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2.81% Money Market Account at Vinings Bank in Georgia - Local Only

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Update 7/07/09: It has been reported that the top rate has fallen to 2.51% APY.

Vinings Bank is offering a money market account with a 2.81% APY for minimum balances of $50,000. This rate is guaranteed to last through December 31, 2009. The rate drops to 1.15% APY for balances under $50,000. There are no monthly fees. This special isn't listed at the bank's website. A reader mentioned seeing it listed in the Atlanta Journal-Constitution, and I just called for additional info. I was told a branch visit is required.

It's a small one-office bank located in Smyrna, Georgia which is in the northwest suburbs of Atlanta. It was established in 2007, so it appears to be trying to build deposits. It doesn't seem to be having any financial problems. Bankrate.com gives it 3 stars (performing) based on 12/31/08 data. BauerFinancial labels this bank as a start-up with no rating available. The bank is a member FDIC (FDIC Certificate # 58533).

Thanks to the reader who emailed me news of this special.

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  Tags: money market accounts, Georgia, Vinings Bank

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
I called today. The rate is down to 2.51%.

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Comment #2 by Anonymous posted on
Anonymous
This is from the vice president of the bank:
"Our current rate for a business money market with $ 100,000 or more [the amount I asked about] is
2.51% APY and is not a guaranteed rate. We did have a previous offer that was 2.81% APY and guaranteed until 12/31/09 but that ceased for new accounts on July 2nd, 2009. That offer was advertised from April to July 1st.
The 2.51% APY rate is an attractive rate and you have the accessibility to add to the funds or move the funds should an opportunity become available for a higher rate elsewhere.
Please contact us at (770) 437-0004 if we can assist you further or if you have additional questions."

1