South Carolina Banking Rates and News

Coastal Federal Credit Union has been offering its reward checking account, the Go Green Checking, for about four years. I first reviewed it in early 2008. Like all deposit accounts, rates have fallen, but there was an interesting rate hike in October as noted in the discussion forum. Coastal FCU increased the rate of its reward checking account from 2.00% to 2.51% APY, and it didn't decrease the balance cap. This 2.51% APY applies to balances up to $50,000. However, there was an unfortunate change. It increased the required number of monthly debit card purchases...

Randolph Bank & Trust Company is offering a very competitive 3-year CD special. It's only available via an online application to residents of certain southeast states (see below). The 3-year CD has a 2.05% APY, and the minimum deposit is $5,000. This special is listed in the bank's CD page as of 8/31/2011. There's also a branch 3-year CD with a 1.85% APY with some special features and requirements. Thanks to the reader JasonLee who mentioned this deal in this forum thread.

In addition to this CD, Randolph also has good deals on its savings...

Southcoast Community Bank continues to offer a good deal on its free high-interest reward checking account. While the interest rate and balance cap have fallen since my first report in February 2009, the account remains competitive. The top rate is 3.00% APY for balances up to $35,000 (0.50% for over) as of 6/27/2011. The monthly requirements have remained reasonable: 1) 10 debit card purchases, 2) direct deposit or ACH debit, and 3) e-statements.

As is typical with reward checking accounts, it's also a free checking account with no monthly fees regardless of balance or meeting...

Premier Federal Credit Union has some very competitive short-term and mid-term CD rates. The best short-term CD rates are 1.25% APY for a 6-month term and 1.55% APY for a 1-year term. Minimum deposit is $500. For a $50K minimum, the 6-month CD has a 1.30% APY. The best mid-term CD rates are 2.00% APY for a 2-year term and 2.30% APY for a 3-year term. Minimum deposit is $500 ($1,000 for IRA CDs). These rates are listed in the credit union's savings rates page as of 6/9/2011.

Credit union membership is open to those...

Randolph Bank became popular last year when they launched a nationally available reward checking account called Extra-Mile Choice Checking with a yield of 4.75%. Unfortunately, the availability and the yield didn't last. The bank reduced availability to North Carolina residents, and in late December, the yield fell to 2.50% APY for balances up to $25K. However, I just noticed two favorable changes.

First, the bank is allowing more people to apply. According to their reward checking page, in addition to North Carolina, they're accepting applications from residents of South Carolina, Georgia, Florida, Tennessee and Virginia....

SunTrust Bank continues to offer its special CD package with the competitive 2.40% APY. I first reported on this special in January. The special requires that you open both a 39-month CD and a 63-month CD with a $2K minimum deposit in both. Both CDs have a 2.40% APY. I have the full details in my SunTrust CD review.

SunTrust just came out with a new CD/IRA special with a higher rate. It's offering a 2.70% APY on a 66-month CD. Minimum deposit is $2K. This is listed at SunTrust's CD page as of...

One thing that has helped improve reward checking is the reward savings account. Some banks and credit unions now offer a reward savings account that's linked to their reward checking. The benefit is if you have savings that are above the reward checking balance cap. The savings account allows you to earn more interest on that money.

Many of these reward checking and savings accounts are under the Kasasa brand that was created by BancVue. The reward checking is called Kasasa Cash and the savings is called Kasasa Cash.

Here's an example of how the reward savings accounts...

Family Trust Federal Credit Union is offering a very competitive 4-year CD with a 3.03% APY. Minimum deposit is $500. This is listed in the credit union's rates page as of 4/7/2011. It's interesting that this 4-year CD rate is higher than the 5-year CD rate. I checked with the CSR via their online chat and confirmed this 4-year rate is correct. I was told the rate could change at any time, but they typically change just once a month. The last change was on 3/23/11. The early withdrawal penalty is up to 180 days of...

I hope this isn't an April's Fools joke, but Bayer Heritage Federal Credit Union has just increased some of its CD rates which were already very competitive. The best rates are 3.56% APY for a 5-year term and 3.30% APY for a 4-year term. These rates are up by about 40 basis points since February. The shorter term CD rates also went up, but they're not quite as competitive. These include a 2.02% APY 3-year CD and a 1.51% APY 2-year CD. Minimum deposit is $500, and these are also available in an IRA. These rates are listed in...

Every now and then Doral Bank Direct offers competitive CD rates. Its latest deal is a 1-year CD with a 1.40% APY. Minimum deposit is $1,000. This is the only rate that's competitive. All the other CD rates are low. These rates are listed in the bank's CD page as of 3/29/2011.

My last report on this bank was about a year ago when they were offering a 1-year CD special. One odd thing is their requirement to close out a CD. You have to send them the original Certificate that was sent...

Founders Federal Credit Union is offering a very competitive 4-year CD with a 3.03% APY. The 3-year CD is also competitive with a 2.02% APY. The IRA CDs have rates that are even higher: 3.14% APY for 4 years and 2.12% APY for 3 years. Minimum deposit is $500. These rates are listed in the credit union's rates page as of 3/28/2011.

Membership is limited to those who live, work, worship, volunteer or attend school in certain designated areas. The credit union's eligibility page doesn't provide details. Three years ago it used...

Bayer Heritage FCU continues to offer two very competitive long-term CD and IRA CD rates: 3.17% APY 5-year and 2.91% APY for terms of 48 to 59 months. Minimum deposit is $500. The shorter terms are not nearly as competitive. These rates are listed in the credit union's dividends page as of 2/15/2011.

As compared to banks that offer nationally available CDs, the best 5-year CD rate is 3.00% APY at Sovereign Bank as of 2/15/2011.

In addition to employees of the Bayer Corporation that are specifically named in the BHFCU Charter, membership...