Dedicated to Deposits: Deals, Data, and Discussion

4.50% 6-Month / 5.00% 30-Month CD at a Georgia Bank (Integrity).


Update 8/29/08: The bank has been closed by regulators. See post for more details.

Integrity Bank has another new CD promotion with some more attractive rates. The 4.50% APY has been extended to 3, 6 and 24 months. It continues to offer 4.50% APY on the 12-month term. There are also a new 5.00% APY for 30 and 36-month terms, and a new 5.25% APY for a 60-month term. The 6, 12 and 36-month terms are also available as IRA CDs. The minimum deposit is $1,000, and the maximum deposit is $90,000.

I first reported on this 4.50% 12-month special in July. Unlike the other CDs, this one has a bump option which gives you a one-time option to bump up the rate during the term. Refer to my July post for more details and comments about the usefulness of this bump option.

The bank also has a reward checking account, and the rate of this account has recently increased to 5% APY on balances up to $25,000. I first reported on this reward checking in this June post.

At the bottom of their rate table it stipulates that they do not accept out of state funds. The bank has branches in the Georgia cities of Alpharetta, Roswell, Smyrna, Duluth, and Cumming. All of these cities are just north of Atlanta.

The bank has been hurt in the real estate slump. According to this Atlanta Journal-Constitution article "its strategy of funding construction in Atlanta's booming northern suburbs fizzled, loading the bank with about $270 million in non-performing loans and other assets." However, the bank hired a new CEO last year who was described in the article as a "former bank regulator turned fix-it guy for banks", and the bank is working closely with regulators to improve its operations. As you would suspect, the bank currently has some low financial ratings: 0 star at BauerFinancial and 1 star (lowest) at Both ratings are based on 3/31/08 data.

As I recommend with any bank, it's best to stay below the FDIC limits. The bank has been FDIC insured since 2000 (Certificate # 35469).

Thanks to the reader who emailed me news of this new promotion.

  Tags: Georgia, CD rates, IRA rates

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