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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

Started in 1937, South Georgia Banking Company has $465 million in assets along with deposits totaling $402 million, ranking the institution as 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 out of 5 stars, South Georgia Banking Company is a good bank that deserves your consideration. South Georgia Banking Company offers an array product offerings, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $5.00, making it a rather costly bank for checking. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for returning the most income from your deposits while maintaining easy access to your money.

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

With a savings rate of 0.20%, South Georgia Banking Company ranks poorly compared 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 a rate of 0.20%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

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

South Georgia Banking Company typically has high fees compared to the average U.S. bank. Its checking account has a monthly fee of $5.00, ranking it fair for anyone looking for a hassle-free account. South Georgia Banking Company does not refund out-of-network ATM fees, which means you will be required to find 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. With mobile and web apps, South Georgia Banking Company makes account access straightforward, even on the go. South Georgia Banking Company's online and mobile banking platforms get high marks from users. Out of 25 ratings across Apple and Android platforms, the South Georgia Banking Company mobile app rates a 4.8 out of 5 (compared to the national average of 3.8). South Georgia Banking Company's mobile app allows you to manage your accounts by monitoring monthly statements, transferring money and reaching support representatives. South Georgia Banking Company gets an excellent consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 a medium-size bank and has $465 million in assets as well as $402 million in deposits. South Georgia Banking Company's Texas Ratio is 6.13%, denoting a tiny possibility 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 Accounts 0.2% APY 0.2% APY $10000 $15000

South Georgia Banking Company has 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 think about taking a look 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 in comparison to the average U.S. bank.

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Find a South Georgia Banking Company Near Me

South Georgia Banking Company has eight branches in the U.S.

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