Navigating the vast banking landscape of Georgia can be a challenge, given its plethora of over 200 banks. If you're finding it tough to decide which bank aligns best with your needs, we're here to assist. In this article, we have distilled the options, presenting a curated list of the top banks in Georgia. Our selection process, grounded in a thorough assessment of various factors including fees, interest rates, and account offerings, aims to simplify your decision-making. Dive in to explore the cream of Georgia's banking crop.
1. Chase Bank
Chase Bank shines as a versatile banking choice for Georgians. With numerous branches statewide and an extensive free ATM network, accessibility is a standout feature. Their user-friendly mobile app allows clients to manage their finances remotely. What truly distinguishes Chase is its broad spectrum of financial products – be it top-tier rewards credit cards, a variety of bank accounts, investment tools, or lending options.
For those seeking a straightforward banking experience, Chase's Secure Checking account is a fitting start. However, if your banking needs evolve, upgrading to Chase Premier Plus Checking offers benefits like earning interest on your balance, complimentary checks, and monthly rebates for out-of-network ATM transactions.
Advantages:
- Next-day availability for mobile deposits made before 11 p.m. Eastern time.
- Preferential rates for mortgage account holders.
- Availability of investment services.
- Overdraft protection minimizes risks of NSF and bounced check charges*.
Drawbacks:
- Each overdraft incurs a $34 fee.
- The standard savings account offers a modest annual percentage yield of just 0.01%.
Note: Many Chase accounts come with monthly maintenance fees. However, these can often be sidestepped by maintaining certain balances, setting up direct deposits, or linking both checking and savings accounts.
2. Bank of America
Bank of America, a proud Member FDIC institution, delivers the comprehensive services one would anticipate from a major bank - encompassing checking, savings, and loans. If you maintain a significant balance across your accounts, especially a sum of $20,000 or more, you stand a chance to avail the Preferred Rewards membership. This program offers privileges that standard account holders might not enjoy.
The Preferred Rewards program works on a tiered system:
- Gold Level: Attainable with balances of $20,000 or more.
- Platinum Level: Reachable once balances hit $50,000.
- Platinum Honors Level: For those boasting a balance of six figures or beyond.
- Diamond Tier: Accessible for individuals with a whopping balance of $1 million or more.
Membership in this program equips you with exclusive interest rates on various balances and loans, opportunities to garner more rewards on credit card expenditures, and waivers or discounts on certain fees, including ATM withdrawals and other banking services.
Strengths:
- Multiple tiered checking account options available.
- Effortless transition between checking account levels without the need for a new debit card or checkbook.
- Potential waivers on checking and savings account fees.
- Cost-effective, self-directed investment opportunities via Merrill Edge.
Limitations:
- Disappointingly low annual percentage yields for non-Preferred Rewards members.
- Absence of a money market account option.
Special Feature: One of the standout features of Bank of America is its adaptive approach towards checking accounts. This flexibility allows users to seamlessly switch between tiers based on evolving requirements. Start with the Bank of America Advantage SafeBalance Banking® for an affordable banking solution, and then, as your financial landscape shifts, consider upgrading to the Bank of America Advantage Plus Banking® or the Advantage Relationship Banking®. These upgraded accounts introduce benefits like earning interest on your balances, the convenience of paper checks, among other perks.
3. Navy Federal Credit Union: Serving the Military Community
Georgia, with its significant active military population, has a valuable banking resource in the Navy Federal Credit Union (NFCU). If you have ties to the military – whether directly or through family – NFCU emerges as an optimal choice. Even though its physical presence may be limited in Georgia, its mobile app offers a comprehensive range of services, ensuring members can manage their accounts, pay bills, or even apply for a credit card, right from their phones. Notably, NFCU ranks among the nation's top credit unions, providing 24/7 customer support and beneficial account features like dividends on balances.
Advantages:
- Competitive CD rates peaking at 4.85% APY.
- Four fee-free checking accounts and an additional one with avoidable charges.
- Zero mandatory minimum balance.
- Annual rebates up to $120 for out-of-network ATM transactions.
Drawbacks:
- Membership is restricted to specific qualifications.
- Sparse physical presence within the U.S.
Point of Interest: While NFCU's U.S. branches may be limited, members deployed overseas will find branches in countries like Spain, Italy, Japan, and several others. For added support, members can access Co-op locations or utilize the live chat feature.
4. Wings Financial: Tailored for the Aviation Sector
Georgia, home to a significant population of airline employees and the headquarters of Delta Air Lines in Atlanta, boasts the services of Wings Financial. Tailored for the aviation industry, this institution also extends its services to Atlanta residents. Along with standard offerings like checking, savings, and retirement accounts, Wings Financial introduces unique features. These include safe deposit boxes, a concierge service for personalized banking consultations, and a facility for foreign currency exchange.
Advantages:
- Banking rewards for Wings Financial customers.
- Access to 80,000 ATMs nationwide for free cash withdrawals.
- Simple investment options via EasyVest, starting at just $200.
- Exclusive service for airline professionals and Atlanta dwellers.
Drawbacks:
- Limited banking services for the broader Georgian populace.
- Just a single branch in Atlanta for direct services.
Special Mention: All Wings Financial accounts come without any fees, irrespective of balance. Moreover, a range of savings accounts is available, catering to diverse financial goals.
5. Fifth Third: A Pervasive Banking Partner in Georgia
Fifth Third boasts an impressive footprint in Georgia, marking its presence with 31 branches across 13 cities. The bank's extensive suite of services spans from conventional checking and savings accounts to CDs, loans, investment solutions, and insurance. These offerings can be easily accessed either by visiting the bank branches or digitally through its website and mobile application. Moreover, customers can leverage the convenience of 50,000 free partnered ATMs.
Advantages:
- Offers a no-fee basic checking account, alongside savings and premium checking accounts with waivable maintenance fees.
- Direct deposit beneficiaries can access their paychecks up to two days earlier.
- Extensive physical branches complemented by a robust online presence.
Drawbacks:
- Top-tier rates are exclusive to those engaged in relationship banking.
Tip for New Customers: Consider opting for the MyAdvance feature after establishing a banking relationship with Fifth Third for a few months. It's designed to assist with short-term financial needs, providing a credit line between $50 to $1,000 based on your deposit history. After approval, funds are instantly accessible. It's advisable to build a solid banking history with Fifth Third to qualify for a more generous credit line.
Conclusion
The top banks in Georgia consist of both highly-rated credit unions and traditional banks. Although the number of branches may differ among these financial institutions, they all provide a positive digital experience. Additionally, they offer various account options and access to numerous free ATMs, ensuring a convenient banking experience.
Discover the top 5 fee-free banks for checking and savings by watching this video.