North Carolina-based Select Bank & Trust (Select Bank) is currently offering a Money Market Special, which earns a 0.95% APY that is guaranteed for the first 12 months following account opening. (After the first 12 months, the APY will convert to the standard Money Market variable rate, which is currently 0.40% APY.) The minimum opening deposit is $15k and new money is required to earn the stated APY and qualify for the 12-month rate guarantee.
The Money Market Special was unveiled at the beginning of September and while it’s a limited-time offer, CSR stated no end date has been specified. This is a “true” money market account, as it offers unlimited checking writing. There is a $15 monthly service charge if,
the minimum daily balance falls below $1,000 OR below $2,500 average daily balance
The standard six transfers or withdrawals are allowed per fee-free statement cycle, with a $4 fee assessed for each transfer/withdrawal beyond the six.
Select Bank’s electronic transfer service to and from other banks is fee-free. Links to other banks can be set up online, with no limit set on the number of banks that can be linked. Select Bank’s Online Banking Resource Center page offers detailed explanations and video tutorials on all aspects of their online banking platform.
15-month CD Special
I recently wrote about Select Bank’s 15-month CD Special, which earns 1.11% APY on balances up to $100k and features one penalty free withdrawal of up to 50% of the opening balance after the first 90 days of account opening.
For a more detailed look at the 15-month CD Special, please refer to my August 24 blog post.
Headquartered in Dunn, Select Bank & Trust is currently the ninth largest bank headquartered in North Carolina, with a market area that includes most of North Carolina, portions of Upstate South Carolina, and the Virginia Beach, Virginia area.
Select Bank’s online banking platform is currently dedicated to account management and bill payment services. Opening a CD can be done at any of 19 North Carolina branches located in Burlington, Charlotte, Clinton, Cornelius, Dunn, Elizabeth City, Fayetteville, Franklin, Goldsboro, Greenville, Highlands, Holly Springs, Leland, Lillington, Lumberton, Morehead City, Raleigh, Sylva, and Washington, or two Upstate South Carolina branches located in Blacksburg and Rock Hill. There’s also a single Virginia branch in Virginia Beach.
According to Select Bank’s COVID-19 Information and Resources page,
Effective March 18, 2020 our branch lobbies will close however we will be operating out of the drive thru. If you have an in-person need you are welcome to call your LOCAL BRANCH and make an appointment. Branches are operating on normal business hours (Drive Thru: M-Th 8:30 - 5pm, Friday 8:30 - 6pm).
Select Bank & Trust has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 6.08% (excellent) based on June 30, 2020 data. In the past year, Select Bank has increased its total non-brokered deposits by $302.41 million, an excellent annual growth rate of 28.78%. Please refer to our financial overview of Select Bank & Trust (FDIC Certificate # 35465) for more details.
Select Bank & Trust was established in 2000 as New Century Bank. Between 2008 and 2014, the Bank acquired New Century Bank South (Fayetteville) and Select Bank & Trust Company (Greenville), resulting in the Select Bank & Trust rebrand. In late 2017, Charlotte-based Carolina Premier Bank joined the Select Bank & Trust fold.
An April 2020 press release announced the finalization of the purchase of three Entegra Bank branches in western North Carolina. William L. Hedgepeth, President and CEO of Select Bancorp stated,
Our goal for some time has been to further expand the markets we serve and enter new markets. These branches will serve as an expansion of our footprint into western North Carolina. We are deploying our capital in a deliberate and efficient manner. This strategic acquisition fits nicely with our recent opening of a full-service branch in Cornelius, North Carolina (Charlotte area) and the opening of loan production offices in Winston-Salem and Durham, North Carolina.
How the Money Market Special Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available within the market area and do not require a large minimum balance or have a low balance cap, Select Bank & Trust’s Money Market Special APY currently ranks second. The 12-month rate guarantee only enhances the APY’s intrinsic value.
The above rates are accurate as of 9/12/2020.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.