As one of the fastest-growing states in the country, South Carolina is drawing residents from all over. But whether you’re new to the state or you’ve been around a while, it’s important to find a bank that can help you reach your financial goals.
South Carolina has no shortage of banks, from small community credit unions to large corporate banks. You’ll also find plenty of online banking options that are available wherever you live.
14 Best Banks in South Carolina
Do you need a bank with branches nearby that you can regularly visit, or is it more important to find banks with full-featured mobile banking apps? Here’s a look at the best banks in South Carolina to get you started on your search.
GO2bank is a top choice for those looking for an online bank. Backed by Green Dot, this bank offers a hassle-free process for opening online checking accounts and special savings vaults, with no minimum balance necessary. If you’re looking to grow your savings, you’ll be pleased with their 4.50% APY on balances up to $5,000.
How to Choose the Best Bank in South Carolina
When it comes to selecting the best bank in South Carolina, the options can vary widely depending on individual needs, lifestyle, and financial goals. Here are some critical factors to consider:
- Account types: Consider what types of accounts you need. Whether it’s checking, savings, or more specialized accounts like money market accounts or CDs, make sure the bank offers what you’re looking for.
- Financial products: Beyond just banking, see if the bank offers other products that might be of interest to you, like credit cards, investment advice, or insurance.
- Interest rates: Look for a bank that offers competitive interest rates on savings, checking, and investment accounts. The higher the Annual Percentage Yield (APY), the more money you’ll earn over time.
- Fees: Understand all potential fees you could incur, such as monthly service fees, ATM fees, and overdraft fees. Many of the best banks in South Carolina offer accounts with no monthly service charges or ways to waive them.
- Initial deposit requirements: Some banks require a minimum initial deposit to open an account. Make sure this is manageable for you.
- ATM accessibility: Consider the size and accessibility of the bank’s ATM network, especially if you frequently withdraw cash. Some banks offer fee reimbursements for out-of-network ATMs.
- Online and mobile banking: Evaluate the online and mobile banking features, especially if you prefer handling your banking transactions digitally.
- Customer service: Research the bank’s reputation for customer service. This can include availability (24/7 support or not), the number of local branches, and online customer service options.
- Loan options: If you’re considering buying a home or car, or need a personal loan, check to see if the bank offers competitive loan rates.
- Special features: Some banks offer additional features like early direct deposit, cash back offers, and budgeting tools. Consider any features that might be particularly beneficial for you.
- Security: Ensure that the bank is federally insured by the Federal Deposit Insurance Corporation (FDIC) or a similar agency. This protects your money up to a certain limit if the bank fails.
- Business banking: If you also have business banking needs, look for a bank that can offer you good deals on business accounts or loans.
By taking these factors into consideration, you can narrow down your choices and select the best bank in South Carolina that fits your financial needs.
Types of Banks in South Carolina
When you’re looking to bank in South Carolina, it’s essential to know the various kinds of banks at your disposal. Each comes with its unique set of advantages and limitations based on your specific needs:
- National banks: These are extensive institutions that operate across multiple states. They often provide a comprehensive array of financial products, including checking and savings accounts, investment products, and loans. For instance, Bank of America, Chase, TD Bank, and Wells Fargo are national banks with a significant presence in South Carolina.
- Regional banks: These banks operate in several states but generally concentrate on a specific region. They offer a range of services similar to those of national banks, but with more localized attention. United Community Bank and Truist Bank are examples of regional banks with operations in South Carolina.
- Community banks: These smaller banks focus on serving specific communities or local areas. They often provide personalized service but may not offer as wide a range of financial products. First Palmetto Bank and The People’s Bank serve as good examples of community banks in South Carolina.
- Online banks: These are banks without physical branches, operating entirely online. They frequently offer competitive interest rates on deposit accounts and lower fees due to less overhead. SoFi and Axos Bank are examples of online banks that serve customers in South Carolina.
- Credit unions: These are financial cooperatives owned by their members. They often offer favorable interest rates and lower fees but require certain criteria for membership. Founders Federal Credit Union and South Carolina Federal Credit Union are examples of credit unions operating in South Carolina.
The best banks in South Carolina offer various options to meet your financial needs, whether you’re focused on no-fee accounts, high interest rates, or robust business banking solutions. By carefully considering your priorities and the services offered, you can make an informed decision to partner with a bank that aligns with your financial goals. Happy banking!