Below are the best CD (certificate of deposit) rates available to residents in the state of Alabama. Because many of the banks and credit unions serving this area are regional ones you may also want to browse through Florida’s CD rates and Georgia’s CD rates as well.
Keep in mind, there may be eligibility restrictions with the following institutions (especially with credit unions), so you may want to contact a representative within the institution to see if you are eligible. If do not reside in Alabama you may still be able to take advantage of some of these products but it will most likely depend on your individual situation (place of work, residence, family relatives, etc).
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.
These rates are time-sensitive in nature. Please refer to the date of this article for accuracy. You may want to compare CD rates which are nationally available if these are outdated.
Top 3 CD rates (Alabama):
(clicking on the institution will bring you to their rates page)
Alabama Credit Union: Tuscaloosa, AL. 15 month CD yielding an APY of 2.52% with a minimum deposit amount of $500. The interest on this account is compounded quarterly. This account will automatically renew upon maturity (unless you specify otherwise). Like all credit unions, management is by a Board of Directors made up of persons democratically elected from the membership, by the membership. Board members volunteer their time and effort to ensure the highest standard of services possible to members of the credit union. Profits are passed on to members in the form of higher savings rates and lower borrowing rates.
First National Bank of Talladega: Talladega, AL. 36 month CD yielding 3.0% APY with a minimum deposit of $500. The First National Bank of Talladega was founded in the back room of a mercantile store, in a village of 1,250 citizens and has been open ever since. From it’s beginning in 1848, the bank has grown to over $300 million in total assets and has the distinction of being the oldest continuously operated bank in Alabama. It remains independently home owned and operated and proudly serves Talladega County as its primary trade area.
Farmers Exchange Bank: Louisville, AL. 48 month CD yielding 3.20% APY with a minimum deposit amount of $500. This is a small family owned bank serving Barbour county since 1958. The current president’s grandfather, “Mr. Rob,” put together a group of local leaders to purchase the Farmers Exchange Bank in McCullough, Alabama, and moved it to Louisville. For three generations, Farmers Exchange Bank has offered personalized financial services for Barbour County, and as the only locally-owned and operated bank in the community, they claim to have the flexibility to help you with your needs and dreams.
You may also want to check Redstone Federal Credit Union’s CD rates as well. They are the largest credit union in Alabama and frequently offer promotional rates.
All of the banks/credit unions mentioned above are federally insured by either the NCUA or FDIC and your deposits are secure up to $250k. If you live in Alabama and know of a better CD rate offered by your local institution, please share by leaving a comment.
Compare with today’s top CD rates nationwide below: