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The Bank of South Carolina Review

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The Bank of South Carolina Savings
0.37% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1987, The Bank of South Carolina has assets totaling $447 million and $404 million in deposits, which makes it a medium-size bank. The Bank of South Carolina, whose headquarters are in Charleston, South Carolina, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, The Bank of South Carolina is a respectable bank that deserves your consideration, with a score of 4.0 out of 5 stars from our experts. The Bank of South Carolina offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of South Carolina 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 standard checking account does not have a monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are the best bet for returning the most income from your deposits while having 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

3.6
SmartAsset Average: 3.5

With a savings rate of 0.37%, The Bank of South Carolina ranks poorly in comparison to other U.S. banks. The Bank of South Carolina's one-year CD earns at 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 The Bank of South Carolina's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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 typically has extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. The Bank of South Carolina unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll be required to find a The Bank of South Carolina ATM or pay the fee.

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 branches in South Carolina. With a mobile app, The Bank of South Carolina provides convenient account access, even from home or work. The Bank of South Carolina receives a superb consumer satisfaction rating based on relatively few 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 is a medium-size bank with $447 million in assets and $404 million in deposits. Its Texas Ratio is 2.82%, denoting a negligible likelihood of 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 Account 0.35% APY $10000

The Bank of South Carolina has 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 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. The Bank of South Carolina's CD rates are fair compared to the average U.S. bank.

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Find a The Bank of South Carolina Near Me

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

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