3.00% 12-Month CD & 2.75% 9-Month CD at Midtown Bank in Georgia - Local Only

POSTED ON BY

Update 6/04/09: The 12-month CD rate has fallen to 2.75% APY, and the 9-month CD is no longer listed. The other rates remain the same.

Midtown Bank is offering very competitive rates on its CDs. Rates include 2.00% APY for 3 months, 2.50% APY for 6 months, 2.75% APY for 9 months and 3.00% APY for 12 to 60 months. Minimum deposit is $1,000. These rates are listed in the bank's rates page as of 6/03/09.

It appears that a branch visit is required to open an account. It's a small bank with one office located in Atlanta, Georgia.

Midtown Bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 2003 (FDIC Certificate # 57580).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.
Comments
Blogging Banks
Blogging Banks (anonymous)   |     |   Comment #1
I guess these competitive rates on the 12 month CD show that savers should definitely shop around them, in the credit unions and local banks in order to find the best savings deals for them.
I really hope though that banks would soon start offerring higher interest rates in CDs.
Anonymous
Anonymous   |     |   Comment #2
Just checked their website - Rates were updated today (6/4). No 9 month option. 12 month is 2.75%. 18 month through 60 months is 3%.
6.00% 6-Month CD at a Georgia Bank (Midtown)
Midtown Bank Bank and Trust is offering a special 6.00% APY 6-month certificate of deposit (scroll down the bank's webpage to see offer). The minimum is $1K, and it requires a relationship offer with a checking account. Without the relationship requirement, the rate is 5.50% APY. The bank also has a 5.65% APY 1-year CD.

The bank is located in Atlanta, Georiga. I can't find on the website if they allow deposits by mail or by out-of-state customers. Being a small one-branch bank, it's likely only a local deal.

The bank is...



Continue Reading