Highest yielding money market account rates in Georgia

August 28, 2009 No Comments »

Below are the highest yielding money market account rates serving citizens of the state of Georgia.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Georgia which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top 2 MMA (money market account) rates in Georgia:

(click on the institution for more info)

  • Resurgens Bank: Atlanta, GA. Money market account yielding up to 2.60% APY. The national average for money market rates sits at roughly 1.20% APY, to put this in perspective. Resurgens Bank sets up their MMA interest rates in tiers based on balance amounts. Tier one yields 2.0% APY with balances of $1 – $9,999. Tier 2 yields 2.20% APY with balances between $10k and $49,999. Tier 3 yields a whopping 2.60% APY if you maintain a balance above $50k. One thing to note, if your account balance falls below $1,000 you will incur a $10 monthly fee. You are also entitled to six free transfers or withdrawals per month ($10 for each additional withdrawal). Plus you get a one free stockpile of checks.
  • First Georgia Banking Company: Jefferson, GA. Money market account yielding 2.13% APY with a balance amount of $2,500. Minimum balance to open is $1,000, but you will avoid fees ($5 monthly fee) by maintaining the $2,500. You are entitled to6 debits per month included. This includes checks, pre-authorized debits, transfers, and withdrawals. Free e-statements come with this account along with a free travel club membership. First Georgia Banking Company controls over $800 million in assets and has locations in Homer (Banks County), Villa Rica (Carroll County), Lake Oconee (Greene County) , Cornelia (Habersham County),  Commerce and Jefferson (Jackson County), Columbus (Muscogee County), Athens (Oconee County) and Dalton (Whitfield County).

Both of the above institutions are federally insured by the FDIC. If you live in the state of Georgia and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

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