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South Georgia Banking Company Review

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South Georgia Banking Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1937, South Georgia Banking Company has assets totaling $465 million as well as deposits totaling $402 million, which makes it a medium-size bank. South Georgia Banking Company, whose headquarters are in Omega, Georgia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.9 stars out of 5, South Georgia Banking Company proves it is a good bank that gets the job done. South Georgia Banking Company offers an array banking products, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. South Georgia Banking Company has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product maintains a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding a bank with no-fee checking as well as a high savings APY is the best option for getting the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

South Georgia Banking Company features a savings rate of 0.20%, which is fair in comparison to the average U.S. bank. Its one-year CD has a rate of 0.90%, while its highest-yielding money market account earns at an APY of 0.20%. Given South Georgia Banking Company's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How South Georgia Banking Company's Savings Rates Compare

South Georgia Banking Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

On average, South Georgia Banking Company charges its customers high fees compared to the national average. At $5.00 per month, South Georgia Banking Company is less than ideal for those who want a simple checking account. South Georgia Banking Company unfortunately doesn't refund out-of-network ATM fees, which means you will be required to search for a South Georgia Banking Company ATM or accept the ATM charge.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.4
SmartAsset Average: 3.7

South Georgia Banking Company is a brick-and-mortar bank, with eight total bank locations in Georgia. It also offers access to mobile and web apps for a straightforward mobile-banking experience. South Georgia Banking Company's online and mobile banking services get positive feedback from customers. With 25 customer reviews across iOS and Android platforms, the South Georgia Banking Company mobile app is scored at 4.8 out of 5 (compared to the national average of 3.8). South Georgia Banking Company's mobile app allows you to control your funds by monitoring current statements, sending and receiving funds and accessing customer service. South Georgia Banking Company receives a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

South Georgia Banking Company is currently a medium-size bank with $465 million in assets as well as deposits totaling $402 million. It has a strong Texas Ratio of 6.13%, signifying a tiny opportunity of failure. Additionally, South Georgia Banking Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.13%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare South Georgia Banking Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.20% APY
  • 36 Month: 1.61% APY
$1000 for all terms
Money Market Account 0.2% APY $10001

South Georgia Banking Company offers several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. South Georgia Banking Company does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. South Georgia Banking Company's CD rates are fair compared to the average U.S. bank.

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Find a South Georgia Banking Company Near Me

South Georgia Banking Company has eight physical branches across the U.S.

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