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