Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

High-Interest Savings Accounts in South Carolina

Why should I settle for a regular savings account when I can take advantage of a high-interest savings account? If I’m going to store my money away, I may as well get the highest interest on it that I can.

While the above statement is true, it’s important to understand the difference between a traditional savings account and a high-interest savings account. In South Carolina for example, First Bank offers a Money Market account with interest rates that are higher than the basic savings account options offered. However, there are some further requirements for high-interest savings accounts as a trade-off for the better interest.

Money Market Account vs. Basic Savings Account

Let’s break down some of the differences of a high-interest money market savings account when compared to First Bank’s most basic savings account so you can be sure you’re selecting the savings account that is right for you.

Initial Deposit
Basic account: Only a $50 minimum deposit is required to open the account.
Money Market: You’ll need an initial deposit of $1,000 to open.

How to Avoid Monthly Maintenance Fees*
Basic account: You can avoid First Bank’s monthly maintenance fees just by keeping a $300 minimum daily balance.
Money Market: In order to steer clear of monthly maintenance fees, you’ll need a $2,500 minimum balance or an average collected balance of $5,000 or more.

ATM Withdrawals**
Basic account: Enjoy two free withdrawals per month within the approved network.
Money Market: You have the luxury of 6 free monthly withdrawals within the approved network.

High-Interest Savings Accounts in South Carolina

There are 6 First Bank locations in South Carolina offering high-interest savings accounts and basic savings accounts alike. And there are many similarities between the two as well. Each offer such amenities as online and mobile banking, monthly electronic statements, account activity alerts, mobile check deposit and more.

Use our account comparison chart to see the two savings accounts side-by-side and visit your nearest South Carolina First Bank to open the one that’s right for you.


*Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep if Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, which is also available at your local branch.

**Withdrawal fee of $15 each after the first six free during the month. Federal regulations limit withdrawals of preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases.You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply.

———

Sources:

Money Rates: http://www.money-rates.com/basicguides/moneymarket/mma-vs-savings.htm

Trending Topics

Get a Convenient Student Checking Account Today

Wondering where to get a student checking account? At First Bank, we know that the last thing students need to worry about as they continue their education is managing their money alone. With our Campus Checking...

Best Small Business Bank in Asheville, NC

Between managing a payroll, paying utility bills, budgeting overhead costs, and balancing your revenue and expenses, running a small business brings big financial responsibilities. First Bank¹ can help small...

Banks in North Carolina

Did you know there are more than 100 First Bank locations in North Carolina? It’s true. You can find us in over 60 cities, mountains to coast. Did you know we’re one of the oldest banks in North Carolina? Yup,...

Savings Account with Competitive Interest Rates – High Point, NC

Whether you are a student looking to save for books and pizza, or an adult planning for retirement, First Bank can provide you with a savings account. Interest rates on all of our accounts can vary, but you can be sure...

What Is the Best Savings Account for Kids

The success of child savings accounts has been well documented. We can probably all agree that a savings account for kids is a good decision, but what is the best savings account for kids? First Bank offers a savings...

Savings Account Interest Rates in South Carolina

Whether you’re searching for savings account interest rates in South Carolina, looking for an account with a higher rate of return, in the market for a long-term savings strategy with tax advantages, or looking to...

NC Bank

If you are looking for one of the best North Carolina banks, consider a visit to your local First Bank. First Bank is an NC bank that is small enough to know you by name, but large enough to meet all of your banking needs....

Best Savings Account Rates – Wilmington, NC

From the historic mile-long Riverwalk to the miles of pristine beaches, Wilmington, NC, has many things to offer. You may be planning to attend college, buy a house, or even retire in Wilmington, but don’t have a...

Business World Elite Credit Card

Business owners use credit cards to pay for most business expenses. It’s important to have a business credit card that enables you to get the most out of your money. Discover your credit card options at First...

Best Savings Account For Kids

Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching their savings grow. First Bank offers...