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High-Yield Savings Accounts in South Carolina

Life in South Carolina can be expensive for some. Maintaining a healthy lifestyle is crucial amid rising housing rates and inflation. And high-yield savings accounts can be key as they offer an excellent option to save money. Read to know all about this financial instrument.
High-Yield Savings Accounts in South Carolina
Let's review the ten best high-yield savings accounts in South Carolina and discuss their features, including APY rates and monthly fees. This way, you can make an informed decision about where to park your hard-earned money.
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Life in South Carolina can be expensive for some. Maintaining a healthy lifestyle is crucial amid rising housing rates and inflation. High-yield savings accounts can be key as they offer an excellent option to save money. Let’s review the ten best high-yield savings accounts in South Carolina and discuss their features, including APY rates and monthly fees. This way, you can make an informed decision about where to park your hard-earned money.

10 High-Yield Savings Accounts in South Carolina

Here are the top ten options in South Carolina to help you grow your money faster.

Beem 

Beem is a wallet app that provides its users with various financial services. Although Beem doesn’t offer high-yield savings accounts alone, its platform offers multiple high-yield savings accounts from banks and financial institutions offering competitive APYs. You can compare them to find the one that suits your needs.

FactorDetails
APY Rate5%, which is 11x of the national average. 
Monthly FeesNo monthly fees.
ProsEarn more interest than traditional savings accounts, helping your money grow faster.
Keep all your earned interest without worrying about deductions for maintenance fees.
Manage your savings easily from anywhere with an intuitive and accessible mobile application.
Open an account in minutes with a straightforward online process.
ConsAccess to in-person services is restricted due to fewer physical locations.
Customer support is primarily available through digital channels, which might not suit everyone.

Ally Bank 

Ally Bank offers a robust online savings account with high interest rates and no fees. Its seamless online banking experience makes it an excellent choice for savers seeking to grow their funds effortlessly. According to Ally Bank’s website, the 4.20% APY affiliated with its online savings account is around 10x the national average.

FactorDetails 
APY Rate4.20%. 
Monthly FeesNil.
ProsEarn significantly more interest compared to traditional savings accounts.
Enjoy a fee-free savings experience with no minimum balance requirements.
Benefit from highly rated and reliable customer support.
Manage your account easily with mobile check deposit and ATM locator features.
ConsAll banking activities are online.
While Ally provides access to the Allpoint ATM network, there are no dedicated Ally Bank ATMs.

The Ally mobile banking app boasts an Allpoint ATM locator, mobile check deposit, digital account statements, and more.

Wells Fargo

Wells Fargo holds a significant presence in South Carolina with around 150 branches. It’s known for its extensive network and reliable services.

FactorDetails 
APY RateMinimum of 0.01%.
Monthly Fees$5 (can be waived with a $300 minimum daily balance).
ProsFinding a location is easy, with about 150 branches in South Carolina and 13,000 ATMs nationwide.
Offers multiple savings and checking accounts tailored to different needs.
The mobile app has near-perfect ratings and offers numerous features for easy banking.
One of the most reliable and well-known banks in the U.S.
ConsOffers significantly lower interest rates.
A $5 monthly fee unless balance requirements are met.

Currently, the bank holds about a fifth of South Carolina’s customer deposits and has around 150 branches throughout the state.

Citi

Citi offers a range of savings accounts with competitive features and rates. It’s known for its extensive global reach and comprehensive banking services. The Citi mobile app offers many services that customers can utilize.

FactorDetails 
APY Rate0.50%. 
Monthly Fees$4.50 (can be waived with a $500 minimum balance).
ProsEarns more interest compared to many traditional savings accounts.
Access to numerous branches and ATMs worldwide.
Offers a highly rated mobile app with features like mobile check deposit and account management.
Provides various savings products, CDs, and money market accounts.
ConsA $4.50 fee unless balance requirements are met.
Need to maintain a $500 balance to avoid fees, which may not suit everyone.

Bank of America 

Bank of America offers a range of financial products that focus on providing a top-notch mobile banking experience. Known for its extensive branch and ATM network, it’s a reliable choice for many South Carolinians.

FactorDetails 
APY Rate0.01%. 
Monthly Fees$8 (can be waived with a $500 minimum daily balance).
ProsRecognized for its excellent mobile banking experience, customers can perform almost any banking task remotely.
Access is convenient, with around 80 branches and numerous ATMs.
Features like mobile check deposit, internal transfers, transaction history, and Zelle® payments enhance usability.
Offers various banking products, including checking accounts, loans, and investments.
ConsOffers lower interest rates than competitors.
An $8 fee unless balance requirements are met.

Bank of America has thousands of branches and fee-free ATMs nationwide. 

United Community Bank

United Community Bank, ranked highest in customer satisfaction in the southeastern U.S. by J.D. Power, offers many services. It has numerous branches and a highly responsive customer support system.

FactorDetails 
APY Rate0.10%.
Monthly Fees$5 (can be waived with a $100 minimum balance).
ProsOffers a wide range of banking products, including checking accounts, savings accounts, CDs, and loans.
Customer support is available for extended hours during weekdays and on Saturdays.
The mobile app, rated around 4 stars, provides essential features like mobile check deposit, ATM locator, and online bill pay.
Recognized for excellent customer service, making it a top choice for personalized banking.
ConsHigher minimum deposit requirements.
Interest rates are lower.

Beacon Community Bank

With three branches in Charleston and Mount Pleasant, Beacon Community Bank stands out as a community-focused institution offering competitive interest rates on its savings accounts. It prioritizes local investments and remains committed to its neighborhood roots. It provides personal and business accounts for savings, checking, and lending.

FactorDetails 
APY Rate0.05%. 
Monthly Fees$5 (can be waived with a $200 minimum daily balance).
ProsA small bank that prioritizes investing in local neighborhoods.
Provides modern conveniences for account management.
All balances earn the same interest rate, simplifying account management.
Offers a variety of account options for both individuals and businesses.
ConsRequires a $50 minimum to open an account.
Must maintain a $200 average daily balance to avoid a $5 monthly service charge.

Read Related Article: High-yield savings accounts in North Dakota.

American Express

American Express offers a high-yield savings account with features such as low fees and a high APY, no minimum balance requirements and monthly fees.

FactorDetails 
APY Rate4.25%.
Monthly FeesNone.
ProsNo maintenance fees.
Enjoy the benefits of high-yield savings without needing a large initial deposit.
Access customer support anytime via phone for assistance.
Quick and straightforward account setup process from the comfort of your home.
ConsSavings accounts don’t come with an ATM card.
No live chat option for customer service.

Barclays

Barclays Bank, with a history spanning over 300 years, offers reliable banking services with competitive rates and convenient digital features. It provides online savings accounts and CDs with attractive APYs and no monthly fees in London and the U.S.

FactorDetails 
APY Rate4.35%.
Monthly FeesNone.
ProsEnjoy flexibility in depositing funds for both savings accounts and CDs.
Save without worrying about monthly deductions for maintenance fees.
Provides access to helpful savings tools and calculators for financial planning.
ConsSavings accounts don’t come with an ATM card.
No live chat option for customer service.

South Carolina Federal Credit Union

South Carolina Federal Credit Union serves over 175,000 members with a robust network of 27 branches across the state’s major cities. Offering a range of banking products, including seven savings accounts, checking accounts, mortgages, loans, and investment options, SCFCU provides a convenient and comprehensive banking experience. It has over 175,000 members and operates 27 offices in six of the state’s major cities. 

FactorDetails 
APY Rate0.15%.
Monthly Fees$3 (can be waived with a $200 minimum balance).
ProsConvenient access with 27 branches across six major cities in South Carolina.
Ability to manage all banking needs in one place.
Manage accounts anytime through online banking, mobile text, and the mobile app.
MY Savings Account offers competitive rates for those aged 18 to 25.
ConsHighest APY isn’t available on all savings accounts.
High APY applies to only the first $1,000 of MY Savings Account balances.

Conclusion 

Factors like your credit score and monthly income can sometimes affect choosing a high-yield savings account. However, they help you provide security and maximize your saving potential. Banks like Ally Bank, Wells Fargo, Citi, Bank of America, United Community, among others, offer unique benefits. Utilize the finance app Beem, where you can compare the offerings by banks and financial institutions, and select the right option that suits your needs.

Read Related Article: High-yield savings accounts in Ohio.

FAQs

How do I open a high-yield savings account in South Carolina?

Choose a bank or credit union that offers high-yield savings accounts, visit their website or branch, and follow the application process. You’ll typically need to provide personal information, such as your Social Security number, ID, and initial deposit.

Are high-yield savings accounts in South Carolina insured?

Yes. Bank accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. In contrast, credit union accounts are insured by the National Credit Union Administration up to the same amount.

What are the minimum balance requirements for high-yield savings accounts in South Carolina?

They vary by institution. Some accounts have no minimum balance requirement, while others may require a minimum deposit ranging from $0 to $500 or more. Check with the specific bank or credit union for their requirements.

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Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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