Resurgens Bank money market rate: twice the national avg!

August 28, 2009 No Comments »

Update – The interest on Resurgens Bank is no longer providing the APY mentioned below. Visit their rates page to get today’s updated rates. Although interest rates as a whole are sitting at extremely low levels, we have seen a bit of competition amongst online banks on money market rates lately. We would recommend keeping your funds in a liquid savings account such as this rather than opting for a certificate of deposit so that your money is readily available should rates rise or something unexpected happen.

- Offer from Archive -

Resurgens Bank out of Atlanta, Georgia is offering a money market rate which absolutely demolishes the current national average. If you are able to maintain a balance of $50k then Resurgens Bank will reward you with an APY of 2.60% (national average sits at roughly 1.20% APY).

Resurgens bank is both a relatively small and new bank. They were founded in 2008 and today control just under $80 million in consumer deposits and nearly $60 million in loans. Resurgens Bank has just 1 location and 20 employees.

Like many MMA rates this one is set up in 3 tiers based on your balance amount:

Tier 1 – balances of between $1 and $9,999 yield 2.0% APY

Tier 2 – balances of between $10,000 and $49,999 yield 2.20% APY

Tier 3 – balances of $50,000 and over yield an unheard of 2.60% APY

Resurgens Bank is a state chartered bank and this account is available to all Georgia residents. You must, however, stop by a local branch to open an account.

Contact: (404) 297-2200

Here are some additional details and features of the account:

  • $1,000 minimum daily collected balance or $2,500 average daily collected balance to avoid the monthly $10 maintenance fee
  • Tiered interest rates based on daily collected balance
  • 6 transfers per month, $10 activity fee is charged for each excess withdrawal
  • Free first order of checks

Resurgens Bank is member FDIC (#58753).

Contact:

ResurgensBank.com

(404) 297-2200

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