Signature Bank (GA) Has No-Penalty 36-Month CD Special (3.00% APY)

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Deal Summary: 36-month CD Special, 3.00% APY, $1k minimum deposit, new money, penalty-free early redemption on or after the 20th month of the term.

Availability: Market area is the Atlanta 29-County Metropolitan Statistical Area.

Signature Bank of Georgia (Signature Bank) wants to help you “avoid trying to foresee the future” and “ensure a strong, predictable return” by offering a 36-month CD Special earning 3.00% APY. The CD Special can be opened with a minimum $1k deposit and new money is required.

The 36-month CD Special has a very interesting no-penalty feature, allowing the customer to choose a term anywhere from 20 to 36 months.

The product allows the option to redeem without penalty one time
during the term of the CD on or after the 20th month of the term.

Should a withdrawal be made before the 20th month, the Early Withdrawal Penalty is as follows:

If your account has an original maturity of more than one year: The penalty we may
impose will equal six months interest on the amount withdrawn subject to penalty.

The CD Special has a 10-day grace period before it automatically renews at the “regularly published 36-month rate” (currently 1.56% APY). The penalty-free early redemption option will not apply to any renewed CD.

Multiple beneficiaries can be named, with equal shares assigned to all. Social Security numbers are required when naming a beneficiary.

Availability

Headquartered in Sandy Springs, Georgia, Signature Bank’s market area is the Atlanta 29-County Metropolitan Statistical Area, which includes Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Morgan, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, and Walton Counties.

While Signature Bank does have an online application, CSR stated that opening a CD Special must be done in-branch at the sole Georgia branch located on Roswell Road in Sandy Springs.

Bank Overview

Signature Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 15.62% (above average) based on March 31, 2019 data. In the past year, Signature Bank has increased its total non-brokered deposits by $13.7 million, an excellent annual growth rate of 15.9%. Please refer to our overview of Signature Bank (FDIC Certificate # 58103) for more details.

Signature Bank of Georgia was founded in 2005 and is the only locally owned and operated community bank in Sandy Springs, an affluent community in Fulton County. Signature Bank’s market area, the Atlanta 29 Metro Counties, has a combined population of nearly six million residents. According to a March 2019 press release,

Signature Bank of Georgia President Freddie Deutsch and Managing Director of SBA Lending, Tareasa Harrell, are pleased to an announce the renewal of Signature’s Preferred Lender status by the Small Business Administration. A trusted SBA Lender, Signature Bank ranks 15th for Total Dollars among Georgia SBA PLP lenders, lending nearly $9 million in the 7(a) loan program since October of 2018.

How the CD Special Compares

When compared to 229 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Signature Bank’s 36-month CD Special APY currently shares fourth place with seven other banks/credit unions, but the penalty-free redemption feature gives the 36-month CD Special a definite edge.

The above rates are accurate as of 6/13/2019.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.

Related Pages: Atlanta CD rates, 5-year CD rates

Comments


2.11% Money Market Account Indexed to the Prime Rate at Signature Bank of Georgia - Local Only
Signature Bank of Georgia has an attractive deal on its Signature Prime Money Market Account. The rate is 2.11% APY on balances of $25,000 and above. The rate is set to equal 65% of the prime rate which is currently at 3.25%. Typically, the prime rate is 3 percentage points above the federal funds rate target. The money market rate is listed at the bank's deposit rates page as of 7/28/09.

It appears that a branch visit is required to open an account. They have 3 branches in the Metro Atlanta...

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