Georgia’s Own Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Georgia’s Own Credit Union’s checking account options

All Access Checking

This is Georgia’s Own Credit Union’s basic checking account option.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: none
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

This is Georgia’s Own Credit Union’s no-frills checking account. You get features such as a debit card, e-statements and online and mobile banking. If you choose, you can link your account to a savings or money market account for overdraft protection.

To get the $2 paper statement fee waived, elect to receive e-statements instead.

How to get the All Access Checking account

You can apply for an account by filling out an online application form. You must indicate how you qualify for membership and agree to open a Primary Savings account with a $5 opening deposit. Then fill in personal details such as your name, address and Social Security. Afterward, fund both accounts.

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Perks+ Checking

You can earn a higher rate, but you need to pay a monthly maintenance fee.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.03%
$1,500
0.05%
$2,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5.95
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

Yes, you need to pay a monthly maintenance fee, but Georgia’s Own Credit Union claims the fee is worth paying for considering the discounts you’ll get. First, there’s access to the BaZing app, which offers discounts from local and national retailers. There’s also cellphone protection service, which can give you up to $800 year to repair or replace your phone if you use your checking account to pay for cellphone bill. Other perks include 24/7 roadside assistance and up to $2,500 in personal identity theft services.

You do get tiered rates, but they’re much lower than what you’d find elsewhere.

How to get the Perks+ Checking account

Go to Georgia’s Own Credit Union’s website and fill out an online application form. After indicating how you qualifying for membership and agreeing to their disclosures — including opening a Primary Savings account — provide information such as your name, address and Social Security number. Then fund both accounts.

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i[check]

This low-fee account is for people between the ages of 14 and 25.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

This account is best for teens who want a checking account they can use into adulthood, as the account is good until 25 years old. Features of the account include free e-statements, balance alerts and online and mobile banking.

On your 25th birthday, the account will be converted to an All Access Checking account.

How to get the i[check] account

You and your child will need to head to the nearest Georgia’s Own Credit Union branch to open an account — your child can go by himself if he is 18 years or older. Either way, make sure to bring along a state-issued ID, Social Security number and a way to fund the account.

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Golden Bell Checking

This account is available if you’re at least 50 years old or retired.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None (although the out-of-network ATM may impose a surcharge)
  • ATM fee refund: None
  • Overdraft fee: $30

The Golden Bell checking account program offers special perks for people 50 years and older. You get a Visa check card and online and mobile banking. Extra perks include free checks, cashier’s checks and up to five free microfilm copies of canceled checks.

How to get the Golden Bell Checking account

You’ll need to go in person to apply for this program. If you’re an existing member, you may fill out this form and mail it back to Georgia’s Own Credit Union, but it’s best to call customer service at 1-800-533-2062 to make sure.

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Resolution Checking

This account is for people who aren’t eligible for a regular checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

The Resolution Checking account is meant for people who aren’t eligible for other checking accounts or have credit problems in the past. You need to keep this account in good standing for a minimum of one year before you switch to another one — stop by a branch or call customer service at 1-800-533-2062 to make the request.

Although you get free online and mobile banking, you have to pay $0.50 for each check you write.

How to get the Resolution Checking account

You need to apply for this account in person. Don’t forget to bring along information like your government-issued ID and Social Security number. You’ll also need to open a Primary Savings account if you’re not an existing member.

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How Georgia’s Own Credit Union’s checking accounts compare

We won’t beat around the bush — these checking accounts have abysmal rates. They’re essentially what you’d find at most major banks. We also don’t like that you need to pay a monthly maintenance fee for the Perks+ account and there’s no ability to waive it. Competitors such as the ones on our list of the best checking accounts have much higher rates and no minimum balance amounts. Many also don’t require monthly maintenance fees.

In other words, we think it’s best you go elsewhere.

Georgia’s Own Credit Union’s savings account options

Regular/Primary Savings

Everyone needs to open this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account doesn’t have the best rate, but all members are required to open one in order to establish and maintain membership. This represents your share in Georgia’s Own Credit Union. You can access your funds via online or mobile banking. The credit union will give you an ATM card upon request but customer service representatives tend to discourage members from requesting one because of how many withdrawals you’re allowed. Regulation D limits you up to six certain withdrawals/transfers a month, and beyond that, you’ll need to pay a $5 excessive transaction fee.

How to get the Regular/Primary Savings account

You can open an account by filling out an online application form. First, indicate how you qualify for membership and provide information such as your name, address and Social Security number. You can then fund your new account.

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Coindexter Club

Help your child learn to save money with the Coindexter program and its incentives.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for children up to 13 years old. Account holders can enroll in the Coindexter Club program, a website encouraging financial literacy. Your child will also receive quarterly newsletters and birthday cards.

Georgia’s Own Credit Union helps encourage your child to save by offering incentives. Once the account reaches $250, the credit union will give your child a gift, plus a second gift when the account reaches $500. It’s a good idea to remind your child that Regulation D limits account holders up to six certain withdrawals/transfers a month, or else there’ll be a $5 fee imposed by the credit union.

How to get the Coindexter Club savings account

You and your child will need to head to the nearest branch to open an account. Remember to bring along information such as both of your Social Security numbers and a way to fund the account. If you’re not already a member, you’ll need to become one by opening a Primary Savings account.

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Holiday Savings/Club Account

You can open this account any time of the year for short-term savings goals.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Both the Holiday Savings and Holiday Club accounts are meant to be opened as a separate savings account to help set aside money for your short-term goals. You can open either club account at any time of the year and you can make withdrawals whenever you want — but funds in the account will automatically be transferred to a Primary Savings account on Nov. 1. However, you are limited up to six certain withdrawals/transfers per month because of Regulation D, or else you’ll need to pay a $5 excessive transaction fee to the credit union.

How to get the Holiday Savings/Club account

You can open either the Holiday Savings or Club account by filling out an online application form. If you’re not an existing member, you’ll also need to open a Regular Savings account. On the form, first indicate how you qualify for membership, then provide personal details such as your name, address and Social Security number. Afterward, fund your new accounts.

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How Georgia’s Own Credit Union’s savings accounts compare

Just like their checking accounts, Georgia’s Own Credit Union’s savings accounts offer extremely low rates. We like that there are no monthly maintenance fees and you do get ATM access, but alternatives also offer the same benefits, plus much higher rates.

You’re better off going with accounts like the ones we suggest on our savings account list.

Georgia’s Own Credit Union’s CD rates

Certificate of Deposit

Even with the tiered rates, these are some pretty low APYs.
$500 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$10,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$25,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$50,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$75,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$125,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days’ interest
    • 13 to 24 months – 180 days’ interest
    • 25 to 36 months – 270 days’ interest
    • 37 to 48 months – 360 days’ interest
    • 49 to 60 months – 450 days’ interest

The more you put in, the higher rates you will earn — but they’re still lower than many competitor accounts. How the interest is compounded and earned isn’t that straightforward either. The interest for the 6 month, 1 year, 3 year and 5 year CDs are either compounded and credited quarterly to your account, or not compounded at all and credited monthly. The 2 year and 4 year CDs are compounded and credited quarterly. If you choose to have interest sent to another account, interest earned won’t be compounded.

Once your account matures, your CD will automatically renew unless you decide to make changes during the 10-day grace period. This can include making additional deposits, withdrawals or renewing for another term.

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Own Your Rate CD

Account holders get the opportunity to raise their rate.
TermAPY
22 months1.12%
44 months1.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 22 months – 180 days’ interest
    • 44 months – 360 days’ interest

The Own Your Rate CD offers you the chance to increase your rate — once for the 22 month term and twice for the 44 month term. Account holders are responsible for contacting Georgia’s Own Credit Union to request the rate increase if the advertised rate goes up.

Interest is compounded and credited quarterly to your CD. You can choose to keep the interest in the CD or transferred to another account. If you choose the latter, interest won’t be compounded.

Your CD will automatically renew upon maturity unless you make changes during the 10-day grace period.

How to get Georgia’s Own Credit Union’s CDs

You’ll need to apply for a CD account in person. If you’re not already a member, you’re required to become one by opening a Primary Savings account. Make sure you bring along information like your state-issued ID and Social Security number.

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How Georgia’s Own Credit Union’s CD rates compare

These rates aren’t exactly the best we’ve seen. We like that there is an option to bump up your rate with the Own Your Rate CD, but all of these accounts offer half the APY compared with other financial institutions. We’re going to assume you want to maximize your savings, so it’s probably best to seek alternative CDs like some of the ones we’ve researched.

Georgia’s Own Credit Union’s money market account options

Money Market

You can earn some pretty competitive rates, but you’ll need to maintain a high minimum balance.
APYMinimum Balance to Earn APY
0.35%
$2,500
0.45%
$10,000
0.45%
$25,000
0.50%
$50,000
0.55%
$100,000
0.62%
$250,000
0.70%
$500,000
0.70%
$1,000,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Money account offers higher rates than the savings account. However, you need to deposit a large sum of cash in order to qualify for those rates, and that could be unattainable for most people. The monthly maintenance fee can be waived if you maintain a $2,500 minimum balance. You’re also limited up to six certain withdrawals/transfers a month because of Regulation D. If you write more than three checks or make more than six withdrawals a month, you’ll need to pay a $10 excess withdrawal fee to the credit union.

How to get Georgia’s Own Credit Union’s money market account

You can open an account by filling out an online application form. You’ll need to indicate how you qualify for membership and agree to open a Primary Savings account. Fill in personal details such as your name, address and Social Security number, then fund your account.

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Money Market Index

Earn a healthy APY if you can meet Georgia’s Own Credit Union’s requirements.
APY Minimum Balance to Earn APY
2.07%
$0.01
0.60%
$250,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for those who want to earn more and already have a checking account with Georgia’s Own Credit Union. That’s because one of the requirements to qualify for the higher APY is that you need to have a personal checking account with them. You’ll also need to make at least five point-of-sale transactions with your debit card each month and deposit new money into the account.

To waive the monthly maintenance fee, you’ll need to maintain a $25,000 daily minimum balance. You’re also looking at a $10 excessive withdrawal fee from the credit union if you go over six certain withdrawals or transfers each month, per Regulation D.

How to get the Money Market Index account

Head over to Georgia’s Own Credit Union’s website and fill out an online application form to open an account. If you’re not a member, you’ll need to open a Primary Savings account to establish member. First, indicate how you qualify for membership then fill in details such as your address and Social Security number. Afterward, fund both accounts.

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How Georgia’s Own Credit Union’s money market accounts compare

Both money market accounts offer some pretty competitive rates — they’re some of the highest we’ve seen like the ones on our list of the best money market rates. What we don’t like are the minimum balance requirements for the Money Market Index account. it’s high, and you need to meet their rules in order to qualify for the high rates. If you can meet the minimum balance plus their other requirements, these accounts aren’t a bad choice. Otherwise, we suggest you do some comparison shopping.

Georgia’s Own Credit Union’s IRA account options

IRA CD rates

IRA CD

These rates are pretty low, just like the regular CDs.
$500 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years 1.40%
$10,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$25,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$50,000 minimum deposit
TermAPY
1 year0.90%
18 month 1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$75,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$125,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days’ interest
    • 13 to 24 months – 180 days’ interest
    • 25 to 36 months – 270 days’ interest
    • 37 to 48 months – 360 days’ interest
    • 49 to 60 months – 450 days’ interest

These fixed-rate retirement accounts offer a low minimum opening deposit but the rates are lower compared with what you’d find elsewhere. As for how interest is earned, it depends on the term you choose. For the 18 month term, interest earned is compounded and credited monthly, and interest is compounded and credited quarterly for all other terms.

When your CD matures, you’ll have a 10-day grace period where you can make changes or else it’ll automatically be renewed.

How to get Georgia’s Own Credit Union’s IRA CDs

Go to a branch to open an account. You need to open a Primary Savings account as well if you’re not already a member. Bring along information such as Social Security number when you go open those accounts.

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How Georgia’s Own Credit Union’s IRA CD rates compare

Just like their regular CDs, Georgia’s Own Credit Union’s IRA CD have much lower rates than some of the best offerings out there. We like that there is a fairly low opening deposit requirement but so do other banks and credit unions. Instead of choosing these IRA CDs, we suggest checking out alternative IRA CDs to see what you could be earning.

Club IRA

These are the same rates as the Primary Savings account.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Club IRA account can be a great idea if you’re in between IRA CD accounts or if you want a more flexible option. Interest is compounded quarterly. Although Georgia’s Own Credit Union won’t charge you an excess withdrawal fee if you go over six a month (as mandated by Regulation D), you may face IRS penalties if you take money before you’re 59 1/2 years old.

How to get the Club IRA account

You need to apply for the Club IRA account in person. Remember to bring along information such as your Social Security number and state-issued ID. If you’re not already a member, you need to become one and agree to open a Primary Savings account.

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Overall review of Georgia’s Own Credit Union’s banking products

We like that anyone can join Georgia’s Own Credit Union — there aren’t restrictive requirements such as living in a specific geographic location. Their money market accounts stand out as offering some of the best rates out there. However, you need to meet a few requirements and have quite a large sum on deposit to qualify for the higher rates.

Otherwise, the rest of Georgia’s Own Credit Union’s products are lackluster at best. The rates are low and there aren’t much perks offered, like free checks for all account holders. There are other places that offer higher rates, low minimum balance and you’re not required to open a savings account like at this credit union.

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