Below are the top 3 CD rates available to the residents of Tennessee. After researching dozens of local, community-owned, credit unions and banks we found that many of these local institutions offer rates which beat those offered by larger national banks. However, this is not the case throughout the country. In much of the northeast, local banks and CU’s rates are less competitive than those offered by the national banks.
Because you will always find a higher rate associated with a longer maturity we took the rates that beat the national average by the highest margin. For the state of Tennessee, we found that the best CD rates come in the form of 12 month CDs, 24 month CDs, and 36 month CDs.
The institutions listed below may serve other state as well as Tennessee depending on their individual membership requirements. If you reside in the state and are looking for the highest yielding certificate of deposit rates you may want to search through rates offered by other states in the southeast as well (use our search bar to find individual states). You can then compare CD rates offered by national banks to ensure the best interest rate.
Top 3 CD rates (Tennessee)
(clicking on the institution will bring you to their rates page)
Consumer Credit Union: Morristown, TN. 12 month CD yielding 2.50% APY with a minimum deposit amount of $500. Consumer Credit Union is a not-for-profit member-owned credit union who passes it’s profits on to it’s members in the form of higher savings rates and lower mortgage rates. The average rate for 12 month CDs is currently around 1.75% APY. They also offer a very noteworthy 24 month CD which is yielding 3.0% APY. This rate substantially beats the national average as well. Who can join? Persons who live, work, worship or attend school in and legal entities located in Greene, Hamblen, Jefferson, Claiborne, Cocke and Hancock County, Tennessee.
Fort Campbell Federal Credit Union: Clarksville, TN. 24 month CD yielding 2.80% APY with a minimum deposit amount of $1,000. Like Consumer Credit Union, Fort Campell is a not-for-profit insitution who is owned by it’s members. Membership is available to anyone who lives, works, worships or attends school in Montgomery or Stewart counties in Tennessee or Christian, Trigg or Todd counties in Kentucky.
Eastman Credit Union: Kingsport, TN. 36 month CD yielding 3.10% APY with a minimum deposit amount of $1,000. They will bump this rate up to 3.20% APY with a minimum deposit of $10k. You can join ECU if you live, work, worship, attend school, operate a business in one of the communities listed on their coverage maps, or are employed by one of their sponsor or contractor companies, or are a family member of one of their eligible members.
All of the institutions listed above are federally insured by the NCUA. If you live in Tennessee and know of a better rate offered by your local bank or CU please share by leaving a comment!