Dedicated to Deposits: Deals, Data, and Discussion

4.55% 9-Month CD at a Alpha Bank & Trust in Georgia

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Update 10/24/08: The bank has been closed. Please refer to this post for details.

Alpha Bank & Trust continues to offer a very competitive 9-month CD special with a yield of 4.55% APY. Some of the longer term regular CDs are also competitive. There's a 4.45% APY 1-year CD and a 4.55% APY 2-year CD. These are also available in an IRA with rates that are 5 basis points higher. Please refer to the bank's rate table for more details.

No out-of-state deposits for CDs are accepted. However, a reader informed me last year that you can open the CD by phone if you live in Georgia. Another reader informed me in my July post on this bank that Flagstar branches in this same area will match the rates of this bank through Flagstar's "Loyalty Program" Best-CD Matching (an extra 5 basis points is added on matching term).

Branches are located in Alpharetta and Marietta, Georgia which are in the northern suburbs of Atlanta. It's a fairly new bank that was established in May 2006. Its financial ratings for soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate. Both are based on 6/30/08 data. As I recommend with any bank, it's best to keep under the FDIC limits. The bank is FDIC insured (FDIC Certificate # 58241).
  Tags: Georgia, CD rates, IRA rates

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Don't they have one of the worst Texas Ratios?

Good luck getting anything over the FDIC limit back!

1
Comment #2 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Stearns Bank has been horrible with this transition.

They adjusted existing Alpha CD to2.5% and so far has refused to close the CD and give me a check in person when I took a day off and drove there. They insisted it must be mailed and they could give no information when that would be.

Still waiting impatiently.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Sorry to read about the problems. This looks like a good example of the problems that can happen when you have a CD at a failed bank. Please keep us posted on how it goes.

1