From Greenville to Charleston, South Carolina’s financial options are as diverse as its landscapes. This guide helps you find the best interest rates and financial opportunities in The Palmetto State, whether you’re with a big bank, local credit union, or online service. We aim to make understanding South Carolina’s financial offerings easier, especially in places like Myrtle Beach, so you can grow your savings confidently.
Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.
| Term | Insurance Company | APY |
|---|---|---|
| N/A | Money Market Account – American First Credit Union | 5.29% |
| N/A | Money Market Account – StagePoint Federal Credit Union | 5.29% |
| N/A | Savings Account – Customers Bank | 5.30% |
| 12 Months | CD – Western Alliance | 5.51% |
| 5 Years | Clear Spring Fixed Annuity | 6.00% |
Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this guide.
The Best Fixed Annuity Rates in South Carolina
Fixed annuity rates in South Carolina are investment options that offer a guaranteed rate of return. The insurance company that provides the annuity agrees to pay you a fixed interest rate for a specific period, usually two to twenty years. After the agreed period, the interest rate may change, but it will still be guaranteed. Fixed annuities are generally considered low-risk investment options and are suitable for individuals who prefer a steady, predictable return on their investment.
Disclaimer: Products are subject to state availability. Please inquire below for details.
The Best CD Rates in South Carolina
CD rates in South Carolina, or certificate of deposit rates, are investment options banks offer. A CD is a type of savings account where you deposit your money for a specific period, usually from 3 months to 5 years. In return, the bank agrees to pay you a fixed interest rate on your deposit. CD rates are considered low-risk investments and suitable for individuals who want a guaranteed return on their investment.
3-Month CD Rates
Banks and credit unions have the highest CD rates for three months.
| Best 3-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Signature Federal Credit Union | 5.55% APY | 3 Months | $500.00 |
| Western Alliance Bank | 5.51% APY | 3 Months | $1.00 |
| Ponce Bank | 5.40% APY | 3 Months | $1.00 |
6-Month CD Rates
The following banks and credit unions have the highest CD rates for six months.
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| TotalDirectBank | 5.76% APY | 6 Months | $25,000.00 |
| Franklin Mint Federal Credit Union | 5.60% APY | 6 Months | $500.00 |
| Western Alliance | 5.70% APY | 6 Months | $1.00 |
1-Year CD Rates
The following banks and credit unions have the highest CD rates for 12 months.
| Best 12-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| My eBanc | 5.77% APY | 12 Months | $50,000.00 |
| Popular Direct | 5.67% APY | 12 Months | $10,00.00 |
| State Bank of Texas | 5.85% APY | 12 Months | $50,000.00 |
2-Year CD Rates
Banks and credit unions have the highest CD rates for 24 months.
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Luana Savings Bank | 5.63% APY | 24 Months | $100,000.00 |
| Maple Mark Bank | 5.40% APY | 24 Months | $25,000.00 |
| Newtek Bank | 5.60% APY | 24 Months | $50,000.00 |
3-Year CD Rates
Banks and credit unions have the highest CD rates for 36 months.
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| U.S. Senate Federal Credit Union | 5.23% APY | 36 Months | $200,000.00 |
| Mountain Credit Union | 5.03% APY | 36 Months | $2,500.00 |
| Bread Savings | 4.90% APY | 36 Months | $1,500.00 |
4-Year CD Rates
The following banks and credit unions have the highest CD rates for 48 months.
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.50% APY | 48 Months | $1,500.00 |
| The State Exchange Bank | 4.50% APY | 48 Months | $1.00 |
| Barclays | 4.45% APY | 48 Months | $1.00 |
5-Year CD Rates
Banks and credit unions have the highest CD rates for 60 months.
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Farmers Insurance | 5.00% APY | 60 Months | $1,000.00 |
| Barclays | 4.50% APY | 60 Months | $0.00 |
| Bread Savings | 4.50% APY | 60 Months | $1,500.00 |
Compare the Best Fixed Annuity Rates with the Best CD Rates in South Carolina
When comparing fixed annuity rates in South Carolina with CD rates, there are several factors to consider, including:
Guaranteed Return
Both fixed annuities and CD rates offer a guaranteed return on your investment. This means you can be confident that you will receive a set interest rate, regardless of market conditions.
Interest Rate
The interest rate offered by fixed annuities and CD rates in South Carolina can vary, so it’s essential to compare the rates offered by different insurance companies and banks. While fixed annuity rates may offer a higher interest rate, CD rates may be more flexible, allowing you to choose a shorter or longer term, depending on your investment goals.
Liquidity
Fixed annuities are generally considered to be less liquid than CD rates. You may be subject to penalties or fees if you need to access your money before the end of the agreed term. On the other hand, CD rates are more liquid and allow you to withdraw your money without penalty, although there may be restrictions on when you can.
Access to Funds
Fixed annuities often require you to lock in your money for a specific period, usually 5 to 20 years. This means that you may not have access to your funds for a significant period. On the other hand, CD rates usually have a shorter term, allowing you to access your money sooner.
Tax Benefits
Fixed annuities offer tax-deferred growth, meaning that you won’t have to pay taxes on your investment until you withdraw your funds. On the other hand, CD rates are taxed annually, so you will need to pay taxes on your interest earnings each year.
Next Steps
Investing your money is a big decision, and we hope this guide was helpful in learning the differences between fixed annuity rates and CD rates in South Carolina. Fixed annuities may offer higher returns than CDs, but they come with the risk of loss if you choose the wrong investments. CDs are an excellent choice for more conservative investors, as they tend to have lower interest rates but also provide safety for your investments.
Ultimately, it’s important to remember that when investing your hard-earned money, there is no one size fits all solution – so take the time to research and understand your financial goals before making a decision. If you’re still unsure which option is best for you, our team of experts is here to answer any questions or provide a quote – contact us today!
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