Published on April 21st, 2017 | by William Charles47
Georgia Banking Company (GBC) 2.95% APY Checking Account On Balances Up To $25,000 (Direct Deposit Not Required)
[Updated 11/11/18: rate is now showing 2.95%. Updated below.]
Offer at a glance
- Interest Rate: 2.95% APY if requirements are met
- Minimum Balance: None
- Maximum Balance: $25,000 for 2.95% rate
- Availability: Nationwide. Need to be a U.S. Citizen to be able to open online
- Direct deposit required: None
- Additional requirements: eStatements & 12 debit card transactions per month
- Hard/soft pull: YMMV
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
- Georgia Banking Company is offering a 2.95% APY checking account on balances up to $25,000 when you complete the following requirements:
- Enroll in eStatements
- Complete 12 debit card transactions [Read: How To Meet Minimum Debit & Credit Transaction Requirements]
- If you don’t meet the requirements the account earns 0.02% APY. Balances over $25,000 will earn 0.4% APY when requirements are met.
- You also get unlimited free ATM withdrawals if the requirements are met
The Fine Print
- Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards.
- The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions, and purchases made with debit cards not issued by our bank.
- Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.
- “Monthly Qualification Cycle” means a period beginning one (1) business day prior to the first day of the current statement cycle through one (1) business day prior to the close of the current statement cycle.
- Limit one account per social security number.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account does not have any monthly fees to worry about.
Assuming this is a soft pull it’s one of the better high interest savings accounts available nationwide that doesn’t require a direct deposit. There are other options that might be better depending on your circumstances, but this is definitely worth considering. If anybody signs up, please share your experiences in the comments below.
Hat tip to reader Conor C