South Carolina Deposit Account Rates and Deals

The Fort Sill National Bank is offering several competitive CD rates. The most competitive one is the 6-month CD with a 1.41% APY. Other ones include a 1.75% APY 18-month CD, a 2.00% APY 30-month CD and a 3.00% APY 60-month CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 8/04/2010.

It appears that a branch visit is required to open an account. As you might expect by the name, the bank is targeted to military communities, and many of its branches are on military bases. However, the bank also serves civilian communities, and it has many branches outside of bases (many are in Walmart). The states which have several branches outside of military bases include Oklahoma, Tennessee and North Carolina. The other states in which the branches are mostly inside military bases include California, Texas, South Carolina and Delaware.

The bank's ratings for safety and soundness are very strong: 5 stars (superior) at BauerFinancial, 5 stars (superior) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our FSNB reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1946 (FDIC Certificate # 16416).

Eastman Credit Union continues to offer competitive certificate rates. The two most competitive ones include a 1.75% APY 12-month CD and a 2.50% APY 3-year CD. The 6-month CD is also very competitive even though it may not seem that great with a 1.35% APY. Minimum deposit is $1,000. An extra 10 basis points are applied to Jumbo CDs with a $100,000 minimum deposit. These rates are listed in the credit union's deposit rates table as of 7/14/2010.

Membership is open to those who live, work or attend school in several counties in the northeast part of Tennessee. Counties in southwest Virginia and in Harrison and Gregg Counties in Texas are also included. In addition, there's a long list of Select Employer Groups. Please refer to the Who Can Join Page for the full details.

Branches are located in Tennessee, Virginia, Texas, South Carolina and Arkansas.

The credit union's ratings for safety and soundness remain strong: 4 stars (sound) at Bankrate.com, 5 stars (superior) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of Eastman Credit Union). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 68095). It's a large credit union with $2.33 billion in assets.

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 DepositAccounts.com.

BB&T continues to offer a $100 cash bonus for opening its free checking account. However, they have made it a little harder to get the full $100. Here are the steps required:

• Open a Free BB&T checking account online by 8/31/2010
• Register online at bbt.com/welcome100
• Get $50 for making 10 online bill payments ($25 minimum payment) within 90 days of account opening
• Get $50 for receiving two direct deposits of at least $50 from the same source within 90 days of account opening

Here's the direct link to the promotions page. It's also mentioned at BB&T's home page.

The old promo in March made it easier to qualify for the $100 bonus. It could be done with only 3 online bill payments. No direct deposit was required.

In my March post, several readers have reported that BB&T makes it difficult to close accounts. If you can't make it into a branch, you may be required to mail in a notarized letter requesting that the account to be closed. One reader commented that he wasn't required to mail a notarized letter, but instead he was required to mail a copy of his ID with the letter.

The free checking account has a minimum opening deposit of $50. There are no minimum balance requirements or monthly fees. Online Bill Payment is free.

I asked the CSR in March about a hard credit inquiry. According to the CSR, "it would be a hard hit if you are primary on the application." The credit check is done through Equifax. They also use ChexSystem in the application process.

I was also told that BB&T accounts can only be opened in states with BB&T branches. That now includes Texas (BB&T took over Colonial Bank and its Texas branches when it failed in August 2009).

It's an online promotion only. However, in the small print it states that it's available at the branches in AL, FL and TX. BB&T branches are located in Florida, Georgia, Alabama, North Carolina, South Carolina, Tennessee, Kentucky, Indiana, Texas, Virginia, West Virginia, Maryland and Washington DC.

BB&T is a member FDIC (FDIC Certificate # 9846).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Some additional bonus deals are also in the checking account discussion forum.

Bayer Heritage FCU has two very competitive long-term CD rates: 3.69% APY 5-year and 3.43% APY for terms of 48 to 59 months. Minimum deposit is $500, and these are also available in an IRA. The shorter terms are not nearly as competitive. These rates are listed in the credit union's dividends page as of 5/18/2010.

My last post on Bayer Heritage FCU was almost 3 years ago when they were offering a 6% 5-year CD. Those who opened this CD back then are probably glad they did.

In addition to employees of the Bayer Corporation that are specifically named in the BHFCU Charter, membership is open to persons who live, work, worship or attend school in the West Virginia counties of either Wetzel or Tyler, or in Monroe County, Ohio. Also included are specific areas in the following counties: Marshall, West Virgina; Belmont, Ohio; Licking, Ohio; Berkley, South Carolina; and Charleston, South Carolina. Please refer to the credit union's membership page for the full details. Membership requires a minimum $5 deposit into the share savings account.

Branches are located in several towns of northeast West Virginia, in Pittsburgh, Pennsylvania, in Bushy Park, South Carolina, and in Baytown, Texas.

The credit union's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Bayer Heritage FCU rates and reviews page). The credit union is federally insured by the NCUA (Charter # 11836).

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 DepositAccounts.com. The tables now have a new & improved format!

There were reports that this 3.00% CD special at SunTrust was going to end Friday, but I'm happy to report that the special is still listed at SunTrust's website as of 5/15/2010. This promo started in February, and has continued to become a better deal as the interest rate environment has worsened. The unusual feature of this CD is that it's actually two CDs: one with a 26-month term and one with a 49-month term. You must open both CDs with a minimum deposit of $2K for each CD for a total of $4K. Each CD must be funded with an equal amount. The special also requires that you have a SunTrust checking account. This can be opened at the same time that you open the CDs.

I called SunTrust (800.279.4824) this afternoon with hopes that I could find out how long it's going to last. Unfortunately, the only thing the CSR could confirm is that it's available as of today (5/15/2010). The CSR said they'll be available today through 5:00pm EDT. The accounts can be opened by phone from any state, and they can fund it with an ACH transfer that will pull funds from your existing bank account. The CSR assured me that if the CD is opened this way today, you'll be locked into the 3.00% APY.

A reader in the Open Discussions Thread asked about the early withdrawal penalty. In my last call to SunTrust, I wasn't able to get a clear answer to this question. The reader reported that he wasn't able to get the answer either at the branch. In my call today, the CSR was able to explain it to me. It's not the typical straightforward penalty. However, it's not as bad as I had thought. Here are the details:

SunTrust's Special CD Early Withdrawal Penalty

According to the CSR, the penalty is based on the number of days before the CD matures. The closer to maturity, the smaller the penalty.

• If the CD has 91 days to under 1 year to maturity, the penalty is 3 months of interest
• If the CD has 1 year to under 3 years to maturity, the penalty is 8 months of interest
• If the CD has 3 years to under 7 years to maturity, the penalty is 12 months of interest

I was also told that each CD would be treated individually in terms of the early withdrawal penalty. If you have details of the penalty from the disclosure, please leave a comment. When details like this are communicated by phone, it's easy to make a mistake. I tried to use their online chat service, but the link didn't work for me. I always prefer using a chat service for detailed questions.

No Hard Credit Pull

According to the CSR (from a March call), there's no hard credit inquiry. It's only a soft pull. This is the same info that I received in 2008 and many have confirmed there's no hard pull in this FW thread. So you shouldn't have to worry about having this ding your credit score.

Bank Overview

SunTrust is a large regional bank with $125 billion in deposits. It has branches throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.

SunTrust reported its 1st quarter results in April. According to Reuters, they reported a much smaller first-quarter net loss that beat analysts' expectations. SunTrust's ratings for safety and soundness continue to be a little weak, but the rating went up at Bankrate.com from 1 star on 9/30/09 data to 2 stars on 12/31/09 data. It's still 3 stars (adequate) at BauerFinancial based on 12/31/09 data. We have an overall health score of 3 out of 5 at DepositAccounts.com (see our SunTrust rates and reviews page). SunTrust is a FDIC member (FDIC Certificate # 867).

Searching for the Best CD Rates

I'm afraid it's getting harder to find 3% CDs for terms under 60 months. A 3% 4-year CD is actually quite competitive these days. So this SunTrust CD is a good deal even though it does require half the money to be put into the 49-month CD.

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!

Coastal Carolina National Bank is offering a high-yield reward checking account called Coastal Rewards Free Checking. This is another example of a new reward checking account with a low cap. At least the rate is currently above average. Below are the rates and features as of 5/04/2010 when certain monthly requirements are met:

• 4.01% APY on balances up to $10,000
• 0.10% APY on portion of balance over $10,000
• 0.10% APY on entire balance if requirements are not met
• Unlimited ATM fees refunds nationwide

Monthly requirements include:

• 10 VISA debit card purchases
• 1 direct deposit, ACH transaction or automatic third party draft
• Receive e-statements and being enrolled in online banking

Other account features include:

• $50 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Free online bill pay

The bank also has a good deal on its Premier Money Market account. They don't list the rates online, but a reader mentioned the rate is 1.50% APY on balances of $100K as of 5/03/2010.

A branch visit is required to open an account. It's a small bank located at Myrtle Beach, South Carolina.

I first reported on this bank last year when the bank first opened in June 2009. At that time their reward checking account had monthly fees. I'm glad to see them making it inline with the typical free reward checking.

Since the bank is less than a year old, it doesn't have ratings yet at BauerFinancial or Bankrate.com. The bank is a FDIC member (FDIC Certificate # 58864).

Hat tip to the reader who emailed me news of this bank.

Other High-Yield Reward Checking Accounts

Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.

Southern Bank & Trust is offering a high-yield reward checking account called Impact Checking. The account offers the following rates and features if certain monthly requirements are met. The rates are listed in the bank's microwebsite as of 4/28/2010.

• 4.01% APY on balances up to $25,000
• 1.01% APY on portion of balance over $25,000
• 0.10% base rate if requirements are not met
• Unlimited nationwide ATM refunds

Monthly requirements include:

• 10 debit card purchases
• One automatic deposit or payment to or from your account or one monthly Bill Pay transaction
• Receive e-statements

Other features of the account include:

• $50 initial minimum deposit
• No monthly service charges
• No minimum balance requirement

It appears that a branch visit is required to open an account. It's a small bank with three branches located Aikens and North Augusta, South Carolina.

The bank's ratings for safety and soundness are above average: 3½ stars (good) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 2006 (FDIC Certificate # 58327).

Other High-Yield Reward Checking Accounts

Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.

First Federal is offering two good deals on long-term CDs. The most competitive is the 5-year CD which has a 3.50% APY. Minimum deposit is $1,000. The other one is a 3-year CD with a 2.65% APY for a $20K minimum (2.40% for $1K). These rates are listed in the rate sheet that's available in the First Federal's CD page as of 4/26/2010. This page also lists the early withdrawal penalties. For long-term CDs it's 180 days of interest on the amount of principal withdrawn.

There's an online application link in the CD page. The first page of the application states the following:

Currently we are servicing North Carolina, South Carolina, Georgia, and Florida for all products except for Health Savings Accounts. Health Savings Accounts are available for all states.

It's an Andera-based online application that allows funding by credit card, debit card or checking account via ACH (don't know if the credit card transaction would be considered a cash advance instead of a purchase).

The application also had a page listing the CD rates, and that page showed the second tier rate for the 5-year CD as 4%. I called the bank in hopes that this was correct, but according to the CSR, the second tier rate is the same as the first tier (3.50%). According to the CSR, rates are updated on Wednesday mornings so this deal may not last much longer.

I was told the CD rate will lock at the time the application is submitted. The maximum deposit via an ACH transfer is $50K, but multiple CDs can be opened. At maturity, they will mail you a check if you decide to close the CD. Another option is available if you have their checking account. In that case they can transfer the CD funds into the checking.

First Federal offers a high-yield reward checking account called Moolah Checking, and like the CD, it can be opened online by residents of FL, GA, NC and SC. It pays 2.51% APY for up to $25K as of 4/26/2010. It used to pay 6% back in 2007. Please refer to my account review for more details.

The bank has branches in several cities of South Carolina including the cities of Charleston, Hilton Head, Florence, and Myrtle Beach. There are also a few branches in Wilmington and a few other North Carolina cities.

The bank's ratings for safety and soundness are little above average: 3½ stars (good) at BauerFinancial (based on 12/31/09 data), 3 stars (performing) at Bankrate.com (based on 9/30/09 data) and 3 out of 5 from our health score at DepositAccounts.com (based on 12/31/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 28994).

Searching for the Best CD Rates

To find the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!

The Peoples Bank is offering some competitive CD rates. The best one is a 2.10% APY 18-month CD. Other notable ones include a 1.65% APY 12-month CD and a 2.15% APY 24-month CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 4/22/2010.

The bank also offers a reward checking account, but the rate is a little low for reward checking (1.76% APY as of 4/22/2010). However, this applies to all balances.

It appears that a branch visit is required. Branches are located in the South Carolina cities of Anderson and Iva.

The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). DepositAccount's health score for this bank is 2 out of 5. The bank has been a FDIC member since 1951 (FDIC Certificate # 16968).

First Federal is offering a special 12-month CD with a 2.05% APY. Minimum deposit is $1,000 if opened at a branch or $2,500 if opened online. Maximum deposit is $250,000. This special is called a Money Builder CD, and it has two liquid features: 1) allows additional deposits of at least $500, and 2) allows a one-time bump-up in interest rate. The rate and details are listed in the bank's Money Builder CD page as of 3/28/2010.

There's an online application at the bottom of the Money Builder CD page. The following note is next to the application link:

This account may be opened online by residents of SC, GA and FL. Please visit your local branch if you are outside these areas.

It's an Andera-based online application that allows funding by credit card, debit card or checking account (don't know if the credit card transaction would be considered a cash advance instead of a purchase).

The bank also offers a high-yield reward checking account called Moolah Checking, and like the CD, it can be opened online by residents of FL, GA and SC. It pays 2.51% APY for up to $25K as of 3/28/2010. It used to pay 6% back in 2007. Please refer to my account review for more details.

The bank has branches in several cities of South Carolina including the cities of Charleston, Hilton Head, Florence, and Myrtle Beach. There are also a few branches in Wilmington and a few other North Carolina cities.

The bank's ratings for safety and soundness are little above average: 3½ stars (good) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 28994).