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6.10% 6-Month / 5.75% 12-Month CD at a Georgia Bank (Alpha).


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

Update 9/22/07: CD rates have gone down. Please check bank's website for latest rates.

Alpha Bank & Trust bumped up the CD rate on its 6-month special to 6.10% APY. This rate requires that you open a new checking account with direct deposit. Without this the yield is 5.85% APY. Other competitive rates include 5.75% APY for a 12-month CD and 5.50% APY on all longer term CDs. The minimum deposit is $1,000. IRA CD yields range from 5.71% APY for a 12-month term to 5.55% APY on all longer terms. No out-of-state deposits are accepted. However, a reader informed me that you can open the CD by phone if you live in Georgia.

In August the bank was offering this same 6-month CD special with a 6% APY. A reader who had opened a checking account previously mentioned that he was able open an additional checking account in order to qualify for this special CD at 6.10%. They have a free checking account with a $100 minimum initial deposit but no monthly fees or mininum balance requirements.

Branches are located in Alpharetta and Marietta, Georgia which are in the northern suburbs of Atlanta. The bank just started business last year which likely explains the very competitive rates. I've been posting on their high rates since August 2006. The bank is FDIC insured (FDIC Certificate # 58241).

Thanks to the reader who emailed me this rate update.

[Update 9/17/07: Added info about opening CD by phone.]

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