Select Bank & Trust Adds Money Market Special With Rate Guarantee

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Deal Summary: Money Market Special, 0.95% APY, $15k minimum opening deposit, new money, 12-month rate guarantee.

Availability: Market area includes North Carolina, Upstate South Carolina, and Virginia Beach, Virginia area.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.95%--Select Bank & TrustPersonal Money Market Special - New Money
Rates as of September 18, 2020.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.11*%$500$100kSelect Bank & Trust15 Month CD Special
Rates as of September 18, 2020.

For a more detailed look at the 15-month CD Special, please refer to my August 24 blog post.

Availability

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).

Bank Overview

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.

Interest RateAccount NameCredit Union/Bank
2.02% APYSuperior Money Market (up to $25k)Affinity Plus Federal Credit Union
0.95% APYMoney Market Special (no min/max)Select Bank & Trust
0.90% APYHigh Yield Money Market (no min/max)Axos Bank

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.

Related Pages: Charlotte money market accounts, Greensboro money market accounts, Norfolk money market accounts, Greenville money market accounts, Wilmington money market accounts, Raleigh money market accounts, Greenville money market accounts, Florence money market accounts, money market accounts

Comments
Select Bank & Trust Has Top-Rate 15-Month CD Special
Deal Summary: 15-month CD Special, 1.11% APY, $500 min/$100k max deposit, one penalty-free withdrawal.

Availability: Market area includes North Carolina, Upstate South Carolina, and Virginia Beach, Virginia area.

North Carolina-based Select Bank & Trust (Select Bank) is currently offering five short-term CD Specials, with the 15-month CD Special (1.11% APY) being the most competitive. The minimum opening deposit is $500, with a $100k balance cap. Although Select Bank’s website lists three deposit levels ($500, $10k, and $50k), the 1.11% APY applies to all deposits.

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Select Bank & Trust Has "Easy Green Checking" Bonus
Availability: Market area covers eastern North Carolina.

Now through November 1, 2016, Select Bank & Trust (Select Bank) is offering a $100 bonus when opening a new Easy Green Checking account, which earns 1.01% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.01% APY.

Easy Green Checking Bonus Requirements

  • Open an Easy Green Checking account, as a new customer or with new money, between August 1 and November 1, 2016.
  • At least $1k in Direct Deposits within 60 days of...

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