3.01% APY CD Special still available at Carolina Bank—Best Certificate of Deposit Rate in NC
CD rates stick with you for a very long time, which is why you can’t just jump into a deal whenever you feel like it. You really need to find the best CD rates in your area whenever you can. For those who live in North Carolina, now is a good time to open a CD account. The Certificate of Deposit rates are particularly attractive, especially the tiered special offered by Carolina Bank.
There are three tiers in this account, but the highest CD rates are the most attractive. You would probably be interested in the top yield which earns up to 3.01% APY for a 55-month-term. Most CDs with this rate are five years long. With a little less time tied down with the bank, this is definitely a deal maker.
The lower tiers are not as competitive, but they still keep up with competitor rates. The 21-month CD earns as much as 1.86% APY, while the 10-month CD (also a deal-maker because of the short term) earns a generous 1.42% APY. If you’re in a hurry to get your earnings, you can skip the upper tiers and sign up for a 10-month deal. All of these CDs require a $10,000 minimum balance to earn interest. The minimum deposit is also $10,000.
You will want to check the bank’s rate table before opening the CD account just in case there are updates. These top CD rates tend to be very fickle. They could be there one day and drop by half the next, depending on the performance of the bank.
Because this is only offered locally, you will need to visit the bank to open an account. To get the best CD rates in town, just visit Carolina Bank branches. These are located at High point, Winston-Salem, Greensboro, Burlington, and Asheboro, all cities within North Carolina.
The clincher is that the bank doesn’t really fare well in terms of safety and soundness. Its scores are not impressive at all. Bankrate.com only gave it two out of five stars (below average) while BauerFinancial.com gave it three stars for the same category (adequate). The Carolina Bank, however, has been insured by and has been a member of the FDIC since 1996. To verify this information, you make look at FDIC Certificate #34348.
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