Enterprise Bank of South Carolina has two pretty substantial offers on their promotional CD (certificate of deposit) products.
As of August 10, 2009, Enterprise Bank is offering a 15 month promotional CD yielding 2.50% APY as well as a 27 month promotional CD yielding 3.25% APY. The national average for 12 month CDs sits at roughly 1.70% APY and the national average for 24 month CDs sits at roughly 2.05% APY (to put these promotional products in perspective).
Surprisingly enough they do not mention any sort of minimum deposit amount associated with their CD products on their rates page, however, I would venture to guess it’s between $500 and $1000. If you have experience with this bank and know what the minimum deposit requirements are, please share by leaving a comment.
Although Enterprise Bank has online banking options, you cannot open these certificate of deposits online, therefor it may be difficult to invest in one of these if you reside outside of South Carolina.
They have branch locations and ATMs in the following cities: Bamberg, Barnwell, Blackville, Cottageville, Denmark, Edisto Island, Ehrhardt, Ridgeville, Springfield, Walterboro, and Williston.
If you do live in South Carolina and are looking at opening a certificate of deposit through a local bank, you may want to browse through our archive of CD rates in South Carolina.
Enterprise Bank is a relatively small bank with just $350 million in consumer deposits and $260 million in loans. They were founded in 1920 and have just 12 locations and 120 employees.
CD rates from both local and national banks are likely going to continue to decline as the FED continues to print money and give it to banks with practically zero interest. This leaves banks and credit unions with little interest in competing for consumer deposits to raise funds. We would recommend locking in a long term deposit with a favorable rate to hedge against future falling rates. The FED has set 2014 as a tentative time-frame for raising rates.