First Federal in SC, GA, NC and FL Offers 2.05% for Add-On CD

First Federal in the southeastern region of the country is offering customers 2.05% APY on a special 12-month CD. You can open a CD online with a minimum of $2,500 or you can visit one of the branches in South Carolina, North Carolina, Georgia or Florida to open an account with a minimum of $1,000. According to the bank’s website, only residents of these four states are allowed to open this CD account online. The maximum deposit for this account is $250,000.

The CD offered under these terms is called a Money Builder CD because it has two features that help to make your money work for you. For one, it allows you to make additional deposit of $500 or more during the term of the CD. You can also “bump up” your interest rate one time while the CD is still maturing.

The online application to take advantage of this promotion allows you to fund the deposit by using your credit card, debit card or your checking account. If you are going to use your credit card to make your deposit, be careful. Your credit card issuer may consider this a cash advance and charge you fees and interest that are greater than the return you are going to receive from this promotion.

In addition to this, First Federal also offers a high-yield reward checking account for customers. The Moolah Checking can be opened in much the same way as the Money Builder CD and it offers 2.51% APY for balances up to $25,000.

First Federal is located throughout the Southeast and other areas of the country. In South Carolina, you can find branches in Hilton Head, Charleston, Myrtle Beach and Florence. You will also find branches in North Carolina and the other states mentioned above. The institution has been a member of the FDIC for more than 75 years.