August 2023 Top 5 Banks and Credit Unions in Georgia

August 2023 Top 5 Banks and Credit Unions in Georgia

The Best Banks and Credit Unions in Georgia: Low Fees and Strong Features

Are you searching for the best banks and credit unions in Georgia? Look no further! We have carefully selected the top financial institutions in the state that offer low fees and robust features. Whether you’re looking for a savings account, checking account, or credit union, we’ve got you covered.

Our Top Picks

Here are our top picks for the best banks and credit unions in Georgia:

1. Capital One 360: Best bank for opening a savings account
2. Synovus Bank: Best bank for opening a checking account
3. Regions Bank: Best bank for opening a savings and checking account
4. Delta Community Credit Union: Best credit union
5. Credit Union of Atlanta: Best local financial institution

All of these financial institutions are protected by FDIC or NCUA insurance, ensuring your money is safe.

How We Chose the Best Banks in Georgia

To determine our top picks, we reviewed the 10 biggest banks and credit unions in the state. Additionally, we considered local financial institutions recognized as minority depository institutions by the FDIC or NCUA. Online banks were also taken into account when selecting the best savings account option.

Our mission at Personal Finance Insider is to help you make the best decisions with your money. We consulted with banking and financial planning experts to gather their advice on choosing the best financial institution in Georgia for your needs.

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Advice from the Experts

We spoke with industry experts to get their insights on selecting the right financial institution:

• Sophia Acevedo, a certified educator in personal finance and banking reporter, suggests aligning the bank’s priorities with your own. Look for institutions that offer waived monthly service fees and the interest rates you desire.

• Tania Brown, a certified financial planner, highlights the importance of anticipating your future needs. Ensure that the bank you choose offers services like financial advisors to support your changing financial situation.

• Mykail James, a certified financial education instructor, emphasizes the importance of accessibility. Whether it’s the availability of physical branches or the ease of using your account while traveling, consider how accessible the bank is to meet your needs.

• Roger Ma, a certified financial planner, points out the significance of account accessibility. Consider how easy it is to move money in and out of your account and connect it with other accounts elsewhere.

Evaluating the Best Financial Institutions in Georgia

We evaluated the advantages and limitations of each account or institution to offer comprehensive insights. Our top picks stood out from other financial institutions due to their competitive interest rates on savings accounts and minimal bank fees. Additionally, we considered factors such as easy membership requirements, low minimum deposit requirements, and unique bank account options for credit unions and local financial institutions.

Frequently Asked Questions

Best Bank for Opening a Savings Account: Capital One 360

Capital One 360 is our top pick for the best bank to open a savings account. Their bank accounts have no minimum opening deposit or monthly service fees. The Capital One 360 Performance Savings account pays a competitive interest rate higher than many other traditional and high-yield savings accounts.

Best Bank for Opening a Checking Account: Synovus Bank

Synovus Bank is an excellent choice for those looking to open a checking account. Their Synovus Free Checking Account has zero monthly service fees and provides access to over 1,250 free ATMs. Eligible customers can also enjoy additional perks such as fee refunds and discounted wire transfer fees.

Best Bank for Opening a Savings and Checking Account: Regions Bank

Regions Bank is a solid option for individuals who prefer traditional banking. Their Regions LifeGreen® Savings Account has no monthly service fees and requires a low minimum opening deposit. The Regions Bank LifeGreen® Checking Account may have a monthly service fee, but it can be waived by meeting certain criteria.

Best Credit Union: Delta Community Credit Union

If you prefer a credit union, Delta Community Credit Union is an excellent choice. With 29 branches in the Metro Atlanta area and access to 5,000 shared branches nationwide, they offer convenience and flexibility. Their free checking and savings accounts have low minimum opening deposits, and they provide a rewards program for debit card purchases.

Best Local Financial Institution: Credit Union of Atlanta

Credit Union of Atlanta is a fantastic option for those who prefer local financial institutions. As a certified minority depository institution and community development financial institution, they have a deep connection to the local community. They offer free checking and savings accounts with low minimum deposits, but eligibility for membership is limited to specific organizations.

Institutions That Didn’t Make Our List

While we have listed our top picks, there are other notable financial institutions in Georgia that didn’t make the cut. These include Truist Bank, Wells Fargo, Bank of America, Ameris Bank, Chase, Bank OZK, United Community Bank, PNC Bank, Bridgeway Credit Union, Carver State Bank, Citizens Trust Bank, Unity National Bank, Fifth Third Bank, First Citizens Bank, and Robins Financial Credit Union.

Each of these institutions has its own advantages and limitations. We encourage you to explore them further to determine if they align with your specific needs.

Bank Trustworthiness and BBB Ratings

The trustworthiness of a bank is crucial when choosing where to entrust your money. We utilize ratings from the Better Business Bureau (BBB) to assess how well financial institutions address customer issues and handle transparency.

It is important to note that a good BBB rating does not guarantee a seamless experience with a financial institution. We recommend researching current customer reviews and speaking to existing customers to ensure a bank is the right fit for you.

Our top picks, excluding Regions Bank and Credit Union of Atlanta, have an A+ rating from the BBB. Regions Bank received an A- rating due to government action, while Credit Union of Atlanta has a B- rating for not responding to a customer’s complaint.

Savings Rates at the Largest Banks in Georgia

If savings account rates are your primary concern, here is an overview of the rates offered by the biggest banks in Georgia. While these rates may be lower than the national average, you may still find one of these banks suitable for your needs.

We hope our comprehensive guide helps you in choosing the best financial institutions in Georgia. Remember to consider your own priorities, long-term needs, and accessibility when making your decision. Happy banking!

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