When I wrote about Georgia Banking Company (GBC) in April 2017, its Kasasa brand products had recently been made nationally available. I have to admit I was slightly skeptical when GBC announced this change. Based on my many years as an observer of the banking industry, I’ve occasionally seen smaller banks find the demand for a nationwide product can overwhelm their capabilities. In the case of GBC, I’m pleased to say that any misgivings I had were laid to rest this week: GBC is now offering its entire deposit product line nationwide.
Certificates of Deposit
Of the eight Certificates offered, the 2-year (3.00% APY), 4-year (3.35% APY), and 5-year (3.50% APY) are the most competitive. The minimum opening deposit is $500, with no stated balance cap.
All the Certificates are available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:
Products one year or less: 3 months interest penalty.
Products over a year: 6 months interest penalty.
Kasasa Cash Checking
When the Kasasa Cash Checking account was added to the product line in April 2017, it initially earned 2.15% APY on qualifying balances up to $25k. Following its first rate increase this week, the Kasasa Cash Checking account now earns 2.95% APY on qualifying balances up to $25k. When qualifications are met, the portion of the balance above $25k now earns 1.00%, with non-qualifying balances earning 0.02% APY.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Be enrolled and receive eStatements.
The Kasasa Cash account has no minimum balance requirement, monthly service fees, or opening/closing fees. The minimum opening deposit is $100 to open and there is a limit of one account per Social Security Number. Unlimited domestic ATM fees will be reimbursed if incurred during a qualified monthly cycle, although an ATM receipt must be presented for fees of $5 or higher.
We reimburse ATM withdrawal fees based on estimates when the
withdrawal information we receive does not identify the ATM fee
GBC’s Kasasa Saver account earns 1.25% APY on qualifying balances up to $50k. When qualifications are met, the portion of the balance above $50k earns 1.00%, with non-qualifying balances earning 0.02% APY.
Like the Kasasa Cash account, the Kasasa Saver account requires a $100 minimum opening deposit. There is no monthly fee nor a minimum balance required to earn rewards. Kasasa Cash rewards are automatically transferred to the Kasasa Saver.
Headquartered in Atlanta, Georgia Banking Company began to offering its Kasasa Cash and Kasasa Saver accounts nationwide about 18 months ago. As of this week, all of GBC deposit products are available to US citizens, 18 years or older, regardless of residency.
Georgia Banking Company has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 17.18% (above average) based on June 30, 2016 data. In the past year, GBC has increased its total non-brokered deposits by $72.02 million, an excellent annual growth rate of 30.86%. Please refer to our financial overview of Georgia Banking Company (FDIC Certificate # 57071) for more details.
Opening its doors in 2001, Georgia Banking Company is currently Georgia’s 30the largest bank, with assets in excess of $464 million. In a departure from the norm, the formation of the Bank was preceded by its specialized division, GBC Funding. Established in 1998, GBC Funding is a “national warehouse provider dedicated to helping independent mortgage bankers grow their business.”
How the Certificates Compare
When compared to 167 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Georgia Banking Company's 4-year Certificate APY currently shares top billing with KS StateBank’s 4-year CD APY.
When compared to 177 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Georgia Banking Company's 5-year Certificate APY currently ranks second.
When compared to 205 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Georgia Banking Company's 2-year Certificate APY currently ranks third.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
How the Kasasa Cash Compares
When compared to 15 High Yield RCAs tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, Georgia Banking Company’s Kasasa Cash APY currently ranks second.
The above rates are accurate as of 10/16/2018.
To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account Rates Table page.