s a rate hike, it’s noteworthy, and that’s the case at INOVA Federal Credit Union. The rate of its high-yield reward checking account (called Ovation Checking) increased from 2.00% to 3.00% APY for balances up to $20,000. This checking account yield had been 2% APY for the last year. Thanks to the DA reader pearlbrown who mentioned this change in the discussion forum.

The other features of the Ovation Checking account have remained the same. Below is a summary of the rates and features as...

Providence Bank in North Carolina has a good deal on its CD special. It’s a 15-month CD with a 1.15% APY. Minimum deposit is $1,000. This special is listed on the bank’s front page and in its rates page as of 3/28/2013. Thanks to DA member klink for noting this 15-month CD in the forum.

There’s also a good deal on a checking account. The bank’s E-checking has a 1.00% APY for balances up to $25K. This is also listed in the bank’s rates page as of 3/28/2013. This isn’t a reward checking...

Regions Bank is again advertising a checking account promotion in which you can earn $125. This is another big bank that lacks free checking so you'll have to be careful to avoid monthly fees. The offer requires a new customer open a LifeGreen Checking Account online with the promo code 125, have at least $500 in total direct deposits and at least 10 Visa check card purchases in the first 60 days. Offer is scheduled to end on 4/7/2013. The offer is listed in this Region's promotion page.

There's no mention of this offer on Region's home...

Live Oak Bank is offering very competitive rates on its money market account and on its CDs. The money market account is a tiered-rate account with a top rate of 1.35% APY for balances of at least $250K. The rate falls to 1.25% APY for $100K, 1.10% APY for $25K and 1.00% APY for lower balances. Minimum deposit to open an account is $5,000.

The bank's CD rates are also very competitive. The three best are the 2.00% APY for 4 years, 1.85% APY for 3 years and 1.75% APY for 2 years. Minimum deposit is $25,000, and the maximum...

If you had been planning to open a PenFed CD, you need to hurry before March. PenFed CD rates appear to be falling quite a bit for March. Thanks to the reader who forwarded me the new rates he received from his correspondence with PenFed. Below are the new rates that the reader received by email. I also included the current rates. All of the new rates are 25 bps lower.

• 1.75% APY 7-year CD (was 2.00% APY)
• 1.65% APY 5-year CD (was 1.90% APY)
• 1.60% APY 4-year CD (was 1.85% APY)
• 1.60% APY 3-year CD (was 1.85% APY)
• 1.35% APY 2-year CD (was...

Just two weeks ago I posted on a BB&T $100 checking account bonus. Now it's offering a $125 bonus with the same requirements. The nice aspect of this bonus is that you can qualify for it without direct deposit. The downside is that BB&T's checking accounts have potential monthly service fees. So if you open the checking account for the bonus, you have to make sure to avoid the fees.

To qualify for the $125 bonus, customers must open a BB&T checking account and set-up and receive 2 direct deposits of at least $100 OR make 3 online bill payments...

BB&T is again offering a $100 bonus for opening a checking account and performing some additional activities. Just like most large banks, BB&T's checking accounts have potential monthly service fees. So if you open the checking account for the bonus, you have to make sure to avoid the fees.

To qualify for the $100 bonus, customers must open a BB&T checking account and set-up and receive 2 direct deposits of at least $100 OR make 3 online bill payments of at least $25. The offer is scheduled to end on 3/1/2013. Here's the link to the BB&T...

After two months of special CD rates, I was worried Pentagon Federal Credit Union (PenFed) would not extend the specials into January. So I was pleasantly surprised to see the new January CD rates at PenFed this morning. The 1-year CD rate had the biggest increase. It went up from 1.00% to 1.25% APY. The CD rates from terms of 2 to 5 years went up 10 basis points. The 7-year CD rate remains the same. This now makes PenFed's 1-, 2- and 3-year CD rates the clear nationwide leaders. It's interesting to see PenFed putting more emphasis on...

Pentagon Federal Credit Union (PenFed) changed its certificate rates for December. PenFed had been offering a very competitive 1-year CD rate in November. Unfortunately, that has ended. However, its 2-year and 3-year certificate rates went up and have become even more competitive. Below is the list of the new PenFed CD rates for terms of 1 to 7 years with the noteworthy rates highlighted. I've also listed the old rates in parentheses. These new rates are listed in PenFed's Money Market Certificates page as of 12/3/2012.

• 2.00% APY 7-year (was 2.02%)
• 1.80% APY 5-year (was 1.71%)
• 1.75% APY 4-year...

BrandBank has started a checking account promotion which is guaranteeing a 1.07% APY through June 30, 2013. A minimum balance of $50,000 is required. The rates are much lower for smaller balances (0.25% for $10K to $50K and 0.10% for under $10K). There's also another requirement. One of the following criteria must be met within 60 days of account opening: 1) sign up for recurring Direct Deposit on this account; 2) enroll in Brand Bill Pay; or 3) open a CD with at least $25,000 in new money not currently on deposit with BrandBank. If this requirement isn't met,...

I was pleasantly surprised to see the new certificate rates at Pentagon Federal Credit Union (PenFed) for November. Rates went up for terms of 1 to 4 years. In fact, the new 1-, 2- and 3-year CD rates are very competitive. This is different than past PenFed CD promotions in which the best deals have been for the longer terms. Below is the list of the new PenFed CD rates for terms of 1 to 7 years with the noteworthy rates highlighted. I've also listed the old rates in parentheses. These new rates are listed in

Randolph Bank & Trust Company is listing a 5-year CD special with a 2.02% APY. Minimum deposit is $5,000, and the maximum deposit is $100,000. There are shorter-term CD specials listed but these rates are not competitive. The 5-year CD special is listed in the bank's rates page as of 10/4/2012. The early withdrawal penalty is equal to six months interest on the amount withdrawn. The bank has a CD chart which lists the early withdrawal penalty and other CD details. Thanks to the reader who notified me of this special.

It appears this...