2.11% Money Market Account Indexed to the Prime Rate at Signature Bank of Georgia - Local Only


Signature Bank of Georgia has an attractive deal on its Signature Prime Money Market Account. The rate is 2.11% APY on balances of $25,000 and above. The rate is set to equal 65% of the prime rate which is currently at 3.25%. Typically, the prime rate is 3 percentage points above the federal funds rate target. The money market rate is listed at the bank's deposit rates page as of 7/28/09.

It appears that a branch visit is required to open an account. They have 3 branches in the Metro Atlanta area.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 2005 (FDIC Certificate # 58103).

Thanks to the reader Atlanta Wolf who mentioned this money market account in the Daily News & Deals Post.

For other high-yield money market accounts, please refer to my weekly rate summary.
Related Pages: money market accounts, Signature Bank of Georgia, Atlanta