4.00% Reward Checking Account at Bank of the Carolinas


Update 6/27/09: The top rate has fallen to 4.00% APY. Refer to the bottom of the post for the rate history.

Bank of the Carolinas is offering a reward checking account called Free Shine Checking that pays 4.00% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met:
  • 12 debit card purchases
  • one direct deposit or automatic debit
  • receive e-Statements
If these are not met, the rate falls to 0.10%. The minimum opening deposit is $50. There are no minimum balance requirements or monthly service charges.

A branch visit is required to open a new account. Branches are located in the North Carolina cities of Winston-Salem, Mocksville, Lexington, Landis, King, Harrisburg, Concord, Cleveland, Asheboro and Advance.

The bank has a 3.5 star rating (good) at BauerFinancial based on 3/31/08 data. It has been FDIC insured since 1998 (FDIC Certificate # 34903).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
06/18/09: 4.00% APY up to $25K
07/15/08: 4.50% APY up to $25K; 1.01% over; 0.10% base
Anonymous   |     |   Comment #1
I have this account myself, and I think it's fantastic. I've earned tons of interest already. Bank of the Carolinas is different. Check out their website MomentToShine.com and you'll see what I mean.
4.00% Money Market Account Guaranteed to 6/30/09 at Bank of the Carolinas
Bank of the Carolinas is offering 4.00% APY on its money market account on balances over $10,000. The especially nice feature is that the yield is guaranteed through June 30, 2009. There's a $5/month fee for balances under $1,000. The yield for balances under $10,000 is only 0.25% APY.

It appeared to require a branch visit, but since this deal was especially hot, I called to verify. Unfortunately, the CSR said new accounts do require you to come into a branch. According to the CSR, this promotion just started today, so...

Continue Reading