Here is what you need to do to qualify for the reward interest rate on a monthly basis:

• Make 10 debit card purchases
• 1 direct deposit or bill pay
• Receive e-statements

Many banks who offer these high reward accounts usually require you to actually use their bank for most of your transactions. This keeps people from just opening accounts, placing funds in the account and leaving it alone while you earn the higher interest rates. This will also help the bank generate funds.

The minimum deposit required for this account is $100.

The East Carolina Bank has a savings account that is offering 1.5% APY on any balance up to $50,000. The portion of your account balance over $50,000 will be paid 1.01% APY. The savings account has a minimum $200 balance to avoid the $2 monthly service charge.

To find a branch near you, visit the East Carolina Bank site. These banks are located in Washington, Leland, Morehead City, New Bern, Currituck, Hatteras, Engelhard, Williamston, Wilmington, Hertford, Greenville and Columbia, North Carolina.

East Carolina Bank has a 2 of 5 star soundness rating from Bankrate and is FDIC insured

• 2.50% APY 13 month
• 3.00% APY 25 month
• 3.25% APY 36 month

A minimum deposit of $1,000 is required with a maximum of $90,000 per term. If you wish to have more than one open CD and you are maxed at $90,000 deposited you can open multiple CDs. You will not find these specials listed on their bank’s website but can be verified by calling or emailing the bank. These are details as of today (10/14/09).

To get these rates you will have to visit the branch to open the CD. Any resident located in East North Carolina, including the cities of Washington, Leland, Morehead City, New Bern, Currituck, Hatteras, Engelhard, Williamston, Wilmington, Hertford, Greenville and Columbia. If you are looking for a specific locations phone number just go to their website and in the “About Us” link on the top of the page click “Our Locations” to find the bank closest to you with addresses and phone numbers.

If you look at BauerFinancial they rate East Carolina Bank as a 4 star (Excellent) bank but Bankrate rates the bank as a 2 star (below peer group). You can read into both ratings on those sites to see why they rate East Carolina Bank as they do. The bank has been a FDIC member since 1934 (FDIC Certificate # 2017). Remember these competitive CD rates are only available to local residence.