Georgia’s Own Credit Union is a regional credit union serving Georgians across the Peach State since it opened its doors in 1934.
This credit union is quite small on a national scale but it’s the third-largest credit union in the state of Georgia, with 23 branch locations in metro-Atlanta, Savannah, Augusta, and other cities.
To join Georgia’s Own – should you decide that it would be a good fit for your long-term financial goals – you’ll need to meet their geography or employment-based membership requirements.
Georgia’s Own Credit Union is not open membership but there are a couple of eligibility loopholes you can use to qualify if you don’t meet the general criteria. We’ll cover this in our eligibility section further down in this article.
Curious how their NCUA-insured savings products stack up? Find out in our comprehensive review below.
Georgia’s Own Credit Union CD Rates + Account Details
Georgia’s Own CDs are federally insured by the NCUA (FDIC equivalent for credit unions) up to the maximum amount allowed of $250,000 per depositor. Joint accounts are covered up to $500,000.
Standard certificate accounts and bump rate certificate accounts, which Georgia’s Own calls “Own Your Rate CDs,” are available for purchase.
|CD Term||Minimum Deposit||APY|
|13 Month Special||$500||4.00%|
|22 Month Own Your Rate||$500||2.50%|
|44 Month Own Your Rate||$500||3.50%|
Please note that these standard CD rates can vary depending on balance, however at the present time they do not. Yields are consistent across all deposit amounts.
To put the offers above in perspective, the current national average for a 12 month certificate of deposit sits at just 1.49% and a 60 month CD sits at just 1.35% according to FDIC data.
13 month CD Special
This is Georgia’s Own Credit Union’s newest addition to their CD account offers. It holds the second highest rate of any of their deposits and automatically renews into a standard 12 month CD if nothing is done during the grace period.
Own Your Rate Savings Certificate (Bump Rate CD)
Bump rate CDs are also available at Georgia’s Own.
You’ll find these under the name of Own Your Rate Savings certificates and these require $500 to open just like their standard CDs.
These certificates come with 22 and 44 month terms that allow you to bump up your rate. You are allowed one bump for the 22 month term, and two for the 44 month term.
Remember, these products are only useful when rates are rising. If Georgia’s Own does not raise their deposit rates during the life of your CD, then the option becomes irrelevant. Also keep in mind Georgia’s Own will not notify of rate increases, so you’ll have to monitor these yourself while you bump CD is active.
Compounding and Crediting Interest
Interest is compounded and credited monthly or quarterly on 6 month, 1 year, 3 year, and 5 year CDs, but compounded and credited only quarterly on 2 year and 4 year CDs.
Early Withdrawal Penalties and Grace Period
- Early withdrawal from a term of 12 months or less will cost 90 days’ interest,
- from a term of 13-24 months will cost 180 days’ interest,
- from a term of 25-36 months will cost 270 days’ interest,
- from a term of 37-48 months will cost 360 days’ interest, and
- from a term of 49-60 months will cost 450 days’ interest.
The grace period within which you can make penalty-free withdrawals or deposits upon renewal is 10 days.
Georgia’s Own Credit Union Savings Accounts
There are 5 different savings account options to choose from with Georgia’s Own Credit Union. However, all of them provide the same yields currently. Your 5 options are:
- Primary Savings
- Holiday Savings
- Vacations Savings
- Club Savings
- Coindexter Club Savings
The Holiday and Vacation savings accounts allow you to automatically set money aside for those intended uses. The funds you save in these accounts are then automatically transferred to your primary account on November 1st and May 1st, respectively, so that the money is available when you need it for those events.
A Club savings account, on the other hand, lets you set aside money for unspecified uses but functions similarly to the Holiday and Vacation savings accounts.
A Coindexter Club savings account is geared towards children learning the value of saving. These can be opened by children up to 13 years old. When this account reaches a balance of $250, the primary account holder receives a free gift.
Interest is compounded and credited quarterly for all savings accounts.
Lookout For Potential Fees
Though technically called an inactive account fee, you’ll essentially be charged a monthly maintenance fee of $5 for every month that your account balance dips below $250. For every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.
|$5.00 – $49,999||0.10%|
|$50,000 – $99,999||0.15%|
A minimum opening deposit of just $5 is required to open any savings account with Georgia’s Own Credit Union, and any balance above $5 will earn interest.
The initial $5 that you deposit into the Primary savings account granted to you when you join is your share in the credit union, so you’ll need to make sure that that money stays there to keep your membership.
Georgia’s Own Credit Union Money Market Rates + Account Details
The money market rates offered by Georgia’s Own are more competitive than their savings products, but still lag the top rates held by online institutions.
Money Market Rates
|$2,500 – $9,999||0.50%|
|$10,000 – $24,999||1.00%|
|$25,000 – $49,999||1.25%|
|$50,000 – $99,999||1.50%|
|$100k – $249,999||2.00%|
|$250k – $499,999||2.00%|
|$500k – $999,999||2.00%|
To put these offers in perspective, the current national average for money market rates sits at just 0.54% APY nationally according to FDIC data.
Avoid a $10 monthly service fee and continue earning dividends by maintaining an average daily balance of $2,500 or more.
As with the savings accounts, for every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.
About Georgia’s Own Credit Union + Eligibility Requirements
Georgia’s Own Credit Union holds just shy of $2.5 million in total assets and has a net income of $21 million. 182,756 members bank with this credit union. There are 32 Georgia’s Own Credit Union branches, all of these located in Georgia. This institution also participates in co-op shared branching with other credit unions and shares over 85,000 surcharge-free ATMs across the country.
To be eligible to join Georgia’s Own, you’ll need to meet one of the following:
- be a resident of a qualifying Georgia county,
- a member of the Georgia’s Own Foundation,
- a Georgia resident and member of the Getting Ahead Association,
- a family member to someone that’s a Georgia’s Own member, or
- an employee/retiree of a qualifying company.
- Having ties to Georgia State University – whether you’re a former student, current student, or member of faculty or staff.
To become an Advocate with the Georgia’s Own Foundation you’ll need just $10 and anyone can join. This is the biggest loophole for non-Georgia residents to join.
To become a member of the Getting Ahead Association, you’ll need to be a Georgia resident and you can contact a Georgia’s Own representative for help joining.
Georgia’s Own Credit Union is probably going to be best suited for individuals living in or around Georgia.
Their savings account rates are below the national average, however their money market rates and CD rates are becoming more competitive (albeit still behind the top yields found from online banks and other nationally available credit unions).