Best Certificates of Deposit in South Carolina for 2025
- When signing up for a CD, expect a $1,000 minimum deposit, though some banks might entice customers with a minimum of $500 or even less.
- The 7-day CD offered by Anderson Brothers Bank can be a great way to try out a CD without a long commitment.
- First Community Bank offers excellent rates for a starting balance of $500.
- Online banks might provide more flexibility than local banks on terms, minimums, and interest rate options.
Those looking for a solid, fixed-rate savings for their money can turn to Certificates of Deposit. South Carolina residents can find CDs that suit their needs through local banks or online institutions. CDs are great for long-term or short-term investments, and opting for more than one can help your savings grow even faster.
Read more here about the best rates you can get for certificates of deposit in South Carolina.
CD Rates in South Carolina
Popular Banks and Credit Unions in South Carolina
Anderson Brothers Bank: This bank offers solid CD rates and a minimum $500 deposit so customers can use their CDs as collateral for a personal loan.
First Community Bank: This bank offers excellent rates for short CD terms, starting as low as three months.
First National Bank of South Carolina: You can open any CD account with $500, except for the Golden Opportunities Club Member Certificate, which starts at $2,500 but offers exceptional yields.
Online Banks: Those who prefer to handle their money on their own might find that online banks fulfill their needs. The CD rates at online banks are often higher than what you get at local banks, and some offer flexible terms.
Online Banks Offering CDs
Online banks offer many perks that you might not find with local banks in South Carolina. Here are some great reasons why an online bank might be a good idea for your CDs.
- Higher Interest Rates: Since online banks don’t have as much overhead as most local banks, they can offer higher interest rates.
- Low Minimum Deposits: Some online banks buck the trend of $1,000 minimums and require only $500 instead – or even less – to open your CD.
- FDIC Insurance: Reputable banks offer insurance up to $250,000 per account per depositor, the same as local banks.
- 24/7 Accessibility: Forget waiting in line for a teller or bank rep. You can simply log in and manage your money online anytime.
- Quick Account Setup: Many online banks allow you to open a CD in minutes (especially if you already have a checking or savings account with them).
Ally Bank: You can adjust your interest rate, get a loyalty reward at renewal, and even opt for a no-penalty CD.
Synchrony Bank: The bump-up CD option allows you to maximize returns. Some CDs allow you to boost your interest rate if the CD rates increase during your term.
Marcus by Goldman Sachs: Competitive rates for the 13-month CD are usually above the national average. It begins with only a $500 balance.
Brio Direct: Short-term CDs at Brio have solid rates and tie your money up for only a matter of months.
As a nice bonus, most online banks allow you to open an account in minutes.
Factors to Consider When Choosing a CD in South Carolina
Here are some thoughts to consider when opening a CD in South Carolina.
Interest rates
The whole point of a CD is to grow your money, so look for the best interest rates you can find. This will often come from online banks, but CD specials at local banks can offer impressive rates.
Term lengths
Though one year is one of the most popular terms, you can opt for anything from seven days to several years.
Early withdrawal penalties
Though you can always pull your money from a CD before the time is up, most banks will charge a hefty penalty that wipes out your earned interest. Look for a no-penalty CD if you need the cash before the term expires.
Minimum deposit
In most cases, banks require $1,000 to open a CD. However, some now require only $500 or even less. Some CD specials require higher amounts to get higher rates.
Insurance
Reputable online banks, local banks, and credit unions protect your money through the FDIC or NCUA. Make sure this protection is in place.
Customer service
Online banks offer customer service around the clock, but speaking to a live person can be difficult. Local banks allow for in-person assistance.
Promotional offers
These offers, usually known as CD specials, offer unique terms or a higher interest rate for a set period. They are available at local and online banks.
Pros and Cons of CDs
Any banking product has pros and cons. Here’s what to expect from CDs.
Pros
- Interest rates are clearly stated and do not change for the term.
- Those interest rates are often higher than what you’ll find with other products.
- Terms can range from only a few days to several years.
Cons
- Early withdrawal penalties can wipe out your interest and then some.
- Stocks and bonds might offer better returns in the long run.
- Once the CD is created, your money is “locked away.”
Final Thoughts: Choosing the Best CD for Your Financial Goals in South Carolina
Whether you’re saving for a major purchase, planning for retirement, or simply want to earn more interest on your idle cash, CDs offer a secure and predictable way to grow your money. For residents of South Carolina, the options are abundant, from short-term CDs with low minimum deposits to long-term certificates with highly competitive rates.
Local banks like First Community Bank and Anderson Brothers Bank offer appealing options, especially for those who prefer the reassurance of in-person service and want to support community banking. These institutions often run CD specials or promotional offers that can rival national rates, especially if you’re looking to open an account with $500 to $1,000.
However, don’t overlook the power of online banks. With typically lower overhead costs, online institutions like Ally, Marcus by Goldman Sachs, and Synchrony Bank often deliver higher interest rates, lower minimums, and greater flexibility. Their 24/7 accessibility and fast online application processes make it easier to take control of your savings strategy, especially for tech-savvy investors who value convenience.
If you’re unsure whether to choose a traditional or online CD, you might consider a hybrid approach like keeping one foot in a trusted local bank while exploring online options to diversify your savings. You can also use no-penalty or bump-up CDs that offer more flexibility, especially in a rising rate environment.
Ultimately, the best CD in South Carolina is the one that matches your timeline, risk tolerance, and savings objectives. With careful planning and comparison, you can lock in a solid return, safeguard your principal, and make real progress toward your financial goals.
FAQs
South Carolina banks offer various terms, ranging from 7 days to 10 years. However, the most common tends to be the 18-month CD. That’s a sweet spot for higher rates and CD specials that offer higher rates. Always choose the CD term that’s right for your financial goals.
No-penalty CDs promise that there will be no penalty for early withdrawal. However, the trade-off is that these CDs often don’t have a high interest rate. You might find that you get more interest with a general savings account. Carefully weigh the options and whether you might really need the money before making the decision.
Online banks are often just as reputable as local banks, and each comes with specific advantages. The biggest is how you handle your money. Online banks allow you to handle everything yourself, with an online presence and a 24/7 mobile app. Local banks often have a mobile app as well, but they offer the addition of in-person customer service. The best bank for you is the one that makes your banking more convenient.
