Georgia Deposit Account Rates and Deals

Atlanta Postal Credit Union continues to offer very competitive short-term CD rates. These include a 2.00% APY 3-month CD, a 2.10% APY 6-month CD and a 2.25% APY 12-month CD. Below is a list of the CD rates listed in the credit union's rate table as of 1/08/2010.

• 2.00% APY 91-day
• 2.10% APY 6-month
• 2.25% APY 12-month
• 2.50% APY 24-month
• 2.50% APY 30-month
• 2.75% APY 36-month
• 3.00% APY 48-month
• 3.25% APY 60-month

Minimum deposit is $500. These are also available as IRA certificates for terms of 1-year and longer. Above the rate table it states that the rates are effective from January 7, 2010 through January 13, 2010.

The credit union also offers competitive rates on its regular savings account and its checking account (share draft). As listed in the rates page as of 1/08/2010, the savings account rate is 2.00% APY and the checking account rate is 1.50% APY. These are the same rates as they had in September 2009. The only problem with the savings account is that it limits free withdrawals to 5 per quarter. Additional withdrawals are charged a $2 fee.

Membership was recently expanded to include all residents of Bibb County in Georgia. Membership is primarily based on select employee groups. In addition to active or retired US Postal Service employees, several other employee groups are listed. Also, all federal employees, active or retired, working or residing in most 310 and 312 zip code area of Georgia are eligible. Membership requires a $25 minimum deposit into a share savings account. Please refer to the credit union's membership page for more details.

The credit union's ratings for safety and soundness continues to be strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). Atlanta Postal Credit Union is federally insured by the NCUA (Charter # 67389).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

Georgia Primary Bank is offering good deals on several of its deposit products. The most competitive is its money market account. It's a tiered account with rates that range from 1.65% to 2.50% APY for a $100K balance. The interest checking account has rates that range from 1.25% to 2.00% APY for a $50K balance. Both accounts require a minimum balance of $2,500 to avoid a $10 monthly fee. The savings account has a 1.65% APY for all balances, and it only requires a $200 minimum to avoid a monthly fee. These rates are listed at the bank's rates page as of 12/31/09.

If you don't think the bank will be able to stay competitive with the rates of the above liquid accounts, some of their CD and IRA CD rates are also good deals. The two most competitive ones are the 2.00% APY 12-month CD and the 2.25% APY 18-month CD. Minimum deposit is $1,000. These rates are listed at the bank's rates page as of 12/31/09.

It appears that a branch visit is required to open an account. The bank is located in Atlanta, Georgia.

One reason for the high rates may be the fact that it's a fairly new bank that was established in late 2007. New banks often have deals to attract deposits. The bank seems to be healthy. Bankrate.com gives the bank 4 stars (sound) based on 6/30/09 financial data. BauerFinancial still labels the bank as a start-up. The bank has been a FDIC member since 2007 (FDIC Certificate # 58523).

Thanks to the reader who emailed me news on this bank.

Other Competitive Deposit Rates

• CD rates at DepositAccounts.com
• Money Market rates at DepositAccounts.com
• Checking Account rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

One Georgia Bank continues to offer several competitive deposit rates. One is a special 7-month CD with a 2.15% APY. Minimum deposit is $5,000 with new funds. The special requires a checking account with direct deposit. Maximum deposit is $100,000. The bank's standard CDs and IRAs also have competitive rates. These include a 2.15% APY 18-month CD and a 2.30% APY 24-month CD. Minimum deposit is $1,000. These rates are listed in the bank's rate table as of 12/29/09.

My last report on this bank was in March 2009 when this 7-month CD had a yield of 3.00% APY. This is a good example of how much rates have gone down this year.

The bank continues to offer a high yield savings account with a top yield of 2.50% APY (was 3.00% last March) on balances up to $10,000 (1.25% for above). This also has the same checking account requirement as the special CD.

At the bottom of the rate table it states that they do not accept deposits outside of their market area. The bank is located in Atlanta, Georgia.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 9/30/09 data) and 1 star (lowest) at Bankrate.com (based on 6/30/09 data). It has been a FDIC member since 2006 (FDIC Certificate # 58238).

Thanks to the reader Atlanta Wolf who mentioned these new rates in the comments.

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

Regions Bank has adjusted its special CDs, but they remain competitive in many states. All areas appear to have the same long-term CD special rates: 2.50% APY for 23 months and 3.00% APY for 42 months. The 7-month CD special also appears common for all areas, but it's not nearly as competitive with a 1.25% APY. They used to have a 12-month special, but the term is now 15 to 17 months. The APY is 2.00% for many states (I've confirmed this for AL, GA, IL and TX). In some states it's only 1.75% APY (I've confirmed this for FL and IN). The rates vary by area, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The above rates were checked on 12/16/09.

Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

CharterBank is offering two competitive rates on its CD specials: 2.25% APY for 11 months and 3.70% APY for 59 months. Minimum deposit is $1,500. The 59-month CD also has a bump-up feature. These rates are listed in the bank's rates page as of 12/09/09.

Last month I posted on CharterBank's reward checking account. It's still paying 5.01% APY on balances up to $25,000 if the typical reward checking requirements are met.

A branch visit is required to open an account. Branches are located in the Georgia cities of West Point, Newnan and Lagrange, and in the Alabama cities of Valley, Auburn and Opelika.

The bank's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 6/30/09 data) The bank has been a FDIC member since 1954 (FDIC Certificate # 30720).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

River City Bank is offering a high-yield reward checking account called Smart Checking. It has the following rates and features if certain monthly requirements are met:

• 5.00% APY on balances up to $25,000 (guaranteed to 3/31/10)
• 1.50% APY on portion of balance over $25,000
• 0.05% base rate if requirements are not met

The monthly requirements include:

• 12 debit card purchases
• 1 direct deposit or ACH debit
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• No minimum balance requirement
• No monthly service charge
• Refunds all ATM surcharges Worldwide

Details about the bank's ATM refund policy are located in the locations page. It's rare to see a bank that offers such a generous ATM policy for all of its accounts.

It appears that a branch visit is required to open an account. Branches are located in Rome and Carrollton, Georgia.

The bank's ratings for safety and soundness are a little above average: 3½ stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 2006 (FDIC Certificate # 58289).

Other Reward Checking Accounts

There have been a few banks and credit unions which have guaranteed a high reward checking rate for a certain period of time, but these are rare. Unfortunately, there aren't any that are nationwide deals.

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

Update 12/12/09: The 2% promo is no longer listed on the bank's website. The $100 bonus is still listed at this promotions page.

Flagstar has brought back the promotion for its S.M.A.R.T Interest Checking in which you can lock in a rate of 2% on balances up to $100K for 12 months when you open a new Flagstar interest-bearing checking account. As an alternative, you can choose a $100 bonus. Here's the link to the promo page as of 11/30/09. The offer has the following requirements:

• New personal checking account customers only
• Minimum opening deposit of $50
• Direct deposit of income of at least $250 per month
• Direct deposit must be established within first 60 days of account opening

Thanks to the reader who emailed me info on this. In the reader's email he mentioned that the Flagstar rep at his local branch said that they would allow him to do an ACH from PayPal to meet the direct deposit requirement.

The online application requires you to enter your zip code, and if it's outside of MI, IN or GA, it states:

We're sorry - this checking product is not available in your market area.

You may still take advantage of our $100 or 2% offer. Please click Continue below to select the checking product best for you, or call (800) 642-0039 to speak to a banking expert.

I was confused about this message so I called Flagstar today. According to the CSR, this promotion is only for those who live in their market area (Michigan, Indiana and Georgia).

Flagstar's Express Money Market Account

For those who don't live in Flagstar's market area, you can open accounts at FlagstarDirect.com. Flagstar has been offering an internet money market account since July 2007 (see post). The rates have remained competitive. As of 11/30/09, the APY is 1.70%. It has no minimum balance requirements and offers free checks (see account review). You may also be able to get a $25 bonus for opening this account. Refer to my bonus review for details. Note, I haven't checked if this promo is available since November 12th.

Financial/FDIC Info

Flagstar has been hit hard by the mortgage crisis. Flagstar's third quarter results showed another big loss. However, the bank claims to be still well-capitalized for regulatory purposes. Bankrate.com now gives the bank 1 star (lowest) for safety and soundness. However, BauerFinancial gives Flagstar Bank 3 stars (adequate). Both ratings are based on 6/30/09 financial data. The bank is a member FDIC (FDIC Certificate # 32541).

For other high-yield checking and savings accounts available nationwide, refer to my weekly rate summary.

United Central Bank is offering a special CD called the Year End Bonus CD. It's a 14-month CD paying 2.00% APY. Minimum deposit is $1,000, and it requires a checking account. Offer is scheduled to last through 12/31/09. The special is listed at the bank's promo page as of 11/29/09.

My last post on United Central Bank was in August when they were offering several competitive deposit products. The rates have gone down quite a bit on most of these.

Their Global Money Market Account continues to be competitive with a top rate of 2.50% APY as of 11/29/09. However, this top rate requires a $1 million minimum balance. The rates for the lower tiers are much lower but are still reasonable: 1.45% APY for $5K to $75K and 1.65% APY for $75K to $300K.

The Global Money Market Account can be opened via their online application, and it's available nationwide. This CD special, however, isn't listed in the online application, and it may require a branch visit.

United Central Bank has branches in several parts of the country with branches in Texas, California, Georgia, Maryland and Virginia. Some of the major cities include Los Angeles, Austin, Houston and Dallas. There are also branches in Chicago, New York and New Jersey that used to be under Mutual Bank. United Central Bank took over Mutual Bank when Mutual Bank was closed by regulators in July. If you're interested in this special CD and live near an old Mutual Bank branch, make sure to call to see if they're able to open this CD.

Update 12/15/09: I called the old Mutual Bank branch in New York, and the CSR said they are offering this special.

United Central Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1984 (FDIC Certificate # 25330).

Credit for this CD find goes to Fatwallet member MrVietnam who posted it on this FW thread.

Other Competitive CD and Money Market Rates

• Savings Account Weekly Rate Summary
• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

LGE Community Credit Union is offering a high-rate reward checking account witih the following rates and features if certain monthly requirements are met:

• 3.50% APY on balances up to $25,000
• 0.50% APY on the portion of the balance over $25,000
• 0.00% base rate if qualifications are not met
• ATM fee refunds nationwide of up to $15

The monthly requirements include:

• 15 debit card or credit card transactions (excluding ATM or credit card cash advance)
• 1 direct deposit or automatic payment
• Access online banking
• Receive e-Statements and maintain a valid email address

Additional features include:

• No minimum balance requirement
• No monthly service charge
• Only one LGE Community Credit Union High Rate Checking account is allowed per primary member

As of 11/23/09, there's a $150 sign-up bonus for opening this account. According to the credit union's promotions page www.lgeccu.org/clarkhoward, the following steps are required to qualify for the $150:

Present a printout of this page when opening a High Rate Checking Account. At the end of that calendar month, you will earn 3.50% APY on your average daily balance for that month. At the end of the next calendar month, if you meet the criteria, you will again earn 3.50% APY but will also get an automatic $150 deposit to your High Rate Checking Account.

A reader mentioned this promotion in the comments, and I went over to ClarkHoward.com and noticed this was being advertised.

Credit union membership is open to anyone who is a resident of Cobb, Cherokee, or Paulding County. You can also be eligible via a select employer group. Please refer to the credit union's Joining LGE page for the full details. Membership requires a minimum balance in the membership share savings account.

Branches are located in the Atlanta suburbs of Marietta, Austell, Kennesaw, Calhoun and Hiram.

LGE Community Credit Union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 68581).

Thanks to the reader who mentioned this reward checking account and promo in the bank deals hub page.

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

LGE Community Credit Union is offering a 3.50% APY 60-month certificate. It's part of their Double 350 promotion in which you can get 3.50% APY on both their 5-year CD and their reward checking account (see post). Minimum deposit for the CD is $1,000. It's also available in an IRA. Early withdrawal penalty is 180 days of dividends. The rate is listed at the credit union's deposit rates table as of 11/23/09.

The 3.50% APY on the reward checking account may sound a lot better than a 5-year CD. However, as we've seen this year, there's no guarantee that the checking rate will hold. Also, the 3.50% APY is limited to $25K in the reward checking account. So there are reasons to open both.

Credit union membership is open to anyone who is a resident of Cobb, Cherokee, or Paulding County. You can also be eligible via a select employer group. Please refer to the credit union's Joining LGE page for the full details. Membership requires a minimum balance in the membership share savings account.

Branches are located in the Atlanta suburbs of Marietta, Austell, Kennesaw, Calhoun and Hiram.

LGE Community Credit Union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 68581).

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals