Consumer Money Market & Savings Options
At Bank of North Carolina, we offer a variety of savings and money market
account options to meet your individual needs. Below is a summary of our
savings options. Please feel free to contact us for more information and
interest rates. The higher the minimum balance, the higher the interest
rate.
Account
Qualifier |
None |
None |
$5,000 in combined balances in personal deposit
accounts |
Minimum Balance Required |
$1,000 |
$10,000 |
$500 ($0 for minors) |
Service
Charge |
$15 if minimum
balance requirement not met |
$20 if minimum
balance requirement not met |
$6 if minimum
balance requirement not met |
Higher Interest
Rates Paid On Higher Balances |
 |
|
|
Transaction
Limit |
Unlimited withdrawals, 6 of which can be payable to third parties.* |
Unlimited withdrawals, 6 of which can be payable to third parties.* |
Unlimited withdrawals, 6 of which can be payable to third parties. After 6, $3 each additional when $2500 minimum balance requirement is not maintained |
Online Banking |
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Complimentary Money Market
Checks |
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|
|
* Third Parties include checks, drafts, debit card or similar order. Withdrawals in person, by mail, and at an ATM are unlimited. Fees may apply for exceeding transaction limits. |
CD Rates
Certificates of Deposit
Certificates of Deposit are an excellent way to keep your money safe and secure while earning a competitive interest rate. Bank of North Carolina CDs are available in a wide variety of terms and options.
For more rate information and quotes call
us today!
CD Calculator—Click
Here
Individual Retirement Accounts
Bank of North Carolina offers short- and
long-term IRAs. Your retirement savings can start today! Bank of
North Carolina offers 4 different IRA plans: Traditional,
ROTH, Simplified Employee Pension Plans (SEP), and Coverdell Education Savings
Account (CESA).
The Traditional IRA
A traditional IRA is primarily an individual savings
plan. Contributions are made up to a specified limit with the contribution
tax deductible. Money invested and earned in a traditional IRA are subject
to income taxes at the time of withdrawal. Withdrawals can be made without
penalty once you reach the age of 59 1/2 years of age and you must begin
withdrawing from your account when you reach the age of 70 1/2.
Deductibility for your contribution is based on IRS guidelines. All earnings
on your Traditional IRA contributions remain tax deferred until you make
withdrawals, and are then taxed as income for that year.
The Roth IRA
A non-deductible account that features tax free withdrawals after five
years for certain distribution reasons. To qualify for a Roth IRA, you
must have earned income (or your spouse must have earned income).
Simplified Employee Pension Plans (SEP)
A retirement plan that is available to self-employed individuals and small
businesses. A SEP-IRA is a written plan that allows a self-employed
person to contribute towards his/her retirement and to contribute towards
employee's retirements without the complexity of other plans.
Coverdell Education Savings Account (CESA)
The Coverdell Education Savings Account is a nondeductible account that
features tax-free withdrawals for a very specific purpose such as a
child's education expenses. These accounts were formerly known as Education
Individual Retirement Accounts (IRAs) and at first glance, a CESA may
look similar to traditional or ROTH IRAs. Higher education distributions
are also permitted from these accounts, but while qualified higher education
distributions from a traditional or ROTH IRA are only penalty tax-free,
the same distribution from a CESA are penalty-free and federal income
tax-free. Consult your tax or legal professional for further information
regarding state or local income tax laws.
*For additional information regarding your IRA accounts, please contact
your tax advisor.
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