Southwest Georgia Bank Review

Overview

Established in 1928, Southwest Georgia Bank has assets totaling $488 million along with deposits totaling $399 million, making it a medium-size bank. Southwest Georgia Bank, whose headquarters are in Moultrie, Georgia, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a superb 4.5 stars out of 5, Southwest Georgia Bank is among the best banks, and should be given strong consideration. Southwest Georgia Bank provides customers with a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Southwest Georgia Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Southwest Georgia Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best bet for accruing the most income on your deposits while maintaining easy access to your funds.

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

Southwest Georgia Bank has a savings rate of 0.55%, which is fair in comparison to the average U.S. bank. Southwest Georgia Bank's one-year CD has a rate of 1.55%, while its highest-yielding money market account has an APY of 0.58%. Given Southwest Georgia Bank's below average savings rate, you should think about other options to earn more on your deposits.

How Southwest Georgia Bank's Savings Rates Compare

Southwest Georgia Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Southwest Georgia Bank's checking account is perfect for people who need a hassle-free banking experience. Southwest Georgia Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll be required to search for a Southwest Georgia Bank ATM or accept the fee.

Southwest Georgia Bank is a brick-and-mortar bank, with seven total branches in Georgia. With mobile and web apps, Southwest Georgia Bank makes account access convenient, even on the go. Southwest Georgia Bank receives moderate reviews from customers for its mobile banking services. The Southwest Georgia Bank mobile app rates a 3.5 out of 5 (out of 38 reviews on Apple and Android) compared to the national average of 3.8. Southwest Georgia Bank's mobile app lets you manage your finances by checking account balances, transferring funds and reaching support representatives. Southwest Georgia Bank receives an exceptional consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Southwest Georgia Bank is a medium-size bank with assets totaling $488 million and $399 million in deposits. Southwest Georgia Bank has a strong Texas Ratio of 5.84%, signifying that Southwest Georgia Bank is in good financial health 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

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.

Products Offered

Southwest Georgia Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Southwest Georgia Bank 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. Southwest Georgia Bank's CD rates are fair compared to other U.S. banks.

Find a Southwest Georgia Bank Near Me

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