Georgia United Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
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Written By
Updated on Wednesday, July 1, 2020
In this review, we will cover:
Georgia United Credit Union’s checking account options
Unified Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 1.00% | $0.01 (if you meet qualifications) |
| 0.10% | $15,000 |
- Minimum opening deposit: $0
- Monthly account maintenance fee: $0
- ATM fee: $0.75 for out-of-network ATMs plus any surcharge fees determined by the ATM’s owner
- ATM fee refund: Up to $10 each month (if you meet qualifications)
- Overdraft fee: $30
This account offers a pretty decent rate if you’re able to meet Georgia Credit Union’s requirements. To qualify for their enhanced perks — a higher APY and up to $10 in ATM refunds a month — you’ll need to have at least $500 in direct deposits, enroll in e-statements and make at least 15 debit or credit card transactions each month.
Even if you don’t meet the above requirements, you’ll still get features like a Visa debit card, free identity theft services, online and mobile banking. You can also link to your savings account for overdraft protection, which will set you back $4 for each transfer.
How to get the Unified Checking account
You can stop by any one of Georgia United Credit Union’s branches or fill out an online application form to open an account. If doing so online, you’ll need to agree to open a Prime Share account with a $5 opening deposit and a nonrefundable one-time $5 membership fee. The form will also ask you for personal details such as your name, address, Social Security number and state-issued ID. Then, you can fund both accounts.
Restart Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $12
- ATM fee: $0.75 for out-of-network ATMs plus any surcharge fees determined by the ATM’s owner
- ATM fee refund: None
- Overdraft fee: $30
This account is best for those who have had issues in the past with deposit accounts or don’t otherwise qualify for a regular checking account. However, the monthly maintenance fee is pretty steep, and you are required to make direct deposits to keep the account open. As for how much interest you can earn, you’ll need to contact Georgia United Credit Union as the rates aren’t advertised on their website.
Unfortunately, you can’t waive the monthly maintenance fee but you can switch to a Unified Checking account — which doesn’t have any monthly fees — if you can prove to Georgia United Credit Union you can maintain your account in good standing. This means you’ll need to make regular direct deposits and ensure your account doesn’t go into overdraft. There isn’t a time frame as to when you can switch accounts. When we contacted the credit union, customer service representatives recommend making a request after three months of account opening.
How to get the Restart Checking account
In order to open the Restart Checking account, you’ll need to apply at a Georgia United Credit Union branch. Bring along information such as your Social Security number, state-issued ID and direct deposit details. If you’re not already a member, you’ll need to open a Prime Share account with a minimum of $5 and pay the one-time $5 membership fee.
Money Masters Teen Club
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: $0.75 for out-of-network ATMs plus any surcharge fees determined by the ATM’s owner
- ATM fee refund: None
- Overdraft fee: $30
This account is best for parents or guardians who want to help their child learn how to manage money and have them be rewarded for their efforts in school. Upon parental approval, your child can get a Visa debit card and access their account online or via the mobile app. The rates aren’t advertised on Georgia United Credit Union’s website, so you’ll need to contact customer service to find out what they are.
Your child can earn money through a few incentives. If he earns an “A” in certain subjects, Georgia United Credit Union will deposit $2 into their account for each grade, up to $10 per report card or $20 per academic year. Your child can also receive up to $10 — a total of $20 per year — for 10 hours of volunteer service and after submitting an essay about why it’s important to give back to the community.
On your child’s 18th birthday, the account will be converted to a Unified Checking account.
How to get the Money Masters Teen Club account
You and your child will both need to head to the nearest branch to open an account. If you’re not a member, you’ll need to become one by opening a Prime Share account and paying the one-time $5 membership fee. Both of you will need to provide information such as your address and Social Security number, plus a method to fund the account.
How Georgia United Credit Union’s checking accounts compare
The rate for the Unified Checking account — if you qualify — is on par with some of the best accounts out there. We also like that there are no minimum balance requirements and you get ATM refunds. We can’t comment on the rates for the rest of Georgia United Credit Union’s offerings, but we like that the Money Masters Teen Club offers younger people opportunities to earn money. Furthermore, we think the monthly maintenance fee for the Restart Checking account is steep, but you may be low on options if you can’t qualify for other accounts.
Opening any of these checking accounts requires you to become a member of the credit union. It has some pretty strict requirements, so you may have no choice but to consider one of the alternatives on our list of the best online checking accounts.
Georgia United Credit Union’s savings account options
Prime Share
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.10% | $100 |
| 0.15% | $1,000 |
| 0.20% | $5,000 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: $100
- Quarterly account maintenance fee: $2 (this can be waived)
- ATM fee: $0.75 for out-of-network ATMs plus any surcharge fees determined by the ATM’s owner
- ATM fee refund: None
- Overdraft fee: N/A
Also referred to as a share savings account, anyone who wants to become a Georgia United Credit Union member needs to open a Prime Share account. You get e-statements, an ATM card and online and mobile banking. There is a quarterly maintenance fee, but you can get it waived if you keep at least $5 in the account.
Once you open this account, you can open a secondary savings account which the credit union calls a “You Name It” account. For either account, Regulation D limits you up to six certain withdrawals/transfers a month. Account holders can make two free withdrawals each month or else there will be a $2 fee per transaction. If you try to make more than six, your transaction may be denied.
How to get the Prime Share account
You can open the Prime Share account by filling out an online application form. It’ll ask you to fill in personal details such as your name, address and Social Security number. Afterward, you’ll need to pay the one-time $5 membership fee to fund your new account.
Christmas and Vacation Club
- Minimum opening deposit: None
- Minimum balance to earn APY: $25 (Christmas Club) or $100 (Vacation Club)
- Monthly account maintenance fee: $0
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: N/A
Both the Christmas and Vacation Club accounts are best for people who want a separate savings account to set aside money for their short-term goals. With both accounts, you can make deposits in any amount and as often as you want. To find out what the rates are, contact Georgia United Credit Union, as they’re currently not advertised on their website.
You can open the Christmas Club account at any time and any savings you incur will be automatically deposited into your Prime Share account on Nov. 1. You can make unlimited withdrawals between November and Jan. 1. If you do so outside of those times, you’ll be charged a $5 early withdrawal fee.
The Vacation Club account allows you to make one withdrawal each quarter. Otherwise, you’ll need to fork over a $5 excessive withdrawal fee. You can also open this account any time of the year.
How to get the Christmas or Vacation Club account
Both the Christmas and Vacation Club account can be opened by heading to a branch. Bring along information such as your state-issued ID and Social Security number. If you’re not already a member, you’ll need to open a Prime Share account and pay a $5 one-time membership fee.
The Money Mammals Saving Money is Fun Kids Club
- Minimum opening deposit: $10
- Minimum balance to earn APY: $5
- Monthly account maintenance fee: $0
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: N/A
This account is for kids up to 11 years old, and a parent or legal guardian needs to be the joint owner. There is no ATM card for this account, so the only way for your child to access their money is online or in person. By the way, rates aren’t advertised on the Georgia United Credit Union’s website, so check with customer service to see what they are.
The Money Mammals is a website linked to the credit union that offers games, coloring pages and an app that teaches your child how to manage their money. Upon account opening, your child will get a free welcome bag plus a $5 refund back into their account. Each account also comes with a Savings Reward card — your child can earn a punch on the card for every $5 deposit your child makes in person. These can be redeemed for a toy (6 punches) or a $1 deposit (12 punches).
Once your child turns 12, the account will be converted to a Money Masters Teen Club account.
How to get the The Money Mammals Saving Money is Fun Kids Club account
You and your child will need to apply for an account in person. You’ll need to become a member by opening a Prime Share account with $5, plus pay an additional $5 for a one-time membership fee. Make sure you bring your state-issued ID and Social Security number for both you and your child as you’ll need those to open the account.
How Georgia United Credit Union’s savings accounts compare
We can’t comment on the kid’s or club savings account rates as they’re not advertised online. However, the Prime Share account is extremely low compared with others such as the ones on our list of the best online savings accounts. We like that there is ATM access and incentives for kids to save, but there are much better rates elsewhere.
Georgia United Credit Union’s CD rates
Certificate of Deposit
| Term | APY |
|---|---|
| 91 days | 0.20% |
| 182 days | 0.50% |
| 7 months (new money only) | 1.50% |
| 1 year | 0.75% |
| 2 years | 0.85% |
| 27 months (new money only) | 2.50% |
| 3 years | 0.90% |
| 4 years | 0.95% |
| 5 years | 1.00% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Depends on length of term
- 1 year or less- 90 days’ interest
- More than 1 year- 180 days’ interest
These CDs could offer higher rates than the club accounts and may be a better choice if you don’t intend on withdrawing your money until maturity. To make sure they are indeed better, contact Georgia United Credit Union for their club account rates to do a side-by-side comparison.
The promo rates you see above require new money to open. This means funds currently not on deposit at the credit union. Interest is compounded and credited to your account daily if you choose to keep whatever you earn in the CD. Otherwise, you can choose to have the daily compounded interest paid out via check or deposited into your Georgia United Credit Union account each month or quarter.
When your account matures, you’ll have a seven-day grace period where you can make changes if you wish. Otherwise it’ll automatically be renewed for the same term. The only exceptions are the promo rates — the 7 month CD will automatically be renewed to a 6 month CD and the 27 month CD will be renewed into a 2 year CD at their current APY.
How to get Georgia United Credit Union’s CDs
You can either call customer service at 1-888-493-4328 or stop by your local branch to open an account. If you’re not already a member, you’ll be asked to become one by opening a Prime Share account (a $5 minimum deposit) and paying a one-time $5 membership fee.
How Georgia United Credit Union’s CD rates compare
The rates for these CDs are better than most major banks but they’re not the best we’ve seen. It depends on the term you choose, but competitors’ rates are either on par with or much higher than what Georgia United Credit Union is offering. That, and some competitors offer lower opening deposit requirements.
Coupled with the strict membership requirements, we think you’d be better off looking at alternatives such as this list of the best CD rates on the market.
Georgia United Credit Union’s money market account options
Sterling Fund Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.25% | $0.01 |
| 0.35% | $10,000 |
| 0.40% | $25,000 |
| 0.50% | $100,000 |
- Minimum opening deposit: $1,000
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $5 (this can be waived)
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: N/A
While the money market account offers a higher rate than the Prime Share account, they’re both much lower than what’s being offered elsewhere. Aside from the lowest tier, the minimum balance amounts are quite high considering you’re not earning great rates.
Features of the account include limited check-writing capabilities, e-statements and online and mobile banking. The monthly maintenance fee can be waived if you maintain a $1,000 minimum daily balance. Since this is technically a savings account, Regulation D limits you up to six certain withdrawals a month. However, you’re only allowed three free withdrawals a month at Georgia United Credit Union, or else you’ll need to pay a $2 fee for each one you go over.
How to get the Sterling Fund Money Market account
Head to a Georgia United Credit Union branch or call customer service 1-888-493-4328 at to open an account. You’ll need to provide details such as your name, address and Social Security number. You’ll also need to become a member by paying a $5 one-time fee as well as open a Prime Share account.
How Georgia United Credit Union’s money market account compares
There are a few reasons we’ll pass on this account. One, the rates are quite low compared with some of the best money market accounts we’ve come across. Two, you need a high minimum amount to waive the monthly maintenance fee. Three, other financial institutions allow you to make up to six withdrawals month for free whereas you’re only allowed three with this one.
We think you’ll do better elsewhere if you want to maximize your savings.
Georgia United Credit Union’s IRA account options
IRA Certificate
| Term | APY |
|---|---|
| 1 year | 0.75% |
| 2 years | 0.85% |
| 27 month (new money) | 0% |
| 3 years | 0.90% |
| 4 years | 0.96% |
| 5 years | 1.00% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Depends on length of term
- 1 year or less- 90 days’ interest
- More than 1 year- 180 days’ interest
If the thought of investing in the stock market makes you nervous, consider putting your retirement savings into an IRA CD instead. These accounts compound and credit interest daily. Unlike the regular CDs, you must keep all interest earned in the IRA CD until maturity. Most of these rates are much lower than competitors, except for the 27 month promo rate. However, Georgia United Credit Union will only let you open the account with new money, meaning funds currently not on deposit at the credit union.
When you hit the CD’s maturity, your IRA CD will automatically renew unless you make changes during the seven-day grace period. The 27 month promo CD will automatically be renewed into a 2 year CD at Georgia United Credit Union’s current APY.
How to get Georgia United Credit Union’s IRA CDs
Go to the nearest branch to open an IRA CD. If you’re not already a member, you’ll need to pay a one-time $5 membership fee and open a Prime Share account. Don’t forget to bring along information such as your Social Security number and state-issued ID.
IRA savings account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.10% | $100 |
| 0.15% | $1,000 |
| 0.20% | $5,000 |
- Minimum opening deposit: $500
- Minimum balance to earn APY: $100
- Monthly account maintenance fee: $0
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: N/A
The IRA savings account is best for people looking for a place to park their retirement funds without needing to lock it in like the IRA CDs. There is no ATM access — you’ll need to go in person or by logging into your account online to access funds.
If you decide to make withdrawals, keep in mind that you may need to pay IRS penalties and/or taxes. It’s best to check with the current rules and regulations so you’re aware of your options.
How to get Georgia United Credit Union’s IRA savings account
You need to head to the nearest branch to open an account. Bring along information such as your Social Security number and a method to fund the account. If you’re not an existing member, you’ll need to open a Prime Share account plus pay a one-time $5 membership fee.
How Georgia United Credit Union’s IRA accounts compare
The IRA CD rates are much lower — by as much as one percentage point — than ones on our list of the best IRA CD rates. However, Georgia United Credit Union’s promo rate isn’t terrible but it’s not worth opening one if you’re not already member as you need to open a Prime Share account and maintain a membership for the privilege.
Overall review of Georgia United Credit Union’s banking products
The Unified Checking account stands out, as it has one of the highest APYs out there. However, you need to meet the credit union’s requirements or else your rate will drop by quite a bit. The rest of Georgia United Credit Union’s banking products aren’t truly worth considering. They offer low rates and you need to pay monthly fees (although you can get those waived). However, if you have children, the minor accounts aren’t too shabby, as your child can earn actual cash as a reward for good grades and sound financial behaviors.
If you can meet Georgia United Credit Union’s membership requirements, consider either the minor or Unified Checking accounts. Otherwise, we think you’ll do better shopping around.
