Algood Improving Interest By Moving Banks

Algood will move millions of dollars into new bank accounts as part of a shift aimed at maximizing interest rates.

Algood City Administrator Keith Morrison said $1.5 million dollars will be moved from the city’s general fund and $1.7 million from the utility fund to First Freedom Bank. Morrison said the bank will offer n interest rate of four-point-nine percent. He said the idle funds currently, could be doing more for the city.

“We feel pretty confident that our property tax rate is low and want to continue to maintain that,” Morrison said. “And this is one way to do so is to find ways to get funds that are available to us without having to press those increased tax rates on our citizens.”

Morrison said the process of transferring the money was straightforward, as the city maintains positive relationships with both banks.

“We have great relationships with all the banks we deal with,” Morrison said. “And there all great partners and so we just continue to maximize those relationships and work with our partners to help us be good stewards of funds as our citizens trust us to take care of.”

Morrison said this move is aimed at generating interest that will continue to fund initiatives for the city.