Numerous options await your consideration for Georgia residents searching for an ideal savings account. To assist you in making a smart decision, we have compiled a decent list of some of the top choices available in Georgia.
These accounts are meticulously crafted to cater to a wide range of savings goals, including new car, funding your children's education, or saving for a wedding. They offer highly competitive interest rates, flexible terms, and user-friendly features.
Capital One 360 Performance Savings
APY Savings
Minimum Deposit
Promotion
Fees
Customers in Georgia can take advantage of the Capital One 360 Performance Savings. This account offers a competitive interest rate and imposes no maintenance or monthly fees. Moreover, there is no requirement to maintain a minimum balance.
One of the primary benefits of the Capital One 360 Performance Savings account is its highly regarded mobile app. Praised by users on multiple platforms, this app offers effortless management of your savings account via your smartphone. Additionally, it facilitates check deposits, provides useful savings tools, and allows for convenient money transfers between your Capital One accounts and accounts held with other banks.
Opening a Capital One 360 Performance Savings account is an uncomplicated process. You can visit a Capital One bank branch in person, complete the process online, or utilize the dedicated Capital One app.
CIT Bank Platinum Savings
APY Savings
Minimum Deposit
Promotion
Fees
The CIT Platinum Savings account is made accessible to individuals residing in Georgia and offers one of the highest Annual Percentage Yields (APYs) available in the market. However, it is essential to maintain a minimum balance of $5,000 or more to enjoy this competitive APY. Falling below this required balance will result in a decrease in the APY to 0.25%.
Accessing your CIT account is not restricted to desktop computers alone; you can also conveniently manage your account through the CIT Bank mobile app. This allows you to check your balance, initiate fund transfers, and easily deposit checks using the mobile deposit feature.
CIT operates as an online bank, so the entire account opening process can be completed seamlessly through its online platform. It involves a straightforward procedure that can be finalized in just a few steps.
Marcus by Goldman Sachs
Savings APY
Minimum Deposit
Promotion
Fees
Residents of Georgia can also benefit from the Marcus High-Yield Online Savings Account, one of the best high-yield savings accounts available. Right now, it's paying an impressive 3.75% APY on all balances.
Marcus doesn't charge any one-time fees to open a savings account, and there are no ongoing fees for account maintenance, service, or transfers. You don't need to worry about meeting minimum deposit or balance requirements.
In 2016, Goldman Sachs made a significant foray into the consumer banking domain with the introduction of Marcus by Goldman Sachs. This strategic move aimed to diversify their offerings beyond investment banking and provide valuable financial management solutions to individuals across the United States.
Wealthfront
Savings APY
Minimum Deposit
Promotion
Fees
If you are a Georgia resident facing difficulties when moving funds between your bank and investment platform, Wealthfront presents an ideal solution. Although it deviates from the traditional banking model, Wealthfront offers a specialized account with a lucrative interest rate while you deliberate on your next investment move.
This account amalgamates the features of both a checking and savings account, granting you a debit card and enabling access to over 19,000 ATMs without any associated fees. Moreover, it facilitates online bill payments and provides the added benefit of receiving direct deposits up to two days earlier. What sets it apart is the exceptional interest rate it offers—currently 4.25% on the entirety of your deposited funds.
And that's not all—another exciting aspect is that you can swiftly invest your surplus funds by seamlessly transferring them to your linked Wealthfront Investment Accounts.
Discover Online Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
For Georgia residents who desire to maximize their savings without needing a physical bank branch, the Discover Bank Online Savings account is a very good solution. This account offers the opportunity to accrue a decent amount of interest on your balance, with interest calculations performed daily and added to your account every month. Notably, maintaining this account incurs no fees.
In addition, Discover Bank provides a convenient mobile application designed for Android and Apple devices. This intuitive app facilitates seamless money transfers, balance inquiries, review of recent account activity, and even check deposits. If you also hold a Discover checking account, you can configure automatic transfers to your savings account, streamlining the process of expanding your savings.
However, an ATM card is not included, and the available tools are relatively basic.
Bank5 Connect
APY Savings
Minimum Deposit
$100,000
Promotion
Fees
Bank5 Connect presents the Jumbo Savings account, an exceptional choice for residents of Georgia seeking impressive returns on balances exceeding $100,000. This account is specifically tailored for individuals with substantial savings, as it not only offers a lucrative interest rate but also guarantees complete FDIC protection. It is important to note, however, that a significantly high minimum deposit is required to open this account.
In addition, the Jumbo Savings account provides the same advantages as other online savings accounts. You can conveniently manage your account through Bank5 Connect's user-friendly online platform or their dedicated mobile app. Should you require any assistance, their customer support team is readily available for assistance via chat, phone, or video.
To further enhance your banking experience, the Early Deposit feature is available, enabling you to set up direct deposit. By utilizing this feature, you have the opportunity to receive a portion of your paycheck up to two days in advance, directly into your Jumbo Savings account.
Citi Accelerate Savings
Savings APY
Minimum Deposit
Promotion
Fees
The Citi Accelerate Savings account is an ideal choice for residents of Georgia who prefer conventional banking services. As part of Citi's comprehensive banking packages, this account offers diverse services, including banking, lending, and investment options. If you are looking for a complete solution to your financial needs, the Citi Accelerate account is recommended.
Despite having a slightly lower APY compared to leading online savings accounts, the 4.45% account remains highly competitive. Additionally, it offers the convenience of automated transfers from a linked checking account, simplifying saving money.
Furthermore, linking this account to a Citi checking account allows you to enjoy the added benefits of overdraft protection. Moreover, depending on your deposit amount, you may qualify for a bonus.
Is It Possible To Find Better Savings Accounts In Georgia?
Absolutely! The savings mentioned above account represents just one example from a wide array of account types accessible in Georgia and nationwide. Banks and credit unions offer a myriad of options for you to consider.
When initiating the process of opening a savings account, it is advisable to compare interest rates and consider other significant factors as well. If you already have an existing banking relationship, it would be prudent to inquire whether they have any exclusive promotions tailored for you.
Having said that, it is undeniable that the following savings accounts are among the best choices available. They offer competitive APYs and generally have no monthly fees. Furthermore, each account provides unique features to cater to different types of savers.
These options can be particularly relevant for various individuals, including young investors, families looking for convenience, or those who prefer the ease of online banking over visiting a physical branch.
How To Smartly Choose A Savings Accounts?
Choosing a savings account is a personal decision that depends on your individual savings goals and preferences – do you prefer brick-and-mortar banks? Do you savings tools? Are you happy with online-only customer service?
Besides these questions, there are some additional things to consider when comparing:
- Customer Service and Support: Give consideration to the quality of customer service provided by the online bank. Look for accessible customer support channels like phone, email, or live chat to ensure that you can address any concerns or issues that may arise effectively.
- Online Banking Functionality: Assess the functionality of the online banking platform. Features such as mobile banking, bill payment, and budgeting tools can enhance your banking experience and simplify financial management tasks.
- Reviews and Reputation: Take the time to peruse customer reviews and evaluate the online bank's reputation to gain insights into the experiences of other users. Look for positive feedback on aspects like reliability, customer service, and overall satisfaction.
- Account Accessibility: Evaluate the ease of accessing your funds. Verify that the online bank offers convenient options for withdrawals, such as online transfers or ATM access, that cater to your specific requirements.
Compare Savings Account Side By Side
Best Savings Accounts In Georgia: Ranking Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Georgia. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:
- Rates And Terms (40%): We examined the savings rates offered by Georgia-based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
- Savings Account Features (30%): This category assessed the range of features tailored to Georgia savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Georgia-centric options earned higher scores.
- Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Georgia customers. Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
- Bank Reputation (10%): We considered the reputation of each Georgia-based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Georgia customers received higher scores.
