First Bank of Tennessee Ups 60-Month CD Rate


Deal Summary: 60-month Quarterly COD, 2.62% APY, $500 minimum deposit

Availability: Tennessee

At the end of last week, First Bank of Tennessee (FBT) boosted the rate on its 60-month Quarterly COD (2.62% APY) by an impressive 162 bps. The minimum deposit is $500, with no stated balance cap.

0.65%$1k-SimplyBank60 Month Quarterly Certificate
0.65%$25-SimplyBank60 Month Fixed Rate IRA
Rates as of January 29, 2023.

The 60-month Quarterly COD is also offered as an IRA (Traditional), earning the same APY with the same funding requirements.

For the vast majority of the past four years, the 60-month Quarterly COD’s APY remained at 1.00%, with two very short-lived rate hikes.

According to CSR, the Early Withdrawal Penalty is 365 days of interest.


Headquartered in Spring City, First Bank of Tennessee’s primary market area is Polk, Rhea, and Roane Counties, but CSR stated that any Tennessee resident who can come into a branch is welcome to open an account.

Opening a COD must be done at any of the six Tennessee branches, located in Benton, Dayton (2), Harriman, Rockwood, and Spring City.

If you don’t live in any of the above mentioned counties and are interested in opening a CID, it would probably be wise to speak with a branch manager before making a long trip.

Bank Overview

First Bank of Tennessee has an overall health grade of "B+" at, with a Texas Ratio of 28.48% (average) based on March 31, 2017 data. In the past year, FBT increased its total non-brokered deposits by $24.15 million, an excellent annual growth rate of 10.19%. Please refer to our financial overview of First Bank of Tennessee (FDIC Certificate # 10693) for more details.

First Bank of Tennessee first opened its doors for business in 1890 as the Hamilton Bank of Rhea County. Between 1976 and 1983, the Bank had five name changes, but “Rhea County” was in each new name. The First Bank of Tennessee re-brand occurred in 1999, in anticipation of the new century and projected expansion; the Peoples Bank of Polk County was acquired in 2004.

How the CD Compares

When compared to the 250 similar length-of-term CDs tracked by that require a similar minimum deposit and are available to Tennessee residents, First Bank of Tennessee's 60-Month Quarterly COD APY currently ranks first.

The above rates are accurate as of 8/14/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

Related Pages: Knoxville CD rates, Chattanooga CD rates, 5-year CD rates


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