Best Checking Accounts in South Carolina for 2024
Are you looking for a new bank? Do you want a checking account that comes with benefits that help you reach your financial goals? Are you wondering where you can keep your money so it has the greatest impact on your community?
If so, local South Carolina banks are worth a look.
Community banks not only provide a home for your money; they are community-minded organizations that help local businesses and residents alike. Continue reading to find out more about these banks, as well as the best checking accounts in South Carolina that they have to offer.
Compare South Carolina and Online Checking Accounts
Traditional and online banks are both viable options for consumers, but there are some major differences people should know about. Below, we examine these options to help you understand what you can expect from both.
Convenience
Online banks: Online banks provide convenient ways to access information about your account through their websites and mobile apps. They also have phone customer service.
Physical banks: Physical banks also give customers a convenient way to get information about their funds. They have websites, mobile apps, and phone service. If you prefer to speak to someone in person, you also have this option, though bank hours may not be as convenient as you would like.
Customer Service
Online banks: The hours of customer service tend to be longer with online banks. You may even be able to reach these banks by phone or online chat 24 hours a day, 7 days a week.
Physical banks: Customer service can help you in person, online, or by phone. However, the customer service hours are not as long, so reaching a traditional bank on business days may be difficult.
Deposits
Online banks: You can make deposits through ATMs and mobile deposits via your bank’s app. Also, you can make online transfers into your account. However, you probably won’t be able to make cash deposits.
Physical banks: Checks and cash can be deposited at ATMs and branches. Also, you can receive electronic transfers.
Fees
Online banks: Online banks tend to charge lower fees than traditional banks, and in some cases, there may be no fees.
Physical banks: Fees can often be higher than those of online banks. However, some banks may offer consumers the opportunity to have fees waived.
Interest Rates
Online banks: Interest rates may be higher at online banks.
Physical banks: Physical banks generally offer low interest rates.
Withdrawals
Online banks: Withdrawals can be made at ATMs.
Physical banks: Withdrawals can be made at ATMs or at a branch.
Best Checking Accounts in South Carolina
If you’re curious about how the best checking accounts in South Carolina can help you manage your money, this section answers that question.
The following is a look at checking accounts offered by local banks so you can compare them to other options.
The Bank of South Carolina
The Bank of South Carolina offers accounts for consumers with specific needs based on their current situation.
The Student Checking Account provides unlimited check writing, overdraft protection, and a Visa check card. There is also no minimum balance requirement and no monthly fee when customers enroll in statements.
Customers over 50 years old can get The Bank of South Carolina’s Special Citizens Account, which has a competitive interest rate that accrues daily and is paid monthly. There is no monthly service charge or minimum balance requirement.
Customers can also receive basic checks for free and a 50 percent discount on the first year’s rent for a safe deposit box.
South Atlantic Bank
If you’re looking for a basic checking account, South Atlantic Bank‘s free checking account can be opened with a $100 deposit.
This account offers unlimited check writing, online and telephone banking, and bill payment services.
There is also no monthly service fee or minimum balance requirement. If you’re looking for an interest-bearing checking account, the bank offers one that provides unlimited check writing, telephone and online banking, and bill pay service.
To open an account, an initial deposit of $100 is required, and a $20 maintenance fee is assessed if the balance is less than $2,500.
The Citizens Bank
All of the checking accounts offered by The Citizens Bank include access to free perks like online banking, bill pay, notary services, and mobile banking.
If you want the peace of mind that comes with extra banking security, you can get the TCB Secure account. This account includes credit and identity monitoring, credit reports, and identity theft expense reimbursement of up to $10,000. The account has a $50 minimum opening balance requirement and a monthly maintenance fee of $6.
Citizens Bank also offers an interest-bearing checking account. The TCB Interest account can be opened with a $500 deposit, and there is a minimum monthly balance requirement of $500. There is a $5 monthly maintenance fee, and if the account goes below the required minimum balance, the bank charges $0.35 for each debit or check transaction.
Easily Compare the Best Checking Accounts Online
Finding the bank with the best checking account to meet your needs is as simple as skimming the table below. Compare checking accounts and find the best bonuses and lowest fees being offered today.
Pros & Cons of Local Banks
There are benefits of opening accounts at local banks. There are also some drawbacks. Let’s take a look at the pros and cons of local options.
Pros
- Community Focus: Local banks are deeply connected to the communities they serve, supporting local initiatives and fostering a sense of community.
- Personalized Service: Local banks prioritize treating customers as individuals rather than just account numbers, resulting in a more personalized experience for customers.
- Relationship Building: Long-term relationships with bank employees are common, offering a sense of familiarity and trust over time.
Cons
- Limited Technology: Local banks may lack advanced mobile apps or online banking features, which could be a drawback for tech-savvy customers.
- Restricted Hours: Shorter operating hours can make it difficult for customers to visit branches outside of traditional work hours.
Online Checking for South Carolina Residents
Chances are, you’re probably already accustomed to doing a lot of business with online companies. As a result, you may also be interested in online banking.
Below is a glimpse at some online checking accounts for South Carolina residents to consider.
Axos Bank CashBack Checking
Axos Bank’s Cash Back Checking account offers a unique feature that allows customers to earn cash back on eligible purchases.
Account holders can earn up to 1% cash back on qualifying transactions made with their debit card, provided they maintain a minimum daily balance of $1,500. For balances below this threshold, the cash back rate is 0.5%.
The account does not charge monthly maintenance fees, which may appeal to individuals seeking a cost-effective banking option. Additionally, Axos Bank reimburses domestic ATM fees, providing flexibility for those who frequently use out-of-network ATMs.
The account is entirely online, so customers manage their funds through Axos Bank’s digital banking platform. This arrangement may not suit those who prefer in-person banking. It’s also worth noting that certain types of purchases, such as those made at supermarkets or wholesale clubs, do not qualify for cash back rewards.
Incredible Bank Checking
IncredibleBank’s personal checking accounts provide a range of options to suit different banking needs. They are designed with no monthly maintenance fees, which can make them appealing to individuals seeking straightforward, cost-efficient checking solutions.
The accounts come with access to a nationwide network of ATMs and online and mobile banking tools, allowing for convenient account management. Customers also benefit from features like bill pay and mobile deposit capabilities. For those looking to earn interest, the bank offers interest-bearing checking options, though specific requirements and rates vary depending on the chosen account type.
However, IncredibleBank operates primarily online, which may not suit those who prefer in-person banking services. Additionally, while the bank reimburses ATM fees in certain cases, customers should review the details to understand the limitations. Overall, checking accounts provide a solid option for digital banking users, prioritizing flexibility and cost-effectiveness.
Citi Priority Checking
The Citi Priority Checking account is tailored for customers seeking access to premium banking services and financial support. This account provides benefits like waived fees for standard banking services and dedicated support through Citi Priority Advisors.
Account holders gain access to Citi’s financial planning resources, which include guidance for wealth management and investing. Additionally, the account allows for fee waivers on domestic and international wire transfers and offers priority customer service.
However, the Citi Priority Checking account requires a combined average monthly balance of $30,000 across eligible Citi accounts to avoid a monthly service fee, which may not suit all customers. The account also charges fees for certain services if the balance requirement is not met.
This account is a good fit for individuals who maintain significant account balances and want enhanced banking services, but it may not be cost-effective for those with simpler financial needs.
Pros & Cons of Online Checking Accounts
Like local banks, online banks have benefits and drawbacks, so it’s important to think about both before trusting your money with any financial institution.
Pros
- Lower Costs: Online banks have reduced overhead costs because they do not have physical branches, allowing them to offer lower fees or no fees at all.
- Higher Interest Rates: Online banks often provide higher rates on interest-bearing accounts compared to traditional banks.
Cons
- No Physical Presence: These banks lack a local community presence, which may be a downside for those who value in-person connections.
- Limited In-Person Services: Transactions like deposits and withdrawals cannot be completed in person, which may be inconvenient for some customers.
- Cash Deposit Challenges: Depositing cash is typically more complicated and may require workaround solutions, such as third-party ATMs.
What to Look for When Choosing a Checking Account in South Carolina
There’s more to choosing a bank than just being able to open a checking account there. When looking for a checking account in South Carolina, there are several factors you should consider. Below, we explain what consumers typically think about when deciding which bank to do business with.
Monthly Fees
Monthly fees are often the cost of doing business at a bank, but over time, they can really eat into your balance. The best bank checking accounts in South Carolina will have no fees or at least low fees.
Banks that don’t eliminate fees may waive them in some instances, such as when you maintain a certain amount in your account.
Other Fees
Other fees can make your checking account balance dwindle, but the good news is you can control many of them. For example, fees for using ATMs outside of a bank’s network are something you don’t need to incur. However, the best checking accounts in South Carolina will waive these fees and will have a lot of ATMs to choose from, so you don’t have to worry about these charges.
ATM and Branch Access
You want as much access to your money as possible. The more branches a bank has or the bigger the ATM network, the more access you will have to your funds. You don’t want to travel long distances to a branch or ATM to make withdrawals from your account, so a bank that has many locations is the best bet.
Interest Rates or Bonuses
For the most part, checking accounts don’t provide interest. However, some do and offer varying rates. Look for the interest-bearing checking accounts that provide the highest interest. Also, the best checking accounts will have extra perks, like signing bonuses and cash back rewards on debit card purchases.
Mobile Apps
Mobile banking is becoming increasingly popular, so the best banks have taken advantage of this trend to offer robust banking apps. Some apps are more advanced than others, and in addition to allowing customers to check their balances and pay bills, they may have peer-to-peer transfer services and financial management tools.
What to Know About South Carolina Checking Accounts
- In South Carolina, if someone stops payment on a check with the intent to defraud the recipient, they may be fined or even put in prison.
- Banks are allowed to collect a processing fee when a check is presented, and the account holder doesn’t have the funds.
- When someone deposits a post-dated check, they are required to write a letter to the bank giving details about the payor and the number and amount of the check. The check should also explain that the bank is not liable for paying on the post-dated check in error.
