Atlanta Business Bank is offering several competitive rates on its CDs and money market accounts. The online CD yields range from 1.66% APY for a 6-month term to 3.20% APY for a 60-month term. Minimum deposit is $1,000. The online money market account has tiered rates with yields ranging from 1.26% APY for a $2,500 minimum balance to 1.56% APY for a $100,000 minimum. These rates are listed in the online application as of 7/15/2010. Below is the full list of money market and CD rates:
Money Market Rate Tiers as of 7/15/2010:
- 1.26% APY $2.5K to $10K
- 1.36% APY $10K to $100K
- 1.56% APY $100K and above
Certificate of Deposit Rates as of 7/15/2010:
- 1.66% APY 6-month CD
- 2.02% APY 12-month CD
- 2.17% APY 18-month CD
- 2.38% APY 24-month CD
- 2.68% APY 36-month CD
- 2.89% APY 48-month CD
- 3.20% APY 60-month CD
You can open the accounts online via an Andera, which is a common service for online applications. The link to the online application is located on the bank's front page. The application only allows Georgia residents to apply. It provides a list of a hundred or so Georgia zip codes, and requires you to select one of them.
It's a small bank with one office located in Atlanta, Georgia.
The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial, 1 star (lowest) at Bankrate.com and an overall health score of 2 out of 5 at DepositAccounts.com (see our financial overview of Atlanta Business Bank). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 2002 (FDIC Certificate # 57264).