Best CD Rates in Memphis, TN: Top 3

October 9, 2009 No Comments »

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Memphis, TN. The institutions we will cover all include the following cities in Tennessee: Oak Ridge, Johnson City, Mount Juliet, Mount Pleasant, Chattanooga, Kingsport, Jackson, Knoxville, and Nashville. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Memphis as well as Tennessee, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Memphis, TN:

  • Wings Financial Credit Union (Memphis branch) has a 6 month CD yielding 2.38% APY with a minimum deposit of $500 required.
  • INSOUTH Bank has a 6 month CD yielding 1.75% APY with a minimum deposit of $500 required. 
  • Paragon National Bank has a promotional 11 month CD yielding 1.70% APY with a minimum deposit of $1,000 required.

Best 12 month CD rates in Memphis, TN:

  • Wings Financial Credit Union has a 12 month CD yielding 2.68% APY with a minimum deposit of $500 required. 
  • First Security Bank has a 16 month CD yielding 2.02% APY with a minimum deposit of $1,000 required.
  • Covenant Bank has a 11 month CD yielding 2.0% APY with a minimum deposit of $1,000 required.

Best 24 month CD rates in Memphis, TN:

  • Wings Financial Credit Union has a promotional 27 month CD yielding 3.09% APY with a minimum deposit of $500 required. Their 24 month CD yields 2.99% APY with the same min. deposit requirements.
  • IBERIABANK has a 29 month CD yielding 2.70% APY with a minimum deposit of $1,000 required. 
  • Hudson City Savings bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. They are a national bank and can accept deposits from any state.
All of the above institutions are federally insured by either the FDIC or NCUA. If you live in the city of Memphis, TN and know of a better interest rate offered through your local bank or credit union, please share by leaving a comment.

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