Best Interest Rates on Reward Checking Account at the Bank of Georgia
The Bank of Georgia offers on of the best reward checking accounts launched this banking year.
The Rewards Checking Account offers a very competitive 5.25% APY on balances $25,000 and below. Balances exceeding the cap amount will be paid a smaller but still competitive APY of 1.01%.
Aside from the higher yields, this checking account requires less purchases, and highly feasible electronic banking tasks.
The account holder only needs to 1) make a total of 10 check card purchases of any amount every month; 2) make one automatic payment or direct deposit monthly, and 3) enroll online to receive online statements monthly instead of paper statements by mail.
If one of the three conditions is not met in every banking cycle (one month), the APY will drop drastically to 0.25%. As in most reward checking accounts offered by its peers, a minimum of $100 deposit is required to open the account. There are no indicated monthly fees on the bank’s website, and no balance requirements.
These reward checking accounts are ways for the bank to encourage you to make more frequent banking transactions electronically. According to a Bankrate article, frequent electronic transactions made by the bank’s account holders help the banks dodge overhead expenses. Bank’s spend an average of $2.15 every time they send you paper bank statements through snail mail.
Another study also mentioned how these reward checking accounts were also geared to attract the younger generations of bankers. Apparently, the CD-craze some years ago is fast weaning, and younger bankers are more interested in liquid checking accounts with more leeway for purchases and more movement with interest rates.
If you’re thinking of opening one of the best reward checking accounts with this bank, you may apply online. However, a branch visit is still needed to complete the account opening procedure.
Bank of Georgia branches are scattered in Atlanta cities including Peachtree City, Newnan, Tyrone, Fairburn, Sharpsburg, and Fayetteville. The bank has been an insured of FDIC since 2000 under FDIC Certificate #35259.











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Hope this helps!
Erik (CheckingFinder.com)
Comment by Erik — February 27, 2009 @ 2:54 pm
Hi Erik,
Thanks for the article and the tons of info on attractive rates in your ‘comments’. I actually checked a few, but, unfortunately, don’t think this info is current. I wanted to let you know just in case.
I am trying to look at good interest rate for my checking ac, anything over 5.25%, so if you have heard of anything close, pl advice.
Bank of Georgia requires one to be physically present to open an ac, so unfortunately, that one is a bummer!
Thanks in advance, and I look fwd to your informative comments.
Pri
Comment by pri — September 10, 2009 @ 12:53 am