Dedicated to Deposits: Deals, Data, and Discussion

6.00% 6-Month / 5.65% 60-Month CD at a Georgia Bank (Alpha)

POSTED ON BY

Alpha Bank and Trust is still offering a 6.00% APY 6-month certificate of deposit and several other high yield CD's including a 5.75% APY 12-month CD and a 5.65% APY CD for all terms longer than 12 months. The minimum is $1K. They also have high yield IRA CD's including a 12-month 5.80% APY and a 5.71% APY for longer terms. IRAs have a $500 minimum.

I had reported on this bank last August and October. As I mentioned in the October post, I've received mixed messages from this bank concerning account opening requirements. A reader in October stated that he was able open a CD from this bank by mail, and he was from outside of Georgia. The bank had requested a notorized copy of his driver's license.

Alpha Bank and Trust is a one-branch bank located in Alpharetta, Georgia which is in the northeast suburbs of Atlanta.

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


Comments
7 Comments.
Comment #1 by Bozo (anonymous) posted on
Bozo
I just sent them an e-mail to see if I could open a CD by mail. I'll let you know, as the rates seem fine.


Yours,

Bozo

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Comment #2 by Anonymous posted on
Anonymous
According to instructions I received over the phone, 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. I also learned rate changes, if any, occur on Mondays. The 12 mth at 6% started today; the 6 mth at 6% started two weeks ago. On a personal note, at 6%, both 12 and 6 mth CDs sound attractive. I'm hesitating only because of privacy concerns over information requirements and handling.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the detailed info. Glad to read they seem to now have a consistent process for out-of-state CD's. Those 6% CD's are excellent deals if you don't mind doing the transactions by mail.

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Their 12-mo CDs have been fluctuating over the last month. It went up to 6% but now is down to 5.85% APY.

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Comment #5 by Anonymous posted on
Anonymous
It looks like the deal has ended. The rate sheet states 5.75% for both 6mo and 12 mo CD ($1K min).

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Comment #6 by Anonymous posted on
Anonymous
Per phone call today (01-04-07), they have halted accepting out-of-state CDs.

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Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to see them make this change. I suppose they're getting too much demand for them to handle.

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