6.00% 12-Month / 6.00% 6-Month CD at a Georgia Bank (Alpha)

Alpha Bank and Trust has increased the yield of its 12-month CD from 5.75% to 6.00% APY. The 12-month IRA has a rate of 6.06% APY. The 6-month CD still has a 6.00% APY, and the long-term CDs remain at a very competitive 5.65% APY. The minimum deposit is $1K ($500 for an IRA). A reader noted that the bank typically makes rate changes on Mondays. The 12-month 6% started yesterday. The 6-month 6% started two weeks ago.

Several readers have confirmed that this bank does accept out-of-state deposits. Here is one description of what is required:

Customers who wish to open CDs by mail need to send letter containing term desired (e.g., 6 mth, 12 mth), city of birth, mother's maiden name, and name of employer -- along with notarized copy of drivers license and check for amount of deposit.

Please refer to the bank for official requirements. As I mentioned in last week's post, this bank has been offering high CD rates since I first reported on them in August. It's important to note that it's a small bank (one-branch bank near Atlanta). So rates and customer requirements could change quickly due to a large demand.

The bank just started business last May which likely explains the very competitive rates. It is FDIC insured.

Thanks to the readers who have provided their experience with this bank.