Which are the top 10 banks in Georgia?

Georgia is home to several reputable banks, offering a diverse range of options for individuals based on their financial needs and goals.

Georgia state capital building and a girl pointing towards Which are the top 10 banks in Georgia?

This article aims to explore the top 10 banks in Georgia, providing insights into their advantages, disadvantages, and key factors to consider when selecting a bank.

Regardless of your location within the state, be it North Georgia, Atlanta, Savannah, or elsewhere, the following banks and credit unions come highly recommended and are worth considering.

First Citizens Bankfirst citizen bank logo

First Citizens Bank, which should not be confused with Citizens Bank, is a part of First Citizens BancShares, a holding company that operates multiple banks. With a presence in 19 states, they have 56 branch locations in Georgia.

Their free checking account is appealing as it does not charge any maintenance fees. However, to open the account, you need to opt for paperless statements and make an initial deposit of at least $50. They also offer two other checking account options that come with maintenance fees but provide additional benefits, such as earning interest.

When it comes to savings accounts, First Citizens Bank offers a no-fee option with no minimum balance requirement. The interest rate is set at 0.03% and is credited to your account on a monthly basis. In addition to these banking services, First Citizens provides a range of other financial products and services, including credit cards, loans, and insurance, among others.

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Wells FargoWells fargo logo

Wells Fargo holds the position of the third-largest bank in the United States, boasting an extensive presence in Georgia with 202 branches and 654 ATMs. As a comprehensive financial institution, it provides a wide array of products and services, ensuring that customers can fulfill their banking needs conveniently in one place.

The bank offers both checking and savings accounts, albeit with a monthly fee. However, they provide multiple avenues through which customers can avoid this fee. When it comes to savings accounts, Wells Fargo offers an annual percentage yield (APY) that ranges from 0.01% to 0.02%. Furthermore, the bank provides various investment tools and educational resources to assist individuals in enhancing their financial well-being.

Chase BankChase bank Logo

Chase Bank, the consumer banking division of JPMorgan Chase, is the largest bank in the United States. It operates in Georgia with 109 branch locations, primarily concentrated in Atlanta, where there are 22 branches.

Chase offers a comprehensive range of products and services to meet various banking needs and is known for its attractive welcome bonus offers. Currently, new customers opening a Chase checking account can receive up to $200 as a bonus.

While both checking and savings accounts have monthly fees, most customers have the option to waive these fees. The standard annual percentage yield (APY) for savings accounts is 0.01% for all balances. Chase also offers an extensive selection of credit cards, catering to diverse requirements and preferences.

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Ally BankAlly bank Logo

Ally is an online banking institution that operates solely through digital platforms and does not have physical branches in Georgia or anywhere else. This lack of physical presence allows them to offer competitive account options with favorable interest rates that often outperform others in the industry.

At Ally Bank, customers can access a variety of financial products and services, including checking and savings accounts, investment opportunities, mortgage services, auto loans, and personal loans.

Currently, they do not provide credit cards, but there are future plans to reintroduce them to their offerings.

Bank of AmericaBank Of America

Bank of America is the second-largest bank in the US, headquartered in North Carolina.

Checking accounts have monthly maintenance fees that range between $4.95 and $25, with multiple ways to avoid the fee. The minimum opening deposit required ranges between $25 and $100, while only the top tier account receives an APY rate that goes up to 0.02%

On the other hand, their Advantage Savings account comes with an $8 monthly fee, waived when meeting eligibility criteria, and an APY rate between 0.01% and 0.04%. There’s also a large selection of credit cards, with many having an online bonus up for grabs.

Regions Bank

Regions Bank is a regional financial institution serving the Midwest and South. With a widespread presence, they operate nearly 2,000 ATMs across the 16 states they cater to.

They provide a diverse range of checking accounts, offering options suited to individual needs and preferences. Depending on the chosen account and features like online statements, fees range from $5.90 to $18.

Opening deposits start at $10 and go up to $50, with specialized account options available for students and seniors.

When it comes to savings accounts, Regions Bank offers a variety of choices, all of which are free from monthly fees.

The Annual Percentage Yield (APY) stands at 0.01%, though this rate might vary depending on your ZIP code. Additionally, the bank presents a wide selection of credit cards, each with its own introductory perks such as bonus points and cash rewards.

Ameris Bank

Ameris Bank is a regional financial institution that provides comprehensive banking services across several states including Georgia, Alabama, Florida, North and South Carolina, Maryland, and Virginia. They also offer mortgage services in select other states.

Ameris Bank offers a checking account option that is free of charge, but it comes with limited benefits. Alternatively, customers may encounter a monthly service fee ranging from $6.00 to $20.00, although this fee can be waived under certain conditions.

For their savings account, Ameris Bank applies a quarterly fee of $11, equivalent to approximately $3.67 per month. However, customers can avoid this fee by maintaining an average daily balance of $300. It’s important to note that a minimum deposit of $200 is required in the savings account to earn interest.

Furthermore, Ameris Bank imposes a limit of six withdrawals every three months from the savings account.

CIT BankCit bank Logo

CIT Bank is a subsidiary of First Citizens BancShares – one of the largest banks in the US and the largest bank that is also family-owned.

CIT Bank offers one checking account called eChecking. This account comes with no monthly fees, no overdraft fees, and an APY rate that ranges between 0.10% and 0.25% – a rate that is considerably higher than what most of the competition offers on their savings accounts, making this one of the best checking accounts around.

Their Savings Builder account comes with an APY of 0.70%. However, you’ll need to deposit at least $100 a month or keep a balance of at least $25,000.

Unfortunately, CIT Bank doesn’t offer any credit cards, but it does offer home loans.

PNC Bankpnc bank Logo

PNC Bank is a well-known financial institution operating across multiple states in the United States, providing customers with a vast network of over 10,000 ATMs and more than 2,500 branches.

Recently, PNC introduced an upgraded checking account called Virtual Wallet, which combines the features of both a checking and savings account. This integrated account offers customers a range of benefits, including Low Cash Mode, overdraft protection, and convenient digital tools for managing and automating their finances effectively.

To enjoy the features of Virtual Wallet, customers are required to pay a monthly fee starting at $7.00. However, PNC provides several options for waiving this fee, making it more accessible to customers.

For those seeking to earn interest on their savings, there are mid and high-tier versions of Virtual Wallet available, which come with monthly fees starting at $15.00. To qualify for interest earnings on savings, it is necessary to maintain a minimum balance of $2,000 or more.

Truist Banktruist bank Logo

Truist Bank is a relatively recent establishment resulting from the merger of two well-known banks, BB&T and SunTrust Banks.

With operations in 15 states, including Georgia, Truist offers a range of banking services. Their checking account options come with monthly fees ranging from $5 to $20. Additionally, they provide a Prepaid Money Account, which can be beneficial for individuals seeking their first account and wanting to avoid overdraft fees.

Truist’s savings account, on the other hand, does not have monthly fees or minimum deposit requirements, and it offers an annual percentage yield (APY) of 0.01%. In addition to basic banking services, Truist also offers credit cards, loans, investment opportunities, and insurance options.

Here is a table comparing the top 10 banks in Georgia:

Bank NameChecking Account FeesSavings Account FeesMinimum Balance RequirementChecking Account BenefitsSavings Account Benefits
First CitizensFree (with conditions)No feeNo minimum balancePaperless statements, interest earning optionsNo minimum balance requirement, monthly interest
Wells FargoMonthly fee (waivable)Monthly fee (waivable)VariesComprehensive range of products and servicesInvestment tools and educational resources
ChaseMonthly fee (waivable)Monthly fee (waivable)VariesAttractive welcome bonus offers, comprehensive optionsStandard APY for all balances
Ally BankNo physical branchesN/AN/ACompetitive account options, favorable interest ratesRange of financial products and services
Bank of AmericaMonthly fee (waivable)Monthly fee (waivable)VariesLarge selection of credit cards, online bonusesAPY rates vary, credit card options available
Regions BankMonthly fee (waivable)No feeNo minimum balanceDiverse range of checking accounts, credit card optionsAPY of 0.01%, credit card options available
Ameris BankFree (with conditions)Quarterly fee (waivable)$300 average daily balanceFree checking account, options to waive feesAPY rate with minimum deposit
CIT BankNo monthly feesAPY variesNo minimum balanceNo monthly fees, higher APY ratesCompetitive checking account and home loans
PNC BankMonthly fee (waivable)Monthly fee (waivable)$2,000 minimum balanceVirtual Wallet with integrated checking and savingsInterest earning options, convenient digital tools
Truist BankMonthly fee (waivable)No feeNo minimum balanceVarious checking account options, Prepaid Money AccountAPY of 0.01%, comprehensive banking services

The top 10 banks in Georgia

In conclusion, Georgia offers a diverse range of reputable banks catering to various financial needs. Each bank has its own advantages and disadvantages, making it important for individuals to consider their specific requirements when selecting a bank.

First Citizens Bank provides attractive checking and savings account options, while Wells Fargo offers a comprehensive range of products and services. Chase Bank is known for its attractive welcome bonuses, and Ally Bank stands out for its competitive interest rates and online-only banking model. Bank of America and Regions Bank offer a wide range of account options and credit cards, while Ameris Bank provides regional coverage and diverse checking and savings options. CIT Bank offers a high-yield eChecking account, and Truist Bank emerged from the merger of two established banks, offering a variety of banking services.

Ultimately, individuals should carefully evaluate the fees, interest rates, convenience, and additional services offered by each bank to find the one that best suits their needs and financial goals.

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