North Carolina-based Peoples Bank continues to offer their high yield savings account called e.Savings that gives 2.02% APY for balances through $10,000. Deposits below the $10K line gets 0.50% APY.

The current interest rate for their best savings account be enjoyed with an initial deposit of $500. Maintaining $500 also avoids $15 quarterly service fee.

The interest for the savings account is credited on a quarterly basis. The bank charges $2.50 for every withdrawal that goes beyond the quarterly limit of six transactions.

Usually banks credit the earnings of a savings account on a monthly basis. So the quarterly feature is one downside. Another downside of this money in the bank offer is the transaction limits, while other banks permit 6 transactions monthly, Peoples Bank allows six quarterly.

Interested consumers from any state can apply to open an account. According to the customer service rep the bank will only do a soft pull of your credit during application. Based on experience, CSRs are often wrong about the hard credit pull.

The main office of Peoples Bank is located in Newton, North Carolina. They have around 17 branches spread across the western part of North Carolina.

Based on the March 2009 figures of bankrate.com which issued 3 starss and BauerFinancial that gave 4 stars, Peoples Bank is performing well.

Peoples Bank is covered by the FDIC through certificate number 5956.