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The Bank of South Carolina Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Bank of South Carolina Savings
0.37% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Bank of South Carolina first started operating in 1987 and its headquarters are located in Charleston, South Carolina. The Bank of South Carolina owns $447 million in assets as well as deposits totaling $404 million, classifying it as a medium-size bank. The Bank of South Carolina lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, The Bank of South Carolina is a good bank that gets the job done, with a score of 4.0 out of 5 stars from the SmartAsset experts. The Bank of South Carolina provides customers with a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of South Carolina has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The Bank of South Carolina's most basic checking account does not carry a monthly maintenance fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best bet for gaining the most income on your deposits while maintaining convenient access to your money.

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

3.6
SmartAsset Average: 3.5

With a savings rate of 0.37%, The Bank of South Carolina ranks poorly as compared against the national average. The Bank of South Carolina's one-year CD has a rate of 0.55% and the five-year CD earns at a rate of 1.21%, while its highest-yielding money market account has an APY of 0.35%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How The Bank of South Carolina's Savings Rates Compare

The Bank of South Carolina Savings 0.37 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of South Carolina charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, The Bank of South Carolina's checking account is perfect for people who need a hassle-free banking experience. The Bank of South Carolina doesn't reimburse out-of-network ATM charges, meaning you will need to search for a The Bank of South Carolina ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

The Bank of South Carolina is a brick-and-mortar bank, with four total bank locations in South Carolina. With a mobile app, The Bank of South Carolina provides easy mobile banking, even from home or work. The Bank of South Carolina receives an excellent consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
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

The Bank of South Carolina ranks as a medium-size bank with assets totaling $447 million and $404 million in deposits. Its Texas Ratio is 2.82%, suggesting that The Bank of South Carolina is in terrific financial well-being and far from failure. Additionally, The Bank of South Carolina is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 The Bank of South Carolina to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.37% APY $1
Checking Account 0.29% APY $2500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 60 Month: 1.21% APY
$1000 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

The Bank of South Carolina offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of South Carolina 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. The Bank of South Carolina's CD rates are fair as compared against the national average.

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Find a The Bank of South Carolina Near Me

The Bank of South Carolina has four locations across the U.S.

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