Dedicated to Deposits: Deals, Data, and Discussion

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

POSTED ON BY

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.


Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Spoke to Gloria at Alpha today. You must also include your Social Security # in the letter you mail them.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
anonymous, thanks for the info.

Just noticed that the 12-month CD is now 5.85% APY (as of 12/28/06). The 6% 6-month CD is still available.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Rates have fallen as of Jan 20, 2007, but they are still very competitive. The 12-month and 6-month CDs now have an APY of 5.75%. All longer term CDs continue to have a 5.65% APY.

1