The Piedmont Bank (Georgia) has debuted a new savings account: Short Term Parking (1.15% APY). The APY on this savings account is tied to the Prime Rate, which has remained static at 3.25% since December 16, 2008.
The fine print on The Piedmont Bank’s Deposit Rates page states,
The APY for this account will change when the Wall Street Journal (WSJ) prime rate changes. The APY is equal to the WSJ prime rate minus 2.10%. An excess debit fee of $10.00 will be charge for each debit in excess of three (3). Interest is compounded daily, credited monthly and paid on collected balances.
There is also a $10 monthly service fee that can be waived by maintaining a $25K minimum balance.
The Piedmont Bank’s market area is primarily the northern Atlanta metropolitan area, but a very helpful CSR stated that if Georgia residents outside of metro Atlanta are willing to travel to open an account in-person, the Bank would accommodate them.
Opening an account at The Piedmont Bank requires a visit to any of the four Georgia branches located in Dunwoody, Lawrenceville (2), and Norcross. Currently, The Piedmont Bank’s online banking services are limited to account management and bill payment.
The Piedmont Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 15.95% (above average), based on June 30, 2015 data. In the past year, The Piedmont Bank has increased its total deposits by $44.55 Million, an excellent annual growth rate of 13.43%. Please refer to our financial overview of The Piedmont Bank for more details.
The Piedmont Bank (FDIC Certificate # 58374) is a young bank, just a few months short of celebrating its 10th Anniversary. The Bank was founded by a group of local business professions who saw a need for an institution committed to serving the needs of the local business community, as well as the area’s residents. Originally established as the Republic Bank of Georgia, the name was changed to The Piedmont Bank in 2009. In a short ten years, The Piedmont Bank has grown to four branch locations with assets in excess of $433 Million.
How Short Term Parking Compares
When compared to the 228 savings accounts tracked by DepositAccounts.com that are available to Georgia residents, The Piedmont Bank’s Short Term Parking APY currently ranks second, regardless of minimum deposit.
The above rates are accurate as of 10/26/2015.
To look for the best nationwide savings account rates and the best savings account rates in your state, please refer to our Savings Account rates table.