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Southwest Georgia Bank Review

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Southwest Georgia Bank Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Southwest Georgia Bank started in 1928 with its headquarters in Moultrie, Georgia. It has $488 million in assets as well as $399 million in deposits, making it a medium-size bank. Southwest Georgia Bank 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 apps. Coming in at a superb 4.5 stars out of 5, Southwest Georgia Bank proves it is an exceptional bank that you should seriously consider. Southwest Georgia Bank provides customers with a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Southwest Georgia Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Southwest Georgia Bank's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is your best bet for returning the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.3
SmartAsset Average: 3.5

With a savings rate of 0.40%, Southwest Georgia Bank ranks poorly in comparison to other U.S. banks. Southwest Georgia Bank's one-year CD has a rate of 1.50%, while its highest-yielding money market account has a rate of 0.50%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How Southwest Georgia Bank's Savings Rates Compare

Southwest Georgia Bank Savings 0.40 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Southwest Georgia Bank has generally extremely low fees compared to the national average. With no monthly fee, Southwest Georgia Bank is perfect for those who want a basic checking account. Southwest Georgia Bank does not reimburse out-of-network ATM fees, which means you will need to locate a Southwest Georgia Bank ATM or accept the ATM charge.

Monthly Fee $0 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

3.7
SmartAsset Average: 3.7

Southwest Georgia Bank is a brick-and-mortar bank, with seven total branches in Georgia. It also offers access to mobile and web apps for a simple mobile-banking experience. Southwest Georgia Bank receives moderate marks from customers for its online presence. The Southwest Georgia Bank mobile app scored a 3.5 out of 5 (out of 38 ratings on Apple and Android) compared to the national average of 3.8. You can use Southwest Georgia Bank's app to manage your finances by looking at monthly statements, sending and receiving funds as well as accessing support representatives. Southwest Georgia Bank gets an excellent consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Southwest Georgia Bank is a medium-size bank owning assets totaling $488 million and $399 million in deposits. It has a strong Texas Ratio of 5.84%, signifying that the bank is in good financial shape and far from failure. Additionally, Southwest Georgia Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.84%
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 Southwest Georgia Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $50
Checking Account 0.25% APY $1000
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.50% APY
$1000 for all terms
Money Market Account 0.35% APY $2500

Southwest Georgia Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Southwest Georgia Bank does not have the best savings rate, which means you should consider other options 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. Southwest Georgia Bank's CD rates are fair as compared against the national average.

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Find a Southwest Georgia Bank Near Me

Southwest Georgia Bank has seven branches across the U.S.

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