Money Market Accounts in South Carolina
Southern Bank Money Market accounts help South Carolina customers grow their savings while still having access to their money. With competitive interest, flexible account access, and local support, this option can be a practical fit for funds you want to set aside without locking them away.
Find the Right Money Market Account for Your Savings Goals
Choose a money market account if you want to earn interest and still have access to your funds. Southern Bank offers tiered interest, online access, and local branch support for customers looking for a money market savings account in South Carolina.
Unlike a typical checking account, a money market account is for funds you want to set aside and grow. And unlike a fixed-term certificate of deposit (CD), it does not lock your money away for a set period, giving you more flexibility as your savings goals and needs change.
Southern Money Market Account
You can open a money market account with a $50 minimum deposit. Southern Bank makes it easy to open a money market account online or get started with help from a local banker.
| Feature | Southern Money Market |
|---|---|
| Best For | South Carolina customers who want to grow savings while still having access to funds |
| Minimum Opening Deposit | $50 |
| Monthly Maintenance Fee | $10 |
| How to Waive the Monthly Fee | Maintain a $2,500 minimum daily balance |
| Tiered Interest Rates | Available |
| Interest Compounding | Interest is compounded and credited monthly |
| Variable Rate | Variable interest rate, which may change at any time |
| Withdrawal Fee | $5 fee for every withdrawal over six per statement cycle |
| Online Banking | Free |
| Mobile Banking with Mobile Deposit | Free |
| Text Banking | Free |
| Telephone Banking | Free |
| How to Apply | Apply online or contact a Southern Bank banker |
The Benefits of a Southern Bank Money Market Account
The best bank to open a money market account with is one that offers a strong fit for how you save: competitive earning potential, clear account requirements, convenient access, and support when you have questions.
This type of account is best for money you want to set aside and grow, not for frequent withdrawals, since a $5 fee applies for each withdrawal over six per statement cycle.
- Low Opening Deposit: Open a Southern Money Market account with only $50, making it easier to start earning on funds you are ready to set aside.
- Tiered Interest: Earn tiered interest rates that may help your savings work harder as your balance grows.
- Flexible Access: Set aside money for larger goals, planned needs, or expenses outside your everyday spending while still having access to your funds when needed.
- Digital Convenience: Manage your account with free Online Banking, Mobile Banking with Mobile Deposit, Text Banking, and Telephone Banking.
- Personalized Service: Get support from Southern Bank’s local banking team when you have questions or want help deciding whether a money market account fits your financial picture.
Money Market vs. CD: Which Is Better for Your Savings?
A money market account may be better if you want interest-earning potential with access to your funds. A CD may be better if you can leave money untouched for a set term.
| Choose This Option | Best For | Tradeoff |
|---|---|---|
| Southern Money Market | Customers who want tiered interest, online tools, and access to funds when needed | Not ideal for frequent withdrawals because fees apply after six withdrawals per statement cycle |
| Certificate of Deposit (CD) | Customers who can set money aside for a fixed term | Less flexible access to funds before maturity |
Open a Money Market Account
Ready to get started? To apply for a money market account, fill out the online application or contact a Southern Bank team member for help. You can also visit a local branch to ask questions, review account details, and open your account with support from our team.
When you apply, you’ll need to provide your:
- Social Security Number
- U.S. Driver’s License, U.S. State ID, or U.S. Passport
- Opening deposit
If you have questions about opening a Southern Money Market account or whether it fits your savings goals, our team is always glad to help.
Digital Tools To Make Your Account More Accessible
Managing your personal banking accounts should be simple, especially when you want to keep an eye on your balances or move funds as needs change. With Southern Bank’s digital tools, you can monitor your money market and other accounts, transfer funds, and make deposits from wherever you are.
Southern Money Market customers have access to:
- Free Banking by Phone
- Free Online Banking
- Free Mobile Banking with Mobile Deposit
- Free Text Banking
Ready to get started?
Open a Southern Money Market account online or connect with a
local banker to decide whether it fits your savings goals.
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