Banking and financial services in South Carolina: Major banks: Wells Fargo, Bank of America, TD Bank. SC state-chartered banks offer community-focused services. Online banking widely available and accessible. Credit unions provide competitive rates and services. South Carolina offers tax-friendly retirement benefits. Financial advisors available through banks and private firms. Mortgage rates competitive, check local offerings. Investment services offered by banks and brokerages. SC State Treasurer manages college savings programs. Business banking services cater to growing enterprises.
Major banks: Wells Fargo, Bank of America, TD Bank.
Wells Fargo operates in South Carolina with multiple branches, offering a wide range of financial services including banking, mortgage, and investment products. It stands as one of the major banks in the state, along with Bank of America, which is actively involved in community development and economic support in the Upstate region. Bank of America is committed to supporting the Upstate South Carolina community through workforce development, small business support, and affordable housing initiatives, making it a significant player in the state's financial landscape. Additionally, Bank of America provides extensive banking services in South Carolina, allowing customers to access financial products and services tailored to their local needs through its state-specific offerings. TD Bank, although not extensively detailed in these sources, also operates in South Carolina, offering similar banking and financial services.
SC state-chartered banks offer community-focused services.
South Carolina state-chartered banks, such as The Bank of South Carolina, Anderson Brothers Bank, and Security Federal Bank, are regulated by the Office of the Commissioner of Banking and focus on providing community-focused services, including personal banking, small business financing, and mortgage services, with an emphasis on local customer relationships and community development.
Online banking widely available and accessible.
Online banking in South Carolina is widely available and accessible, offering features such as real-time account balances, check images, fund transfers, bill payments, and 24-hour access to various accounts through institutions like Enterprise Bank of SC. In addition, online banking services provided by entities like South Carolina Federal Credit Union offer extensive control over finances. This includes tracking spending, managing cards, sending money via Zelle, and receiving eStatements, all accessible 24/7. These comprehensive services ensure that individuals can manage their finances efficiently and conveniently.
Credit unions provide competitive rates and services.
Credit unions in South Carolina, such as the South Carolina State Credit Union, offer competitive rates on various financial products, including loans, mortgages, and credit cards, often with better interest rates than traditional banks and additional benefits like low or no closing costs on certain loans and lines of credit. For those interested in exploring these opportunities, the South Carolina State Credit Union provides a range of options tailored to meet diverse financial needs.
South Carolina offers tax-friendly retirement benefits.
South Carolina provides tax-friendly retirement benefits that make it an attractive destination for retirees. Notably, there is no taxation on Social Security benefits and railroad retirement income. Additionally, for individuals aged 65 and above, there are deductions of up to $15,000 on other types of retirement income, which can significantly alleviate the tax burdens in the golden years. Furthermore, the region is known for its low property taxes, amplified by a $50,000 homestead exemption for seniors. For more detailed information, you can explore the insights from the Martin Freeman Group.
Financial advisors available through banks and private firms.
In South Carolina, financial advisors are available through both banks and private firms. For example, South State Advisory, a subsidiary of South State Bank, offers fee-only financial advisory services, while firms like Abacus Planning Group, FinTrust Capital Advisors, and Verity Investment Partners provide a range of Financial Planning and investment management services as independent entities.
Mortgage rates competitive, check local offerings.
Current mortgage rates in South Carolina are competitive, with a 30-year fixed mortgage rate at 6.63% as of December 14, 2024, and various loan options including conventional, FHA, and VA loans. Additionally, there are programs like the SC Housing Homebuyer Program and Palmetto Home Advantage for first-time buyers and refinancers.
Investment services offered by banks and brokerages.
South Carolina is home to an impressive array of financial services tailored to meet diverse investment needs. For instance, Carolina Bank provides an extensive spectrum of investment services ranging from mutual funds and annuities to municipal and corporate bonds. Working alongside reputable firms like LPL Financial, they also offer retirement planning products such as 401(k) and IRA plans. Similarly, Sharonview Financial Services, affiliated with Sharonview Federal Credit Union, is renowned for its bespoke investment and brokerage services that focus on personalized financial planning and portfolio management. Clients gain access to an assortment of financial products like stocks, bonds, and insurance. Meanwhile, SouthState Bank offers a comprehensive suite of investment services, emphasizing personalized financial plans, retirement and income strategies, and asset allocation. Their private wealth management services further extend to encompass financial and estate planning, asset management, and trust administration, ensuring that clients’ individual financial goals and risk tolerances are met seamlessly.
SC State Treasurer manages college savings programs.
The South Carolina State Treasurer's Office manages the Future Scholar 529 College Savings Plan, which helps families save for college expenses while offering federal and state tax benefits. This plan provides an opportunity for families to make tax-deductible contributions from state income taxes, and it also promotes tax-free growth and distributions for qualified education expenses. To learn more about this beneficial program, visit the College Savings Programs page on their official website. Investing in such a plan can significantly ease the financial burden of higher education and lead to long-term savings for the future.
Business banking services cater to growing enterprises.
In South Carolina, top business banking services for growing enterprises are offered by institutions like North One, South Carolina Federal Credit Union, The Citizens Bank, and First Palmetto Bank, which provide user-friendly online and mobile banking, competitive loan options, personalized customer service, and a strong commitment to supporting local businesses. These banks offer a range of financial products, including business checking and savings accounts, SBA loans, lines of credit, and cash management solutions tailored to the unique needs of small businesses.