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Carolina Alliance Bank Review

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Carolina Alliance Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2007, Carolina Alliance Bank has assets totaling $685 million as well as deposits totaling $568 million, ranking the institution as a medium-size bank. Carolina Alliance Bank, whose headquarters are in Spartanburg, South Carolina, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated Carolina Alliance Bank 4 stars out of 5, indicating that it is a respectable bank that deserves your consideration. Carolina Alliance Bank has a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Carolina Alliance Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly charge. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is your best option for getting the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.1
SmartAsset Average: 3.5

Carolina Alliance Bank has a savings rate of 0.07%, which is poor compared to the average U.S. bank. Its one-year CD earns at a rate of 0.75% and the five-year CD earns at a rate of 1.80%, while its highest-yielding money market account earns at a rate of 0.55%. Given Carolina Alliance Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Carolina Alliance Bank's Savings Rates Compare

Carolina Alliance Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

3.9
SmartAsset Average: 4.4

Carolina Alliance Bank has typically above-average fees in comparison to the national average. With no monthly fee, Carolina Alliance Bank is ideal for people who want a simple checking account. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable as compared against the national average. Additionally, at $36.00, its overdraft fee is slightly steeper than that of other U.S. banks. Carolina Alliance Bank unfortunately does not reimburse out-of-network ATM fees, which means you will have to locate a Carolina Alliance Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Carolina Alliance Bank is a brick-and-mortar bank, with seven total bank locations in North Carolina and South Carolina. With mobile and web apps, Carolina Alliance Bank makes mobile banking convenient, even on the go. Carolina Alliance Bank's online and mobile banking services receive moderate scores from customers. The Carolina Alliance Bank mobile app has been given a 3.8 out of 5 (with 13 customer reviews on Apple and Android) compared to the national average of 3.8. Carolina Alliance Bank's mobile app allows you to control your funds by monitoring account balances, transferring funds and accessing support representatives. Carolina Alliance Bank receives a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Carolina Alliance Bank is a medium-size bank owning assets totaling $685 million as well as deposits totaling $568 million. Carolina Alliance Bank's Texas Ratio is 3.43%, suggesting a minute possibility of failure. Additionally, Carolina Alliance Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.43%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Carolina Alliance Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.65% APY
  • 60 Month: 1.80% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.55% APY $10000 $15000

Carolina Alliance Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Carolina Alliance Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Carolina Alliance Bank's CD rates are fair compared to the national average.

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Find a Carolina Alliance Bank Near Me

Carolina Alliance Bank has seven physical locations across the U.S.

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