High-Yield Reward Checking Account at South Carolina Bank and Trust - Local Only


Update 7/5/11: The top rate has fallen to 1.25% APY

South Carolina Bank and Trust is offering a high-yield reward checking account called Mad Money Checking. The account offers the following rates and features if certain monthly requirements are met:

  • 1.25% APY on balances up to $25,000
  • 0.05% APY on the portion of the balance over $25,000
  • 0.05% base rate if qualifications are not met

The monthly requirements include:

  • 10 Visa Debit Card purchases
  • One direct deposit or automatic third party draft
  • Receive e-Statements

Additional features of the account include:

  • $50 minimum opening deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free online BillPay
  • Requirements for the first month are waived for new checking account customers
  • Multiple accounts can be opened, but requirements must be met for each

It appears a branch visit is required to open an account. Branches are located throughout South Carolina including the cities of Charleston, Columbia, Fort Mill, Greenville, Lexington, Myrtle Beach, Orangeburg and Walterboro.

Limited Time $100 Bonus

The bank is offering a promotion called Mad Money Mondays. Open a Mad Money Checking account at certain branches on certain Mondays in October and November 2009, and you'll receive a $100 cash bonus. Refer to the Mad Money Mondays page for the days, branches and details.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 13425).

Thanks to the reader who mentioned this reward checking account in the comments.

Other Reward Checking Accounts

The reward checking rate at South Carolina Bank and Trust is a little below average. However, South Carolina Bank and Trust is larger than the average bank offering reward checking. The bank has over 50 branches and $2.8 billion in assets. It seems like the larger banks tend to offer lower rates and or lower balance caps on their 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:

  • 06/01/11: 1.25% APY up to $25K (rates are not shown on website)
  • 01/01/11: 2.25% APY up to $25K (rates are not shown on website)
  • 10/08/09: 3.25% APY up to $25K; 0.05% over; 0.05% base
Related Pages: South State Bank, checking account, reward checking account

  |     |   Comment #1
Note than North Carolina B&T is offering 4.25% APY for this same account while South Carolina only offers 3.25%. All from the same bank holding company, listed under the same FDIC number. Competition must be tough in the Charlotte, N.C. area!
Banking Guy
  |     |   Comment #2
Thanks for the info. I was wondering why the FDIC showed 4 NC branches but SCBT only showed SC branches. NCBT is actually a division of SCBT. I have already posted on NCBT and their 4.25% reward checking account in this April post. Their websites and the accounts are very similar (I had thought I recognized the website).

It is interesting that the rate is so different between the two.
2.51% Reward Checking Account Available Online for SC, GA and FL Residents (First Federal)
Update 5/17/09: The top yield has fallen to 2.51% APY. Please see bottom of the post for the rate history.

First Federal has started a reward checking account called Moolah Checking. It pays 2.51% APY on balances up to $25k (0.50% over) if the following monthly requirements are met: 1) 12 debit card transactions, 2) 2 online bill payments, and 3) receive e-statements. If these requirements are not met, the rate falls to 0.05%. The minimum opening deposit is $50. There are no monthly fees regardless of meeting the above requirements....

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2.50% 9-Month CD at First Federal in North Carolina - Local Only
First Federal is offering a special 2.50% APY 9-month CD at its North Carolina branches. Minimum deposit is $1,000, and the maximum is $99,999. The offer is listed at the bank's website as of 6/09/09. According to the small print, the rate is valid at the bank's North Carolina branches only through June 23, 2009.

Most of these North Carolina branches are those taken over from Cape Fear Bank which was closed by regulators on April 10th. The FDIC arranged a purchase agreement with First Federal. It appears First Federal is...

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4.05% 5-Month CD Available Online for NC, SC, GA and FL Residents (First Federal)
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The bank also offers a reward checking account. It currently pays 4.01% APY on balances up to $25,000. Like the CD it's available online for NC, SC, GA and FL residents (see post).

Branches are located in several cities of South Carolina including the cities of Charleston,...

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$75 Checking Account Bonus at First Federal
First Federal is offering a bonus for up to $75 for opening a checking account through its online application and for performing 5 activities. Each activity earns $15:
  • 2 online bill payments
  • 10 debit card purchases
  • Keep $500 or more in your account
  • sign up for e-statements
  • 2 in-branch transactions
These activities must be done during September 2008. A $50 opening deposit is required.

The details are described at the bank's promotion page. Note, the link to this page doesn't seem to be mentioned on the main parts of First Federal's website. A reader mentioned finding this....

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4.25% 19-Month CD at a Georgia Bank (Savannah)
The Savannah Bank is advertising a special 4.25% APY 19-month CD. The minimum deposit is $5,000. It doesn't seem to be listed at the bank's website. It was advertised in yesterday's Savannah Now newspaper. The ad is available online here. The bank also has a competitive yield of 3.87% APY on its standard 12-month CD.

A branch visit appears to be required to open an account. The bank has 5 branches in the Savannah area. It has been FDIC insured since 1990 (FDIC Certificate # 33120). BauerFinancial gives it 3.5 stars...

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