We recently rounded up the top short term CD’s from Georgia based banks (namely 6 month CD’s) are were delighted, and a tad surprised, to see a number of financial institutions still keeping their heads above 1.0% on these products.

Of course in any normal interest rate environment, no money saver would ever be ‘thrilled’ to hear about measly 1 percent returns on bank deposits, but if you put this in perspective with today’s near zero percent landscape, it’s fairly impressive – and hopefully setting a precedent.

To put the yields featured below from Georgia banks in further perspective, take a look at some recent surveys of top 12 month and 6 month CD rates we’ve conducted during the last few months:

- Top 6 month CD’s in Omaha, NE, sitting at just 0.85% APY.

- Oklahoma CD rate deals on short term deposits. Top 6 month CD’s sitting at 1.0% and top 12 month CD’s at 1.21%.

- Utah’s 12 month CDs providing yields of just 0.80% APY.

The average yield on six month deposits throughout the country currently sits at 0.44% APY as of the end of 2011 while twelve month CD’s are sitting at 0.74% APY.

Today’s Best 6 Month CD Rates in Georgia:

(Rates accurate as of December 2011)

- Bank of Dawson (Dawson, GA) featuring 6 month CD’s with APY’s of 1.15% requiring a minimum deposit of $1,000.

- First State Bank of Randolph County (Shellman, GA) featuring 6 month CD’s with APY’s of 1.15% requiring a minimum deposit of just $500.

- Commercial State Bank (Donalsonville, GA) featuring 6 month CD’s with APY’s of 1.10% requiring a minimum deposit of $1,000.

- Farmers and Merchants Bank (Valdosta, GA) featuring 6 month CD’s with APY’s of 1.10% requiring a minimum deposit of $1,000.

- Flint River National Bakn (Camila, GA) featuring 6 month CD’s with APY’s of 1.01% requiring a minimum deposit of $1,000.

As a quick disclaimer, the first thing we noticed when we came to their rate page was that their rates apparently haven’t been updated since February of this year – a time when CD rates as a whole were yielding slightly higher returns. If you live in Georgia, or more specifically Atlanta, and are in the market for a bank CD, you may want to mosey over to a local Credit Union of Atlanta branch or give them a ring to see if the rates are still available. We have a feeling they are probably outdated, but if you contact them about the APY’s they are advertising on their website they may still honor them. You’ll need a minimum deposit of $500 and you’ll have to be a member of the credit union to take advantage of their deposit products.

Credit Union of Atlanta CD Rates:

(Rates advertised here as seen on August 13, 2011.)

To put the offers above in perspective the current national average for 12 month CDs and 3 year CDs sit at roughly 0.88% APY and 1.30% APY, respectively. You can also compare these rates with other CD rates in Georgia from our archives.

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 Atlanta, GA:

• Wings Financial Federal Credit Union has a 6 month CD yielding 2.38% APY with a minimum deposit of $500 required. Wings has locations throughout Georgia and physical branch locations in Atlanta.
• Atlanta Postal Credit Union has a 6 month CD yielding 2.25% APY with a minimum deposit of $500 required. 
• Sunrise bank of Atlanta has a 6 month CD yielding 2.14% APY with a minimum deposit of $1,000 required. 

Best 12 month CD rates in Atlanta, GA:

• Wings Financial Credit Union also has a 12 month CD yielding a whopping 2.78% APY with a minimum deposit of only $500 required.
• Sunrise Bank of Atlanta also has a 14 month CD yielding 2.55% APY with a minimum deposit of $10,000 required.
• Buckhead Community Bank National Association has a 12 month CD yielding 2.35% APY with a minimum balance of $500 required.

Best 24 month CD rates in Atlanta, GA:

• Wings Financial Credit Union tops the list for 24 month CD’s as well. They have a 24 month CD yielding 2.99% APY and a 27 month CD yielding 3.09% APY.
• Midtown Bank and Trust Company has a 24 month CD yielding 2.75% APY with a minimum deposit of $1,000 required.
• One Georgia Bank has a 24 month CD yielding 2.75% APY with a minimum deposit of $1,000 required.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Georgia which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top 2 MMA (money market account) rates in Georgia:

(click on the institution for more info)

• Resurgens Bank: Atlanta, GA. Money market account yielding up to 2.60% APY. The national average for money market rates sits at roughly 1.20% APY, to put this in perspective. Resurgens Bank sets up their MMA interest rates in tiers based on balance amounts. Tier one yields 2.0% APY with balances of $1 – $9,999. Tier 2 yields 2.20% APY with balances between $10k and $49,999. Tier 3 yields a whopping 2.60% APY if you maintain a balance above $50k. One thing to note, if your account balance falls below $1,000 you will incur a $10 monthly fee. You are also entitled to six free transfers or withdrawals per month ($10 for each additional withdrawal). Plus you get a one free stockpile of checks.
• First Georgia Banking Company: Jefferson, GA. Money market account yielding 2.13% APY with a balance amount of $2,500. Minimum balance to open is $1,000, but you will avoid fees ($5 monthly fee) by maintaining the $2,500. You are entitled to6 debits per month included. This includes checks, pre-authorized debits, transfers, and withdrawals. Free e-statements come with this account along with a free travel club membership. First Georgia Banking Company controls over $800 million in assets and has locations in Homer (Banks County), Villa Rica (Carroll County), Lake Oconee (Greene County) , Cornelia (Habersham County),  Commerce and Jefferson (Jackson County), Columbus (Muscogee County), Athens (Oconee County) and Dalton (Whitfield County).

Both of the above institutions are federally insured by the FDIC. If you live in the state of Georgia and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

If for whatever reason you are not eligibile to join or take advantage of the products listed below, you may want to search through our nationally available CD rate list to find another offer. Compare CD rates nationwide.

Top 3 CD Rates (Georgia residents)

(clicking on the institution will provide you with more account details)

Bartow County Bank: Catersville, GA. 9 month CD yielding 3.0% APY with a minimum deposit of $500. The current national average for 9 month CD’s sits at roughly 1.60% APY. Bartow County Bank was established in 1974 and serves residents of this county. They may accept out of county funds but it will require speaking with a representative. This is a promotional offer and is subject to change.

American Trust Bank: Roswell, GA. 12 month CD yielding 2.72% APY with a minimum deposit of $2,500. The current national average for 12 month CD’s sits at around 1.75% APY. American Trust Bank has 3 Georgia locations (Roswell, Alpharetta, and Cumming). They are currently offering consistantly higher rates than the national average for each maturity. Some of their other notable deposit products are a 6 month CD yielding 2.65% APY and a 24 month CD yielding 3.0% APY.

Atlanta Postal Credit Union: Atlanta, GA. 12 month CD yielding 2.80% APY with a minimum deposit of $500. Atlanta Postal Credit Union has fairly strict eligibilty requirements. Because they are a credit union they are a not-for-profit organization that passes it’s profits on to it’s members in the form of higher savings rates and lower mortgage rates. They serve the employees of 33 different businesses and governmental organizations. If you do not work for one of these organizations or have family members that do you will not be eligible to join. View membership requirements.

All of the institutions listed above are federally insured by either the FDIC or the NCUA and your deposits will be insured up to $250,000. If you reside in the state of Georgia and know of a better CD rate please share by leaving a comment!

This is a promotional product offered through Bartow County Bank and it’s rate is subject to change. This is a fixed rate, meaning once you have enrolled it will remain the same until maturity. An early withdrawal penalty will apply if you need to withdraw your funds before the 9 months has ended.

Brief History of Bank:

Cartersville used to be a fairly little town located 30 minutes north of Atlanta. But, with the completion of interstate 75, things soon changed. Businesses started relocating to the area and tourists found Cartersville, with its varied culture, a nice place to stop. Many tourists even decided to stay permanently. Bartow County Bank has also grown with the area, becoming Bartow County’s largest bank. We have seen many community banks bought out by larger banks and many big banks opening locations here. Started in 1974, Bartow County Bank serves the financial needs of Cartersville and it’s surrounding areas.

For membership eligibility requirements contact: (770) 382-4223

Unfortunately this deposit product is only available to residents of the state of Georgia. Quantum National Bank is locally owned and strives to provide personalized service to it’s customers.

Current CD Rates being offered by Quantum National Bank:

31 Day Certificate of Deposit yielding: 1.02% APY

3 month Certificate of Deposit yielding: 1.26% APY

6 month Certificate of Deposit yielding: 1.76% APY

9 month Certificate of Deposit yielding: 2.00% APY

12 month Certificate of Deposit yielding: 2.76% APY

18 month Certificate of Deposit yielding: 2.82% APY

2 year Certificate of Deposit yielding: 2.97% APY

30 month Certificate of Deposit yielding: 3.10% APY

3 year Certificate of Deposit yielding: 3.17% APY

4 year Certificate of Deposit yielding: 3.27% APY

5 year Certificate of Deposit yielding: 3.50% APY

If you have any experience in banking with Quantum National Bank please share by leaving a comment below.

Thanks to BankVibe reader Alicia for submitting this abnormally lucrative rate!

About Buckhead Community Bank (Atlanta, Georgia):

(as seen on their website)

With roots deep in Atlanta and its vision fixed firmly on its home community, The Buckhead Community Bank promises the kind of personal service and local decision-making that both business and individual customers have been looking for.

“Our goal is relationship banking,” says President and CEO Marvin Cosgray. “We want our customers to know they’ll receive more personal attention, that they can deal with the top officers of the bank, rather than branch managers. And, they can be sure we won’t nickel-and-dime them with nuisance charges.”

Among the innovative services the bank offers is on-site check printing; customers don’t have to wait for personalized checks when they open a new account. For people on the go, an especially attractive feature is fee-free ATM usage – anywhere in the world. The bank also offers MasterCard, Visa and a business credit card program for commercial customers.

If you are in the market for CD’s then you probably know that the current rates are less than impressive. This is why some believe shorter term deposits (ie 3 – 18 months) are optimal maturity times. This puts you in a position where your idle cash can still earn interest (hopefully beating inflation) while allowing you the flexibility to move your funds into more lucrative investments if they happen to present themselves in the near term. This is why we are covering the short term deposit specials offered by North Georgia Bank.

North Georgia Bank CD rates

Rates effective as of 3/20/2009 and are subject to change.

3 month certificate and IRA yielding 2.50% APY

6 month certificate and IRA yielding  2.50% APY

12 month certificate and IRA yielding 3.0% APY

18 month certificate and IRA yielding 3.0% APY

These CD rates can be applied to your IRA account as well which means that you can invest “tax free.” To learn more about applying certificates of deposit to your IRA account, see IRA CD’s.

Who can obtain these rates?

If you reside in the state of Georgia or have relatives living in this state and banking through North Georgia Bank you may be eligible to join. Contact a representative for more information on eligibility.

The 7 month CD rate is a special offer for personal checking account members. It comes with a 3.00% APY and must carry a minimum balance of $5,000 in new funds. The maximum amount one can invest into this deposit is $100,000. The rate will, needless to say, be fixed for the entire 7 month duration.

Their savings account promotion is a 3.00% APY account with a minimum deposit of $100 and a maximum balance of $10,000.  This rate will remain fixed for the first month and may be subject to change after. The APY is available to new or existing customers depositing new money to a One Georgia Bank personal savings account and having a One Georgia Bank personal checking account with direct deposit. Savings accounts with balances over $10,000 will earn interest at the standard One Georgia Bank savings account rate noted on their website. They define “new money” as funds not currently on deposit at One Georgia Bank.

One Georgia Bank is headquartered in the heart of Atlanta, Georgia and deposits are FDIC insured.