Posted by William Charles on April 21, 2017
Savings Accounts

Published on April 21st, 2017 | by William Charles


Georgia Banking Company (GBC) 2.15% APY Checking Account On Balances Up To $25,000 (Direct Deposit Not Required)

Offer at a glance

  • Interest Rate: 2.15% APY if requirements are met
  • Minimum Balance: None
  • Maximum Balance: $25,000 for 2.15% 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

The Offer

Direct link to offer

  • Georgia Banking Company is offering a 2.15% APY checking account on balances up to $25,000 when you complete the following 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

georgia bank

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

Avoiding Fees

This account does not have any monthly fees to worry about.

Our Verdict

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

42 Responses to Georgia Banking Company (GBC) 2.15% APY Checking Account On Balances Up To $25,000 (Direct Deposit Not Required)

  1. Max says:

    Eh not a fan at all of the US citizen only thing. That’s completely unnecessary legally or logistically and was likely a decision by some racist manager.

    • windyfly says:

      Feel the same here. 🙁

    • Curmudgeon says:

      So non-US Citizens are a “race” now? Sheesh… 🙁

      I guess everything you don’t like is now “racism” and those who don’t do everything you want are “racists.”

      Do people even try to use words in their proper context anymore?

      • Max says:

        Reserving the word racism to be specific to dislike and discrimination based on skin colour is stupid. It should also be viewed as ugly and vicious to discriminate against people from other countries for no reason. Astonishing statement, huh. When you say “everything you don’t like” you act as though it’s strange to dislike random discrimination.

        Indeed, sheesh and sad face that I am criticizing senseless discrimination based on citizenship against immigrants. Who overwhelmingly benefit the economy and commit fewer crimes than natives.

        • Curmudgeon says:

          “It should also be viewed as ugly and vicious to discriminate against people from other countries for no reason. ”

          No, it should not. Words should be used to convey a specific meaning, not whatever you feel like using at the moment.

          Is it discrimination? Yes. Is discrimination wrong? No. You have no idea what their reasoning is so your comment that there is “no reason” for this is ridiculous.

          Discrimination simply means choosing one thing over another. I buy the yellow banana and discriminate against the brown, squished banana. The bank has their reasons and unless you actually know what they are you’re just whining because you don’t like the result.

          Whether or not immigration and immigrants are a good/bad thing is completely off topic and irrelevant to this discussion and only serves to draw attention away from the lack of logic in your argument.

          • Jordan says:

            I agree. UK is even stricter. It’s at the national level that they are not allowing anyone without a visa to open a bank account even in branch, and of course visa for visiting purposes don’t count. Banks in the US restrict online applications for foreigners because for a lot of reasons that may include preventing money laundering.

          • Max says:

            If you want to be precise about words, let’s be precise. First, google discrimination:

            the unjust or prejudicial treatment of different categories of people or things, especially on the grounds of race, age, or sex.
            “victims of racial discrimination”
            synonyms: prejudice, bias, bigotry, intolerance, narrow-mindedness, unfairness, inequity, favoritism, one-sidedness, partisanship; More
            recognition and understanding of the difference between one thing and another.
            “discrimination between right and wrong”

            I’m using meaning 1. This discrimination is wrong. The word unjust is even in the definition.


            I don’t know the bank’s reasons for sure, but given that there is no logistic or legal reason to exclude resident aliens (for whom the save forms eg W-9 may be used and the same methods of ID and lookup eg state ID and SSN may be used), Occam’s razor suggests it was a decision of a racist manager. My hypothesis.


            Finally, concerning racism, if you want to be precise, yes, the definition of that word concerns race. However, race does not mean skin colour. It’s a wide imprecise web of classifying people based on ethnicity, genetics (which aren’t as simple as white black Asian, those don’t really exist as scientiic classifiers), ancestry, history and social groupings of which country of citizenship is clearly part of.

    • Jessica says:

      LMAO.. so far off.

    • Mark says:

      everything above me was a waste of time^^^^

  2. Peter says:

    Not sure why this is described as “Savings Account” in title when it is a “High Interest Checking Account”. This requires debit purchases which is what you do in a Checking Account and also isn’t subject to Regulation D restrictions that a “Savings Account” is.

  3. DirtyLilRat says:

    12 debit card transactions kinda kills it.

    • Jordan says:

      But I don’t think there are any other banks that don’t require monthly debit transaction and/or direct deposit that offer more than 1% APY

    • Curmudgeon says:

      12 debits is quite easy. Reload your Amazon gift card balance 12 times @ 50 cents every month. I do it once a month for a few different accounts and it only takes a few minutes.

      • IOException says:

        And then come back here and complain when AMZ or this bank shuts you down.

        • Curmudgeon says:

          Do you have any data points of this happening?

          I’ve heard Amazon might lock your account temporarily if you try to do too many in a row, but not shut you down permanently because of this.

  4. lucy says:

    its a checking acct with higher interest rate if you do 12 debits per month etc, I applied today, verified 4 questions, then input 200$ open deposit from my current bank, here is the reply:
    1) You will receive a confirmation email that we have received your application.
    2) You will be contacted within 1-2 business days by an Georgia Banking Company representative who will let you know if any additional documentation or information is required.
    3) Once your application is successfully verified and we have received all necessary documentation we will process your opening deposit.

    • Any option to fund with credit card? Any hard pull done?

      • Lucy says:

        I do not think cc funding is an option, only from current checking account or choose pay in branch in person, I am in TN, so choose from my checking, per my understanding, it’s soft pull(not sure), I got an email said a banker will call me next week to finish up approval or decline, will update next week.

        • Thanks, Lucy. You can sign up for free credit monitoring to see if it’s a hard pull, we discuss this here: /whats-best-cheapest-way-monitor-credit/

          • lucy says:

            this bank is fast, i supplied a copy of DR. License and Insurance card this morning per their request and DocSigned 1 paper, 5 hours later, got this email:

            I am pleased to inform you that your account application has been approved, and I am sending you a welcome packet in the mail. Please notify me if you do not receive it. If you have any questions about the welcome packet, feel free to contact me.

            Thank you for choosing Georgia Banking Company!

          • Lucy says:

            thanks for the tip, I received my free report per your link and saw its hard pull for this bank, btw, my report showed new buffalo savings did 2 hard pulls within 15 days when I opened a checking acct with them. Back to GBC, they sent me debit card application and helped me set up online banking already, all this takes less one week from apply to online banking, fast and reliable so far. I would recommend Georgia banking to anyone if you willing to do 12 debits monthly.

          • Ken says:

            @Lucy – What bureau did both banks pull?

  5. Adam says:

    Sounds like a good deal but I am worried about the ole bait and switch that will probably happen when enough people open accounts here and transfer their money over. it doesn’t seem sustainable to offer such a high rate compared to other banks.

    • Ken says:

      Plenty of other banks offer rates equal to or greater than this bank and they’ve been doing it for quite some time too. Rates can change, but usually they don’t unless the Fed changes things and right now it’s only going up.

  6. MSer says:

    Oh, the entitlement of some people. Laughable some nitwits claim it’s racism. They don’t know the meaning of the word. That alone should disqualify them.

    • JASON says:

      I know right. Some people just over react. I mean this post and this whole blog/site is all about CC/bank bonus/deals that kind of stuff. For example, PNC bank allows only U.S. citizens to open bank account online. I don’t see how that sounds racist to me either. Anyone with SSN can still walk in to their branch and open a PNC bank account. Just like this Georgia Bank, the wording citizens only means a security level to me, nothing like the term racist that ever comes to my mind for a second. There are banks/ credit unions indeed limit their customers to a certain neighbor or small town or state, can I call them other names as well?

  7. Chaser123 says:

    They did a hard pull on Equifax.

  8. Vijay says:

    I also thinking of going for this even though its a hard pull but can’t able to determine which is better.

    a) Parking $25k for 2.15% interest (Minus tax, how much?)


    b) pay the $25k towards Mortgage and reduce the number of outstanding mortgage payment (reduces total interest I would have paid to my mortgage company)

    Anyone can help me with your thoughts ?

    • Rahul says:

      Use this mortgage payoff calculator to see the impact of your pre-payment. Put in the data about your loan and click “Display Extra Pmt Benefits”.

      You will probably see a pretty massive impact (thousands of $$$) of pre-payments on your loan vs ~$450 after tax from this interest bearing account. The decision is more about having cash on hand (cash is king!) or to make other investments, or have a cushion for adversity, etc. vs. having the peace of mind that your mortgage is paid off. Odds are, your interest rate is pretty manageable (4.x%?), and stock markets could return 6-7% over time. So investing “should” keep you ahead of the curve, but with some risk. As with many things in life, “it depends.” If you want to sleep soundly at night, pay off your mortgage sooner. If you can stomach risk and reap the reward, consider index investing. If you don’t have a financial planner, consider speaking to one before making any big moves.

      • Vijay says:

        Thanks for providing some direction. It helps! I am also not a great fan of paying of mortgage nor making extra payments (my mortgage interest rate is 3.375% (where that money can be invested better rather paying off loan). I am a kind of person willing to take low risk and accept low-medium return. Pls. let me know if you know that kind of investment. I’ll also talk to an financial advisor this week. Thanks again!

    • Chaser123 says:

      Me personally, I think this is as god as any to keep your emergency reserve – about 6 months of expenses. Beyond that, paying off your mortgage (and any other debt) is a great idea. I personally prefer to invest in the market, but its hard to justify the risk right now. Paying off your mortgage is a guaranteed return. I am in a fortunate scenario that I now have bank rates higher than my mortgage rates. You may be able to find “safe” investments higher than your mortgage rate. If you believe in the markets long run average and have time on your side, invest the money. But its always good to have a safety blanket, and it makes you feel wealthy.

  9. Doc_Liker says:

    For me, it was a soft pull and I don’t see any hit in my credit and the account is opened now for couple of weeks.

  10. Chaser123 says:

    FYI – I failed to meet the 12 debits on 1st and 2nd cycle and I still received the 2%+ interest credit on both statements. I also get the e-mail saying I qualified even though I didn’t. I didn’t intend to test this and I never had any intent not to do the 12 debit charges. I plan on doing my 12 going forward. Can a bank claw back interest?

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