Thursday, 19 September 2019

Georgia’s Own Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Georgia’s Own Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
13 Dec
7:48

Georgia's Own Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Georgia's Own Credit Union Regular Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.90%

CD Rates

Georgia's Own Credit Union 1 Year CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.50%

CD Rates

Georgia's Own Credit Union 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.10%

CD Rates

Georgia's Own Credit Union 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Georgia’s Own Credit Union’s checking account options

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How Georgia’s Own Credit Union’s checking accounts compare

We won’t beat around the bush — these checking accounts have abysmal rates. They’re essentially what you’d find at most major banks. We also don’t like that you need to pay a monthly maintenance fee for the Perks+ account and there’s no ability to waive it. Competitors such as the ones on our list of the best checking accounts have much higher rates and no minimum balance amounts. Many also don’t require monthly maintenance fees.

In other words, we think it’s best you go elsewhere.

Georgia’s Own Credit Union’s savings account options

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How Georgia’s Own Credit Union’s savings accounts compare

Just like their checking accounts, Georgia’s Own Credit Union’s savings accounts offer extremely low rates. We like that there are no monthly maintenance fees and you do get ATM access, but alternatives also offer the same benefits, plus much higher rates.

You’re better off going with accounts like the ones we suggest on our savings account list.

Georgia’s Own Credit Union’s CD rates

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How Georgia’s Own Credit Union’s CD rates compare

These rates aren’t exactly the best we’ve seen. We like that there is an option to bump up your rate with the Own Your Rate CD, but all of these accounts offer half the APY compared with other financial institutions. We’re going to assume you want to maximize your savings, so it’s probably best to seek alternative CDs like some of the ones we’ve researched.

Georgia’s Own Credit Union’s money market account options

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How Georgia’s Own Credit Union’s money market accounts compare

Both money market accounts offer some pretty competitive rates — they’re some of the highest we’ve seen like the ones on our list of the best money market rates. What we don’t like are the minimum balance requirements for the Money Market Index account. it’s high, and you need to meet their rules in order to qualify for the high rates. If you can meet the minimum balance plus their other requirements, these accounts aren’t a bad choice. Otherwise, we suggest you do some comparison shopping.

Georgia’s Own Credit Union’s IRA account options

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How Georgia’s Own Credit Union’s IRA CD rates compare

Just like their regular CDs, Georgia’s Own Credit Union’s IRA CD have much lower rates than some of the best offerings out there. We like that there is a fairly low opening deposit requirement but so do other banks and credit unions. Instead of choosing these IRA CDs, we suggest checking out alternative IRA CDs to see what you could be earning.

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/georgias-own-credit-union/

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