Top Georgia Financial Institutions for March 2023
Readers can ask banking-related questions, and our experts will give honest answers and reviews of the products in question (here's how we evaluate banking services). Although we may earn a commission from our affiliates, we always give our honest opinion. This page's offers are subject to the terms
Readers can ask banking-related questions, and our experts will give honest answers and reviews of the products in question (here's how we evaluate banking services). Although we may earn a commission from our affiliates, we always give our honest opinion. This page's offers are subject to the terms and conditions listed.
A few of the best financial institutions in Georgia are Capital One 360, Synovus Bank, Regions Bank, Delta Community Credit Union, and Credit Union of Atlanta.
These financial institutions stand out due to their low bank fees and extensive set of features. Read on to find out why these are our top picks in each category.
Savings Rates at the Largest Banks in Georgia
In the following table, you'll find the current savings rates offered by some of Georgia's most prominent financial institutions: It's important to note that savings account interest rates across the country averaged zero in March 2023. The FDIC estimates a rate of 35%.
Interest rates on savings accounts at these banks are below the national average. If you're looking for the best savings account option, we didn't go with any of the big banks. Nonetheless, you might find that one of these financial institutions is ideal for your needs.
Capital One 360 Is the Best Place to Open a Savings Account.
- There are more than 470 locations in New York, Louisiana, Texas, Maryland, Virginia, New Jersey, and Washington, DC.
- Interest is added each day and paid once a month.
- Assurance from the FDIC
To find the best high-yield savings account in Georgia, we looked online because major Georgia banks with physical locations pay very little interest on savings accounts.
We have included Capital One 360 in our list of the best online banks because there is no minimum deposit to open an account and no maintenance fees. The interest rate paid on a Capital One 360 Performance Savings account is currently higher than the rates offered by many standard savings accounts and high-yield savings accounts.
Be aware that, despite being a national bank, Capital One does not have any locations in the state of Georgia. An Atlanta Capital One Cafe is available for customers to use their self-service ATMs or have a conversation with a Cafe Ambassador, but it does not provide the full range of services that can be found in a traditional Capital One branch. If you want to use this account, you should be familiar with online banking.
Synovus Bank is the Best Place to Open a Checking Account.
- With 357 locations throughout the states of Alabama, Georgia, Florida, South Carolina, and Tennessee.
- Provides entry to 1,250 Synovus Bank and Publix Presto ATMs
- In order to qualify for Synovus Plus, you must 1) open a Synovus Free Checking Account and 2) maintain a combined balance of $25,000 or more in all of your financial accounts OR make a minimum monthly deposit of ,000 into your checking account.
- Benefits of Synovus Plus include: higher interest rates on savings accounts and home equity lines of credit; monthly reimbursement of out-of-network fees; cash back or bonus points on credit cards; and more.
- If you have an account at Synovus Bank, you can apply for overdraft protection and link your checking account to it. or get a cash advance on your credit card using a line of credit
- A $10 overdraft transfer fee will be assessed if you use your checking account's overdraft feature to cover a payment that was initially declined.
- Affiliated with the FDIC
One of the top five banks in Georgia, Synovus Bank is a great option if you need a checking account and are looking around the state. There are no maintenance fees associated with the Synovus Free Checking Account, and you have access to over 1,250 Synovus and Presto network ATMs without incurring any fees. The Evolution of the ATM Network
Additional Synovus Plus benefits may be available to you, such as monthly automatic out-of-network fee refunds and discounts of up to 50% on domestic wire transfer fees. Synovus Plus membership requires a combined minimum of $25,000 in Synovus accounts or a minimum of ,000 in monthly direct deposits to your checking account.
Synovus Bank's overdraft fee is $36. There are a number of overdraft safeguards available, but you may be charged a fee. In the event of an overdraft, you can transfer funds from your savings account to your checking account, but there will be a $10 overdraft protection transfer fee.
Regions Bank Is the Best Place to Open a Savings and Checking Account.
- 1300 locations in 15 different states
- Money machines
- In order to receive the yearly 1% bonus (up to $100), you must establish a monthly automatic transfer from your Regions checking account to your LifeGreen Savings account.
- Monthly compounding of interest
- Guaranteed by the FDIC
Why it stands out: If you'd rather not bank online, Regions Bank is a good option. We rank it as the top national bank in the South and it offers a wide range of checking and savings account options.
Opening a Regions LifeGreen® Savings Account at a branch requires a low initial deposit and there are no monthly service fees.
The monthly service fee for the Regions Bank LifeGreen® Checking Account is , but you can avoid it by maintaining a balance of $1,500 or more, making a single direct deposit of 0, or making multiple direct deposits totaling $1,000.
The Regions Bank overdraft fee is $36 but the bank did away with overdraft protection transfer fees earlier this year. This means that there will be no charge incurred when using funds from an associated bank account to cover an overdraft.
- One branch each in Kentucky, Texas, and Utah in addition to the 27 in the Metro Atlanta area of Georgia.
- The CO-OP Shared Branch Network is a nationwide system of shared branches and ATMs that are free to use.
- You can become a member if your company or organization is a part of the organization, if you live in a specific Georgia county, or if you have a blood relative who is a member.
- Monthly interest compounding and payment.
- NCUA-insured, which means it is backed by the federal government
Why you should consider Delta Community Credit Union if you'd rather not deal with banks: The credit union is part of the CO-OP Shared Branch Network, which gives you access to 5,000 shared branches across the United States, including all 27 in the Metro Atlanta area.
Low minimum opening deposits and reliable free checking and savings accounts are what you'll find at Delta Community Credit Union. You can sign up for a rewards program that allows you to earn points for using your debit card at participating retailers with your Delta Community Credit Union Personal Checking Account. Use your points for cash back, flights, merchandise, concert tickets, and more. The credit union also offers competitive CD rates.
In order to join the Delta Community Credit Union, you must meet one of the following criteria, either individually or through a family member:
- You are a resident or employee of certain Georgia counties.
- You work for or have worked for one of the companies below.
- You have membership in prestigious organizations
- Since you are not a US citizen but instead a permanent resident of the Bahamas, Canada, Puerto Rico, or the US Virgin Islands, you are a full-time employee of Delta Air Lines.
If you are a non-US citizen working full-time for Delta Air Lines and you reside in a country not listed above, you will only be able to open a savings account with the bank.
Those who are members of Delta Community Credit Union and have yet to open a personal savings account, do so immediately.
Credit Union of Atlanta, Best Local Financial Institution.
- Atlanta-based minority-run credit union
- 5,000 merged locations in the United States
- You can join if you work for one of our many participating businesses, nonprofits, or government agencies.
- Joining requires establishing a savings account for members called "Share Savings Accounts."
- Quarterly dividend payments and quarterly dividend compounding.
- NCUA-insured, a federal guarantee
The Credit Union of Atlanta stands out because it's a great option for those who prefer banking with regional banks to large, faceless national chains.
The National Credit Union Administration has recognized Credit Union of Atlanta as a minority depository institution (MDI), and the Community Development Financial Institutions Fund of the United States Department of Treasury has designated it as a CDFI.
The Credit Union of Atlanta has two locations in the Atlanta area and participates in the nationwide CO-OP Shared Branch network of some five thousand locations. There are no fees and no minimums to open a checking or savings account.
Warning: Credit Union of Atlanta requires that you meet membership requirements before opening an account. Employees of the City of Atlanta, Zoo Atlanta, and Atlanta Public School System are eligible to join Credit Union of Atlanta. Here is a complete directory of groups:
All new members must deposit $25 into a Share Savings Account at Credit Union of Atlanta.
A Few Extra Schools We Didn't Include and Why
- Truist Bank (Member FDIC): Truist Bank has the most branches in the state, but the alternatives we recommend have lower monthly service fees and higher interest rates.
- Wells Fargo (Member FDIC) has a sizable branch and ATM network in Georgia, but our top picks offer more enticing bank accounts with lower monthly services and better interest rates. The Better Business Bureau has given it a failing grade, and it has been the subject of multiple high-profile lawsuit settlements.
- For a wide variety of banking options, look no further than Bank of America (Member FDIC). Its monthly service fees, however, are a little higher than those of our top picks.
- Monthly service fees apply to checking and savings accounts at Ameris Bank (Member FDIC) if you don't meet certain criteria. The Ameris Bank Personal Savings Account requires a minimum daily balance of $200 in order to earn interest.
- Chase (Member FDIC): Chase offers numerous checking and savings account options in addition to a sizable branch and ATM network. But the best options we've chosen all have affordable monthly rates.
- Bank OZK (Member FDIC): Bank OZK offers a wide range of accounts, but the top picks on our list have more convenient branch and ATM access.
- Checking and savings accounts at United Community Bank (Member FDIC) have monthly service fees unless you meet certain requirements, but the bank has a widespread branch and ATM network across the state.
- There are monthly service fees associated with PNC Bank's checking and savings accounts, but the bank has a widespread branch and ATM network and is a member of the Federal Deposit Insurance Corporation.
- If you're looking for a federally insured credit union that offers free checking, you might want to consider Bridgeway Credit Union. While widespread, only three locations can be found throughout the state of Georgia.
- A good CD rate can be had at the Black-owned Carver State Bank (Member FDIC), but the bank also requires a minimum balance in savings and checking to avoid monthly service charges.
- This Black-owned bank, Citizens Trust Bank (Member FDIC), offers several different types of checking accounts, but customers must meet certain criteria in order to avoid paying monthly service fees on their checking and savings accounts.
- There are a number of checking account options at the Black-owned Unity National Bank (Member FDIC), which has only one location in the state.
- The Fifth Third Bank is a regional bank in Georgia that is a member of the Federal Deposit Insurance Corporation. Though its free checking account is reliable, its savings account is weaker.
- First Citizens Bank (Member FDIC): Free checking and savings accounts are available at First Citizens Bank, but the bank does not have as many locations in the state as the other regional and national banks on our list.
- Our top pick, Robins Financial Credit Union, has lower opening deposit requirements than the NCUA-insured Robins Financial Credit Union, which offers free checking accounts.
To illustrate how well financial institutions respond to consumer concerns and maintain open communication, we refer to the BBB's ratings.
Remember that a high Better Business Bureau rating is no guarantee of a problem-free experience with a bank. To determine if a specific bank is right for you, you may wish to consult with current customers or read online customer reviews.
With the exception of Capital One and Regions Bank, all of the banks on our list have an A rating from the BBB.
Capital One has a high number of customer complaints on the BBB website, so the BBB gave it an A-.
Due to government action against the bank, the BBB has downgraded Regions Bank to a B+.
Both Capital One and Regions Bank have made headlines for the wrong reasons as of late.
Over 100 million credit card applications were accessed by a hacker in 2019, and the Office of the Comptroller of Currency demanded a million settlement from Capital One in 2020 for the bank's alleged complicity in the data breach.
After being accused of charging customers unexpected overdraft fees following certain ATM withdrawals and debit card purchases, the Consumer Financial Protection Bureau settled with Regions Bank in 2022 for a total of $191 million.
Where Did We Get Our List of Top Georgia Banks?
The goal of Personal Finance Insider is to inform readers so they can make sound financial choices. Because "best" is a relative term, we've listed the benefits and drawbacks of each account and financial institution under each heading because we want to help you make an informed decision. So that you wouldn't have to, we sifted through the features and fine print of a number of products and compared them.
We analyzed the top ten financial institutions in the state, as well as those included in our guides to financial institutions owned by Black Americans and Hispanic Americans.
We zeroed in on the best options by contrasting their premium features and low monthly fees. There were many banks out there, but our top picks stood out. Some provided enticing interest rates on savings accounts and had checking accounts with low fees.
Our top picks for best credit union and best local bank are institutions that made it simple to open an account, had low opening deposit requirements, and offered specialized checking and savings products.
Frequently Asked Questions About Georgia's Finest Financial Institutions
What works best for one person may not work so well for another, so the optimal choice will vary from person to person. Our savings rate table may help you narrow your options if you prefer a more traditional banking setup. You should probably choose an online bank if you're after competitive interest rates on your savings and minimal service charges. (Check out our favorite online financial institutions) )
Numerous national banks, including Bank of America, Wells Fargo, and Truist Bank, are headquartered in the state.
Verify the FDIC's and the NCUA's websites to see if the bank or credit union you're considering has deposit insurance. Your savings should be secure at any financial institution that carries federal deposit insurance. Federal law insures deposits in banks up to $250,000 per account holder.
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