Magna Bank is offering a special 4.05% APY 11-month CD. The minimum deposit is $10,000.
Also listed in the rate table is a 3.50% APY savings account, and according to this online ad the rate is guaranteed to 1/15/09. However, the minimum balance is $100,000. The rate is 3.25% APY for balances between $10K and $100K. The yield for under $10K is only 0.90%. This Magna Savings Account only requires a $200 balance to avoid a $5/quarter service charge. So it appears to be a decent deal for a brick and mortar bank.
It appears a branch visit is required to open an account. Branches are located in the Tennessee cities of Memphis, Germantown, Brentwood and Cordova. The bank has been FDIC insured since 1999 (FDIC Certificate # 34937). It has a 4-star rating (excellent) at BauerFinancial based on 3/31/08 data.