The Smart Savings account earns interest on all balances and the rate is quite good. It always stays the same so you wonâ€™t earn more by saving more. If you open this account at a bank branch, youâ€™ll need to deposit at least $50. If you open online, thereâ€™s no minimum opening deposit requirement so you can start for any amount.
With the Smart Savings account, you need to keep a minimum daily balance of at least $200. If you ever fall below, South State Bank charges a $15 fee every quarter.
The Smart Savings account also comes with several restrictions for how often you can take money out. Each quarterly calendar cycle, you can only make three free withdrawals. If you make more than three, the bank charges $1 for each extra withdrawal.
In addition, each month, you are allowed to make up to six certain transfers/withdrawals out of the account like checks, debit card purchases, drafts and account transfers. This is because of a government rule for savings accounts known as Regulation D. If you go over this limit, South State Bank wonâ€™t charge an extra fee but they could convert you to a checking account or revoke some of your privileges.
You can open a Smart Savings account online, at one of their branches or by phone with one of their bankers. The application will ask for your address, email address, Social Security number and a form of government ID, as well as your opening deposit. South State Bank accepts deposits by debit card, credit card and bank transfer.