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.

Money Market & Savings Options	BNC Premium Money Market Account	BNC Money Market Account	BNC Savings Account	BNC Minor Savings Account
Account Qualifier	None	None	$500 daily balance or $5,000 in combined balances in personal deposit accounts	None
Minimum Balance Required	$10,000	$1,000	$500	None
Service Charge	$20 if minimum balance requirement not met	$15 if minimum balance requirement not met	$6 if minimum balance or combined deposit balance requirements not met	None
Higher Interest Rates Paid
Transaction Limit	Unlimited withdrawals (in person, by mail, or at the ATM), 6 third-party* withdrawals per statement cycle ($5 for each additional withdrawal)	Unlimited withdrawals (in person, by mail, or at the ATM), 6 third-party* withdrawals per statement cycle ($5 for each additional withdrawal)	Unlimited withdrawals (in person, by mail, or at the ATM), 6 third-party* withdrawals per month ($3 for each additional withdrawal)	2 withdrawals per month ($2.50 for each additional withdrawal)
Online Banking
Complimentary Money Market Checks
* 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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