December 2022: Georgia’s Best Banks and Credit Unions

Insider’s experts select the best products and services for you to make smart financial decisions.here’s how). In some cases, we may be paid a commission our partnersHowever, our opinions are not influenced by these offers. These offers are subject to terms.

We have selected Capital One 360, Synovus Bank, Regions Bank, Delta Community Credit Union, Credit Union of AtlantaGeorgia’s best credit unions and banks 

These banks are also distinguished by their low bank fees and strong features. Find out more about our top picks.

Savings rates at Georgia’s largest banks

Below are the savings rates for the largest banks in Georgia. The national average interest rate for savings accounts in December 2022 was 0.30%. according to the FDIC.

These savings account rates are lower than average savings accounts. These large banks weren’t chosen by us for our best savings account category. These banks may still be a good fit for your needs. 

Best bank to open a savings account Capital One 360

It stands out: The largest brick-and mortar banks in Georgia have low interest rates on savings accounts. We therefore looked into online high-yield accounts to find our top pick.

Capital One 360 is featured on our best online banks guideBecause its bank accounts don’t require a minimum deposit or charge monthly service, Capital One 360 Performance Savings™It offers a competitive interest rates that are higher than what other companies offer. many traditional savings account and high-yield savings accounts offer right now.

What to watch out for: Capital One has branches in the US, but none in Georgia. Although there is a Capital One Café in Atlanta, you can speak with a Cafe Ambassador or use self-service ATMs, it does not offer the same services as branches. You will need to be comfortable using online banking to open this account.

Best bank to open a checking account Synovus Bank

It stands out: Synovus Bank, one of the five most important financial institutions in the state is a good choice if your goal is to open a checking account. The Synovus Free Checking AccountThere are no monthly service fees and access to over 1,250 ATMs through Synovus or Presto! ATM networks.

You also may be able to get Synovus Plus features — like an automatic out-of-network fee refund each month or 50% off domestic wire transfer fees. Synovus Plus will only be available to those who have at least $5,000 monthly in their checking accounts or a balance across all Synovus accounts of at least $25,000

What to watch out for: Synovus Bank charges $36 for overdraft fees. Synovus Bank offers overdraft protection options but you might still need to pay a fee. You can link your checking account with a savings account. However, if you transfer money in order to cover a negative balance you will have to pay a $10 fee.

Best bank to open a savings or checking account Regions Bank

It stands out: Regions Bank is a solid alternative if traditional banking prefers to online banking. It was voted the best national bank of the Southeast. our best national banks guideYou can choose from a variety bank accounts. 

The Regions LifeGreen® Savings Account is a great straightforward savings account — it doesn’t charge monthly service fees and has a low minimum opening deposit if you open an account at a branch. 

The Regions Bank LifeGreen® Checking AccountThere is a monthly service charge. However, you can waive this fee if your account keeps at least $1500 monthly. direct depositOr, have $1,000 in direct deposits. 

What to watch out for: Regions Bank charges $36 for overdraft fees. earlier this yearIt eliminated fees for transfer fees to cover overdraft protection. You won’t be charged a fee if you transfer money to cover an overdraft from a linked account.

It is unique: If you prefer to use a credit cooperative over a bank, Delta Community Credit Union might be a good choice. The credit union has 27 branches within the Metro Atlanta area. It is part of the CO-OP Shared Branch Network which gives you access to 5,000 share branches across the US.

Delta Community Credit Union offers solid checking and savings accounts that are free with no minimum opening deposits. If you are a member of the Delta Community Credit Union Personal Checking AccountYou can enroll in a rewards program where you will earn points for debit card purchases. Points can be used to purchase cash back, travel, gift card, concerts, and other categories. You will also find CDs with high interest rates at the credit union.

What to watch out for: You can become a member of Delta Community Credit Union if you or your family members meet the criteria. one of the following requirements: 

• Select Georgia counties are where you can live and work.
• You are currently or previously employed by one of the businesses on this list
• You are a member or a select group 
• You are a Delta Air Lines full-time employee who is not a US citizen and resides in the Bahamas or Puerto Rico.

You can only open a savings account if you are a full time employee of Delta Air Lines and are not a US Citizen.

Delta Community Credit Union members will be required to open the bank. Delta Community Credit Union Personal Savings Account.

It stands out: The Credit Union of Atlanta offers a great option for those who prefer banking with local financial institutions to national banks.

Credit Union of Atlanta is certified to be a minority depository institution(MDI) by National Credit Union Administration, and a community-development financial institution (CDFI), by the US Department of Treasury’s Community Development Financial Institutions Fund. 

Credit Union of Atlanta has two branches. It’s part of the CO-OP Shared Branch network which has approximately 5,000 branches across the US. It offers checking and savings accounts free of charge with low minimum opening deposits.

What to watch out for: Credit Union of Atlanta membership is required to open an account. Credit Union of Atlanta membership is only available to employees of certain organizations such as Zoo Atlanta and Atlanta public schools. You may find the full list of organizations here. 

All members will need to also open the document. Credit Union of Atlanta Share Savings AccountWith $25

Other institutions that did not make our list. Why

• Truist Bank(Member FDIC: Truist Bank has most branches in the state. However, our top picks have lower monthly fees and higher interest rates.
• Wells Fargo(Member FDIC). Wells Fargo has a significant branch and ATM network in Georgia. But our top picks have better bank accounts with lower monthly service. It has also been involved in numerous public settlements and has received a poor rating by the Better Business Bureau.
• Bank of America(Member FDIC: Bank of America has an extensive ATM and branch network. However, their monthly service fees may be a bit more than our top picks. 
• Ameris Bank Member FDIC: Monthly service fees apply to Ameris Bank checking accounts and savings accounts if they don’t meet certain criteria. You will also need $200 per day to earn interest on your Ameris Bank Personal Savings Account.
• Chase(Member FDIC: Chase offers a wide range of accounts, as well as a large ATM and branch network. However, our top picks have lower monthly services fees.
• Bank OZK (Member FDIC). Bank OZK offers a variety accounts, but the top choices have stronger ATM and branch networks.
• United Community Bank (Member FDIC). United Community Bank has a large branch and ATM presence throughout the state. However, checking and savings accounts are subject to monthly service fees unless certain requirements are met. 
• PNC Bank(Member FDIC: PNC Bank has an extensive branch network and ATM network. However, its checking and savings accounts have monthly service charges.
• Bridgeway Credit Union(Federally insured through the NCUA) This credit union is an MDI and may be a good choice if you are looking for a free checking or savings account. However, it only has three branches in Georgia.
• Carver State Bank (Member FDIC):  This Black-owned bank pays solid CD rates, but you’ll need to keep a certain amount in savings and checking accounts each month to waive monthly service fees.
• Citizens Trust Bank(Member FDIC). This Black-owned bank offers a variety checking accounts. However, you must meet certain requirements in order to waive monthly service charges on savings and checking accounts.
• Unity National Bank(Member FDIC: This Black-owned bank offers a variety of checking accounts, but only one branch in the state.
• Fifth Third Bank(Member FDIC Fifth Third Bank is a bank that serves the entire region of Georgia. It offers a solid checking account that is free, but it doesn’t offer a savings account.
• First Citizens Bank(Member FDIC: First Citizens Bank offers free checking and savings accounts. However, it doesn’t have nearly as many branches as other national or regional banks on our list.
• Robins Financial Credit Union is Federally Insured by The NCUA. Robins Financial Credit Union offers free checking accounts, but our top credit unions have lower minimum opening deposits.

BBB ratings and bank trustworthiness

Ratings from the Better Business Bureau are used to show how financial institutions handle customer issues and manage transparency. 

Remember that a good BBB score doesn’t guarantee a smooth financial relationship. Talk to current customers to find out if the bank is right. 

Except for Capital One and Regions Bank, all financial institutions on our list have an A+ rating with the BBB. 

Capital One was awarded by the BBB A- ratingBecause it has received a lot of customer complaints via the BBB website. 

Regions Bank received a B+ ratingThe bank was taken out of compliance by the government and refunded by the BBB 

Both Regions Bank and Capital One have been involved in recent public controversies. 

In 2020, the Office of the Comptroller of Currency required Capital One to pay $80 million in a settlement that said the bank was partially responsible for a 2019 data breach when a hacker accessed over 100 million credit card applications.

In 2022, the Consumer Financial Protection Bureau required Regions Bank pay a total of $191 million in a settlementThe bank was accused of charging customers unexpected overdraft fees for ATM withdrawals and debit card purchases.

Trust our recommendations.

Personal Finance Insider’s mission it to help smart people make the best financial decisions. We know that “best” can be subjective so we have listed the benefits and limitations of each account. We spent hours comparing the features and fine print across different products so that you don’t have.

Methodology: How did you choose the best banks of Georgia?

We reviewed the 10 largest banks and credit unions in the State, as well as any financial institutions that were included in our analysis. Black-owned banks and credit unions guideAnd Hispanic American-owned banks and credit unions guide. 

We compared the features and fees of bank accounts until we narrowed our choices. We chose our top picks over other financial institutions because of many reasons. Some offered a competitive rate on a savings account, while others had bank accounts that charged minimal fees.

We selected banks and financial institutions that have low minimum opening deposits, easy membership requirements, and unique bank accounts to make our top credit union and best local bank.

Frequently asked questions