Best Savings Rates in Georgia from Genuine Parts Credit Union
The best savings rates currently available in the state of Georgia are from Genuine Parts Credit Union (GPCU). In fact GPCU's savings rates are probably the highest savings rates available anywhere in the nation. As with all credit union savings rates, GPCU has lowered their savings rates over the past several years.
Current savings rates at this credit union's share savings account are at 1.75 percent with an APY of 1.75 percent. That rate is much higher than the FDIC national average savings rate of 0.07 percent. There is a maximum deposit amount that can earn this rate and yield. The maximum amount is $75,000, which is a pretty high cap. Most credit unions or banks offering savings rates this high usually have a lower max.
When we first wrote about GPCU's share savings rate a few years ago the credit union was offering a savings rate of 2.00 percent with an APY of 2.02 percent. That was back in July 2011 and at that point the credit union's savings rate was one of the best rates available. Over the past couple of years rates have gone down considerably so GPCU's decrease of only 0.25 percent during the same time is remarkable.
For the 2012 year GPCU paid out an even higher share savings rate. An addition 2.5 percent dividend was paid on share savings accounts at the end of 2012, making the overall share rate an incredible 4.25 percent. When you do business with a credit union you have to join by opening a share savings account.
When you open an share savings account at a credit union you become a member and own a share of the credit union. This share, regardless if it's a minimum $25.00 deposit or much more than that, entitles you to one vote at any business meeting of the organization, and signifies that you are a member in good standing.
Share dividends are declared each month from available credit union earnings by State wide's Board of Directors. Share account dividends are calculated on the average daily balance in the account multiplied by the number of days in the month times the daily dividend rate (annual rate divided by 365).
Share dividends are posted on the first day of the following month, added to the previous account balance. This "compounding" effect helps you earn even faster and increases the overall annual percentage yield (APY) on the account. When you compare savings rates you will see most of the time that the APY on a savings account is always higher than the savings account rate.
To be eligible to join this credit union or any credit union for that matter you usually have to live, work or worship in the area where the credit union is based. You can also join by having a family member that meets one of those requirements and is a member. GPCU's member ship requirements can be found right here: GPCU Membership Requirements.
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