bank rates

KeySource Has Been Sold, And Gone With It Are Top Savings And CD Rates

KeySource Commercial Bank is no more.

BNC Bancorp’s acquisition of Durham, N.C-based KeySource Financial Inc. was complete on Sept. 14.

We’ve been trying for a week to find out the effect this will have on savers nationwide who had CD and savings accounts with KeySource.

That bank’s $152 million in deposits now belongs to Highpoint, N.C.-based BNC Bancorp and its subsidiary Bank of North Carolina.

As it turns out, the news isn’t all that awesome.

Unlike KeySource, Bank of North Carolina doesn’t sell its products nationally. And it doesn’t look like it’s going to.

The KeySource savings account is a huge loss in this deal. KeySource paid 1.00% APY on its Blue Savings Account, which was one of the best nationally available deals.

After going back and forth with bank officials, we’re still unclear if out-of-state holders of KeySource savings accounts qualify for one of Bank of North Carolina’s accounts, which pay significantly less than KeySource at 0.10% APY.

As far as CDs are concerned, Bank of North Carolina can’t change the rates on the certificates of deposit it acquired. This is great news for savers who took advantage of KeySource’s occasional top – and typically competitive – CD rates on our CD Rates Leaderboard.

But once those CDs are up for renewal, you’ll have to renew at Bank of North Carolina’s rates or close the account. Again, though, we’re unsure if out-of-state certificate holders will qualify. The bank would only say it has special rates for “customers that have a deep relationship with us.”

Since rates aren’t listed online, we called the branch in Archdale, N.C., simply because it was the first one on the list, and found there are two specials right now, which require a $10,000 minimum deposit of new money:

  • 1.04% APY for 9-month CDs.
  • 1.16% APY for 18-month CDs.

That 9-month special is a solid tenth of a percentage point higher than the current top nationally available 6-month CD rate on our CD Rates Leaderboard.

KeySource’s single branch, in the Durham Bull’s Athletic Park, is now a branch of Bank of North Carolina.

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