Money Market Account with State Bank and Trust Company earns 2.25% APY
Consumers in Georgia will find a very attractive local deal in State Bank and Trust Company’s
money market rates special. The best money market rate of 2.25% APY applies to balances of at least $2,500. A lower interest rate of 0.50% APY is given for deposits below the set minimum.
Money market account holders are also charged $5 of monthly service fee if their deposits fall below $1,000. This money market special is listed on the bank’s website as of October 4 but it can be changed any time.
Debit transactions are limited to six per month. Anything beyond these allowable withdrawals will cost account holders $5 per transaction.
Majority of the branches of State Bank and Trust Company were part of the subsidiaries operating under the umbrella of Security Bank Corporation. These subsidiary banks were closed down by federal regulators last July and State Bank took over to assume all of the deposits.
If you want to take advantage of this money in the bank deal, you have to drop by a branch to open an account. They have several offices in Georgia particularly in Gary, Perry, Alpharetta, and Macon.
State Bank and Trust Company receives fair ratings for its performance. Bankrate.com issued 3 stars based on their March 2009 data while BauerFinancial gave 3 ½ stars using their June 2009 data.
The bank is covered by the FDIC through certificate number 57870.
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