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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

Carolina Alliance Bank started in 2007 with its headquarters in Spartanburg, South Carolina. Carolina Alliance Bank has assets of $685 million along with $568 million in deposits, ranking it as a medium-size bank. Carolina Alliance Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4 stars out of 5, Carolina Alliance Bank proves it is a respectable bank that gets the job done. Carolina Alliance Bank offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly charge. Banks that offer no-fee checking and a high interest rate savings account are your best bet for accruing the highest income on your deposits alongside 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 features a savings rate of 0.07%, which is poor in comparison to other U.S. banks. Carolina Alliance Bank's CD rates are 0.60% and 1.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.35%. 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 generally above-average fees compared to the national average. With no monthly fee, Carolina Alliance Bank's checking account is ideal for those who need a hassle-free banking experience. 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 in comparison to the average U.S. bank. Additionally, Carolina Alliance Bank has an overdraft fee of $36.00, which is slightly greater than the national average. Carolina Alliance Bank does not refund out-of-network ATM charges, which means you will have to find a Carolina Alliance Bank ATM or pay the ATM charge.

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 account access convenient, even on the go. Carolina Alliance Bank gets fair feedback from customers for its mobile banking services. With 13 customer reviews on Apple and Android platforms, the Carolina Alliance Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). Carolina Alliance Bank's mobile app lets you manage your finances by looking at account balances, sending and receiving funds as well as accessing support representatives. Carolina Alliance Bank receives an exceptional consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 $685 million in assets and deposits totaling $568 million. Its Texas Ratio is 3.43%, suggesting a minute chance 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: 0.60% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.65% APY
  • 60 Month: 1.80% APY
$1000 for all terms
Money Market Account 0.25% APY $10000

Carolina Alliance Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Carolina Alliance Bank does not have the best savings rate, which means you should think about other options 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 other U.S. banks.

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Find a Carolina Alliance Bank Near Me

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

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