RockBridge Commercial Bank is offering a CD promotion with some very competitive rates. The best is a 3.30% APY for terms of 13 and 21 months. There's also a special 9-month CD with a 2.63% APY. Minimum deposit is $500. These rates are listed on the left side of the bank's front page, and in this promotional page as of 6/04/09. The promo page seems to have a mistake on the second 3.30% CD. It's listing it as a 9-month term instead of a 21-month term.
A reader who emailed me info on this special reported being told that they can open accounts by mail from people outside of Georgia. I called today, and I was told the same thing. Please note that small banks often change their policy on this. If you're interested in these CDs, I recommend calling the bank at (404) 250-8600. The CSR didn't know how much longer this special was going to last, but he said they expect to advertise it again next week.
It's a small bank with one office located in Atlanta. Based on 3/31/09 FDIC data, it has 22 employees, $279 million in assets and $249.6 million in deposits.
With all the recent bank failures in the Atlanta area, one may be suspicious regarding high deposits rates at an Atlanta bank. Rockbridge Bank's ratings for safety and soundness are weak, but they could be worse. BauerFinancial gives the bank 2 stars (problematic). Zero star is their worst rating. However, Bankrate.com does give the bank 1 star (their lowest rating). These ratings are based on 12/31/08 financial data. As for the case of any bank, it's best to keep below the FDIC limits. The bank has been FDIC insured since 2006 (FDIC Certificate # 58315).
Thanks to the reader who emailed me this CD special.
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.