This time last year, 5 year deposits were still pumping out 3.0% returns if you knew where to look, but Ben Bernanke’s announcement of long term bond Read more...]]> It’s been a downright free fall to our current sub-two-percent levels on 5 year CD’s this year. However, in our most recent survey of CD rates in South Carolina we found a number of local institutions still keeping their heads above the 2.0% APY mark.

This time last year, 5 year deposits were still pumping out 3.0% returns if you knew where to look, but Ben Bernanke’s announcement of long term bond purchasing – which effectively lowers long term savings rates – was the leading factor pushing long term deposit rates down the drain this year.

If you happen to live in South Carolina or an adjacent state, you may want to sift through the offers we’ve featured below by local banks and credit unions serving residents in the region. The top two local offers feature a 5 year deposit yielding 2.15% APY with minimum deposits of $1,000. To put the offers in perspective, the top 5 year CD rates from our database of nationally available institutions sits at just 1.95% APY (from Intervest National Bank).

Top 60 Month Deposit Rates South Carolina (December 2011):

1. Carolina Federal Savings Bank (Mount Pleasant, SC) – 5 year CD yielding 2.15% APY with a minimum deposit requirement of $1k.
2. Eastman Credit Union (Gaston, SC) – 5 year CD yielding 2.15% APY with a minimum deposit requirement of $1k.
3. Navy Federal Credit Union (Parris Island, SC) – 5 year CD yielding 2.10% APY with a minimum deposit requirement of $1k.
4. Charleston Area Federal Credit Union (North Charleston, SC) – 5 year CD yielding 2.00% APY with a minimum deposit requirement of $500.
5. Coastal States Bank (Hilton Head Island, SC) – 5 year CD yielding 2.00% APY with a minimum deposit requirement of $1k.

Should you go long on CD’s?

Before committing to any of the offers above, you may want to consider a more liquid FDIC insured savings vehicle. Generally speaking, you don’t want to tie up your money in long term deposits when rates are low. These accounts are best utilized in a high rate environment, thereby locking in a favorable rate for the longest term available. In today’s landscape, looking into something like a rewards checking account may be your best bet as far as interest rates + FDIC insurance are concerned. Just be sure you can meet minimum requirements or you’ll likely miss out on the high rates.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep Read more...]]> Below are the highest yielding money market account rates serving citizens of the state of South Carolina.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of South Carolina, we have found that in most instances you will be able to lock in more competitive rates with national institutions rather than local ones. Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market accounts.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 money market account rates in South Carolina:

(click on the institution for more information)

• Atlantic Bank and Trust: Charleston, SC. Money market account yielding 2.0% APY with a minimum balance of $10,000. You are entitled to 6 free withdrawals per month, 3 of which can be check. You will incur a fee for each additional withdrawal. Interest is compounded daily and applied to your account monthly. You may also be interested in their “Platinum Checking Account” which is also yielding 2.0% APY but with only a $5,000 minimum deposit. Also, this account comes with online banking options and free ATM usage. Atlantic Bank and Trust has three locations throughout South Carolina. These locations occupy Charleston, Myrtle Beach, Savannah. Contact: (843) 723-2337
• Anderson Federal Credit Union: Easly, SC. Money market account yielding 1.76% APY with a minimum deposit of $10,000. You are allowed six withdrawals per month, 3 which can be make through personal check. Anderson Federal Credit Union is a not-for-profit, member-owned financial institution. They have three branches which are all located in Anderson, South Carolina. Contact: (864) 225-1254

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in South Carolina and know of a better money market rate offered through your local institution, please share by leaving a comment.

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 Read more...]]> 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.

After visiting their rates page, we noticed that their rates, in general, haven’t been updated since January of 2009 and the disclaimer on this Read more...]]> Here is a pretty sweet savings rate for anyone on the hunt for 2 year CD’s in the southeast. Currently Enterprise Bank of South Carolina has a promotional 27month certificate of deposit which is yielding 3.75% APY with a minimum deposit of $500. We recently noted this as one of the best CD rates in South Carolina.

After visiting their rates page, we noticed that their rates, in general, haven’t been updated since January of 2009 and the disclaimer on this promotion states that the interest rate is subject to change on a daily basis (doesn’t seem like it’s changed within the last 6 months though…)

3.75% APY on a 27 month deposit is a pretty substantial return considering the national average for 2 year CD’s (24 months) sits at roughly 2.0% APY.

Enterprise Bank also offers a promotional 15 month CD which is yielding a very noteworthy 2.75% APY as well. The national average for 1 year CD’s is currently 1.65% APY.

Enterprise Bank of South Carolina was established in 1920 and has roughly 12 locations/branches throughout SC. You may be eligible to take advantage of these products even if you do not reside in that state, however it may require a physical trip to a branch. To get further info or to apply contact a representative at: (803) 267-3191

Some of the institutions listed below have strict eligibility requirements (esp. credit unions) so you may want to contact a representative directly to see if Read more...]]> Below are the top 3 CD rates available to residents in the state of South Carolina. Some of the banks and credit unions below serve a regional area, so you may want to compare these rates with the best CD rates in North Carolina or the best CD rates in Georgia to obtain the highest yields.

Some of the institutions listed below have strict eligibility requirements (esp. credit unions) so you may want to contact a representative directly to see if you are eligible. However, even if you do not live in South Carolina you may be able to take advantage of the products but it will most likely depend on your living situation (ie where you work, live, worship, attend school, etc).

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates (South Carolina):

(clicking on the institution will bring you to their rates page)

Southeast Federal Credit Union: Ware Shoals, SC. 12 month CD yielding 2.75% APY with a minimum deposit amount of $500. You can also obtain this rate (2.75% APY) on a 9 month through 18 month deposit. Credit Union membership is open to all employees, their family members and retirees of any company within Southeast Federal CU’s chartered field of membership. Membership is also open to anyone related to a primary member. Once you join the credit union you may remain a member for life, as long as the minimum balance is maintained, regardless of where you work or live.

Enterprise Bank of South Carolina: Walterboro, SC. 27 month CD yielding 3.75% APY with a minimum deposit amount of $500. This is a limited time promotional offer by Enterprise and is subject to change without notice. Enterprise Bank was established in 1920 and now offers 12 locations throughout the state of South Carolina. To take advantage of this promotional offer you must stop in to one of their local branches for an application. If you reside in SC, then you should have no problem.

Coastal Carolina National Bank: Myrtle Beach, SC. 12 month CD yielding 2.50% APY with a minimum deposit amount of $1,000. This is a promotional offer as well and is subject to change at anytime. They also have a promotional money market account with an intro-rate period of 2.50% APY as well. Coastal Carolina highlights a “switch-kit” on their website which (they claim) makes transferring over to their institution fairly easy. You will still need to stop by one of their locations to complete the transaction.

All the institutions mentioned above are federally insured by the FDIC or NCUA and your deposits are guarenteed up to $250k. If you live in South Carolina and know of a better CD rate offered by your local institution please share by leaving a comment.

Keep in mind deposit rates are time-sensitive in nature. Please refer to the date of this article for accuracy. Compare CD rates nationally for up to date rate info.