Special No-Penalty CD at Southern Community Bank & Trust in NC - Available Nationwide


Southern Community Bank & Trust is offering a special 18-month CD called the Easy Access CD. It has a competitive yield of 1.50% APY with a minimum deposit of $500. It's called Easy Access because the bank allows one penalty-free withdrawal of principal during the term. An existing checking account is required. This CD is listed in the bank's rates page as of 12/29/2010.

Penalty-free CDs are rare these days. Ally Bank has one, but the rate is currently only 1.20% APY with a term of 11 months.

For regular 18-month CDs at internet banks, the best rate is 1.40% APY at Discover Bank as of 12/29/2010. You can get a little higher rate at Alliant Credit Union even after its recent rate cuts. With a $25K minimum deposit, Alliant's 18-month CD yield is 1.55% APY.

Other Southern Community Bank Accounts

Southern Community Bank & Trust still offers a nationally available reward checking account called Maximum Earnings Checking (see review). As of 12/29/2010 it pays 3% APY on balances up to $25K. This would be a good checking account to use to qualify for the Easy Access CD.

The bank also offers an online savings account called the Ready Saver Account (see review) which also has a competitive yield of 1.35% APY as of 12/29/2010.

Application Process

I used the bank's online chat service to ask about the CD. According to the CSR, the CD can be opened online in any state (just like the checking and savings accounts). However, you must first have an existing checking account. If you don't have one, you would need to apply for the checking account prior to applying for the CD.

Bank Overview

Southern Community Bank & Trust has its headquarters in Winston Salem with branches in several North Carolina cities including Asheville, Greensboro, Winston-Salem and Raleigh.

The bank isn't in the best financial health. It has an overall health score at DepositAccounts.com of 2 out of 5 with a Texas Ratio of 61.56% (below average) based on September 2010 data. Please refer to our financial overview of Southern Community Bank & Trust for more details. The bank has been a FDIC member since 1996 (FDIC Certificate # 34321).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Update on the Ready Saver Account and Clues About Future Rates

It has been about 2 months since my first post on the 2.00% Ready Saver Account, and so far it's still holding at 2.00% APY as of 4/16/2010. The Ready Saver Account is an online savings account offered by Southern Community Bank and Trust which is based in North Carolina. One nice feature at the Ready Saver website is an online chat service. I used the chat service this morning to ask some questions that readers mentioned in my February post. The CSR was friendly and knowledgeable.

First, I asked about...

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New High-Yield Online Savings Account at Ready Saver - Available Nationwide

Update 1/12/2011: The rate has fallen to 0.90% APY.

Southern Community Bank and Trust has a new online savings account called the Ready Saver Account. It's a no-minimum and no-fee online savings account. It currently has a very competitive rate of 2.00% APY for all balances as of 2/15/2010.

The bank's About Ready Saver page has a few details:

  • Can only be opened online
  • Not available for North Carolina residents
  • Minimum initial deposit is only $1
  • No monthly service fees or other hidden charges
  • No rate tiers
  • interest accrues monthly
  • monthly e-statement
  • ACH bank-to-bank transfer service with automatic...

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High-Yield Reward Checking Account at a North Carolina Bank (Southern Community)

Update 1/01/11: The top yield has fallen to 2.25% APY. Please see bottom of the post for the rate history.

Southern Community Bank & Trust just started a reward checking account called Maximum Earnings Banking. It pays 2.25% APY on balances up to $25,000 (0.10% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card purchases, 2) one direct deposit or automatic draft payment, and 3) receive e-statments. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $100....

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