Getting the best CD rate in Georgia can be a difficult task.
There are lots of terms and many different banks to choose from, which makes things complicated. Plus, each CD account has its own good and bad points.
For example, some accounts offer higher interest rates for short-term CDs, while others are better for long-term investments.
Some accounts have good rates but come with restrictions, while others give you more flexibility but lower rates. You also need to think about how much you have to deposit and if there are any fees for taking your money out early.
Navy Federal Credit Union
APY Range
Minimum Deposit
Terms
Fees
Navy Federal Credit Union has more than 15 branches in Georgia where you can choose from different certificate options. These options have different terms and interest rates, so you can pick the one that suits your savings goals.
Generally, the rates they offer are higher than what traditional banks offer and are similar to other credit unions and online banks.
However, the rates for shorter-term certificates, like 3 or 6 months, are lower. It's a good idea to keep your money invested for at least 12 months to get a better rate.
Certificate Term | Navy Federal APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 1.50% – 1.55% | Dividends for 90 days |
6 Months | 0.45% – 0.50% | Dividends for 90 days |
12 Months | 4.00% – 4.05% | Dividends for 90 days |
18 Months | 3.80% – 3.85% | Dividends for 180 days |
24 Months | 3.60% – 3.66% | Dividends for 180 days |
36 Months | 3.70% – 3.75% | Dividends for 180 days |
60 Months | 3.50% – 3.55% | Dividends for 365 days |
84 Months | 3.50% – 3.55% | Dividends for 365 days |
15 Months (Special CD) | 4.85% | Dividends for 180 days |
Navy Federal Credit Union is a nonprofit organization based in Virginia. It's one of the largest credit unions in the United States and mainly serves military personnel and their families. They have around 12 million members nationwide.
Ally Bank
APY Range
Minimum Deposit
Terms
Fees
Ally Bank offers different CD options that range from three months to five years. This allows Georgia residents to choose what suits their needs and situations. Besides the regular CDs, Ally offers no penalty CD.
One thing which is very good with Ally is the low early withdrawal penalties along all terms. This is much lower penalties compared to other banks and credit unions. It's quick and easy to open an Ally CD account.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.90% | 60 days of interest
|
6 Months | 4.05% | 60 days of interest
|
9 Months | 4.00% | 60 days of interest
|
12 Months | 3.90% | 60 days of interest
|
11 Months – No Penalty | 3.75%
| / |
18 Months | 3.80% | 90 days of interest
|
36 Months | 3.40% | 90 days of interest
|
60 Months | 3.40% | 150 days of interest
|
Although it was established in 2009, Ally Bank has quickly become well-known in the industry.
They offer a wide range of financial services, including savings accounts, money market accounts, loans, mortgages, checking accounts, investments, and retirement services.
CIT Bank
APY Range
Minimum Deposit
Terms
Fees
CIT Bank doesn't have highly competitive rates for long-term CDs. However, they do offer attractive rates for short-term CDs and a low minimum deposit requirement.
We chose to include CIT Bank as an option because they have a rare feature in the market – one of the highest rates on no-penalty CDs.
This is great for investors who may need to withdraw their money earlier than expected.
CIT Bank gives you various CD options to choose from. They have term CDs, no-penalty CDs, Jumbo CDs for big investments, and Ramp Up CDs that are only available to existing customers.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 3.00% | 3 months of interest |
11 Months – No Penalty | 3.50% | / |
13 Months | 3.50% | 6 months of interest |
18 Months | 3.00% | 6 months of interest |
36 Months | 0.40% | 6 months of interest |
48 Months | 0.50% | 12 months of interest |
60 Months | 0.50% | 12 months of interest |
It's important to know that CIT Bank is part of First Citizens Bank, which has been around since 1898 and has over 15 branches in Georgia.
However, CIT Bank is different because it's an online bank, so you don't need to go to a physical branch to open an account. They still offer all the banking services you need.
Pen Fed Credit Union
APY Range
Minimum Deposit
Terms
Fees
PenFed Credit Union operates two branches in the state of Georgia and offers a diverse range of Certificate of Deposit (CD) terms, which encompass competitive interest rates across various terms.
In addition, PenFed customers can open a rare and long-term 84-month CD that guarantees a fixed and competitive interest rate of 3.00%.
Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 3.00% | 90 days of dividends |
12 Months | 3.65% | 365 days / 30% of dividends |
18 Months | 3.60% | 365 days / 30% of dividends |
24 Months | 3.55% | 365 days / 30% of dividends |
36 Months | 3.40% | 365 days / 30% of dividends |
48 Months | 3.20% | 365 days / 30% of dividends |
60 Months | 3.20% | 365 days / 30% of dividends |
84 Months | 3.00% | 365 days / 30% of dividends |
Initially, PenFed's membership was exclusively limited to individuals employed by organizations affiliated with national defense.
However, PenFed has presently expanded its membership criteria to encompass individuals from all backgrounds. If you are a U.S. citizen or a permanent resident possessing a valid government-issued photo ID, you are eligible to apply for PenFed membership.
CFG Bank
APY Range
Minimum Deposit
Terms
Fees
CFG Bank presents competitive CD rates across various terms.
Although they exclusively offer four distinct durations for their CDs, the most appealing CD option is the add-on CD. It boasts the most competitive rate of 4.37% and allows for additional deposits at any time.
Nevertheless, there is a condition to consider – unlike conventional CDs, the rates are subject to alteration at any given moment.
The shortest available term is 12 months, implying that shorter periods like 6 months or 9 months are unavailable.
These shorter durations have gained significant popularity due to the alluring interest rates they provide. The minimum deposit requirement is relatively low and easily achievable for customers.
Term | APY |
|---|---|
12 Months | 4.15% |
18 Months | 4.00% |
36 Months | 3.75% |
60 Months | 3.65% |
Add-On CD (Ongoing, no specific term) | 4.37% |
CFG Bank, established in 2009, is a community-oriented financial institution. The bank offers a wide range of deposit products, including Certificates of Deposit (CDs) and a money market account that presents competitive interest rates.
Sallie Mae
APY Range
Minimum Deposit
Terms
Fees
Sallie Mae is a great choice for people living in Georgia. They have excellent interest rates and many options for how long you want to save money.
To open a certificate of deposit (CD) account with Sallie Mae, a minimum initial deposit of at least $2,500 is required.
Furthermore, customers can transfer the accumulated interest to a linked bank account at specified intervals.
Sallie Mae imposes lesser penalties for early withdrawals in comparison to its competitors.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 3.95% | 90 days of interest |
9 Months | 4.00% | 90 days of interest |
12 Months | 4.00% | 90 days of interest |
18 Months | 3.80% | 180 days of interest |
24 Months | 3.75% | 180 days of interest |
30 Months | 3.70% | 180 days of interest |
36 Months | 3.40% | 180 days of interest |
60 Months | 3.80% | 180 days of interest |
Sallie Mae Bank is part of the SLM Corporation, which is well-known for helping students with loans.
They also focus on online banking and offer different ways to save your money, like regular savings accounts, CD accounts, and a money market account.
Chase
APY Range
Minimum Deposit
Terms
Fees
Even though regular banks usually have low CD rates, we decided to offer an option for Georgia residents who like a reputable bank with lots of branches and different products.
Chase, the biggest bank in the US, has over 15 branches across the country of Georgia, and it offers quite competitive CD rates, but only for certain terms.
So, choosing carefully is important because not all CD periods have good interest rates.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.25% | 90 days of interest |
6 Months | 1.50% | 180 days of interest |
9 Months | 2.00% | 180 days of interest |
12 Months | 3.00% | 180 days of interest |
18 Months | 2.00%
| 180 days of interest |
24 Months | 2.00% | 365 days interest |
30 Months | 2.00% | 365 days interest |
36 Months | 2.00% | 365 days interest |
48 Months | 2.00% | 365 days interest |
60 Months | 2.00% | 365 days interest |
120 Months | 2.00% | 365 days interest |
It is advisable to examine the available special periods and engage in discussions with a representative from the bank regarding the current opportunities.
Furthermore, if you have a substantial amount of funds to deposit, Chase, being a conventional bank, allows for rate negotiation.
Hence, if you find yourself in such a situation, it is advantageous to leverage this opportunity and secure the most favorable rate feasible.
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No Penalty CDs In Georgia
Finding a no-penalty option in Georgia is challenging, and this issue extends beyond Georgia. Unfortunately, only a few banks and credit unions, like CIT Bank, Synchrony Bank, and Citi, offer no-penalty CDs.
However, the interest rates for these CDs are usually lower than regular ones.
If you're searching for a no-penalty option in Georgia, consider exploring savings accounts. They offer the flexibility of withdrawing your money whenever needed and are widely available in banks and credit unions across Georgia.
In many cases, savings accounts provide higher interest rates compared to no-penalty CDs.
Can I Find Better CD Rates In Georgia
Yes, it's possible! Georgia has many banks and credit unions where you can find better rates for specific terms.
It's always a good idea to compare them because rates change often, and banks sometimes offer promotions. The list above considers not only the best CD rates in Georgia but also other factors like minimum deposit, early withdrawal fees, and ease of use.
We've selected banks and credit unions that cater to different types of customers in Georgia, whether you're saving for emergencies, a down payment, prefer traditional banks or credit unions, or like to do everything online.
We've got you covered with competitive rates and great CD conditions.
Compare CD Providers Side By Side
Best CD Rates In Georgia: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in Georgia. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in Georgia and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
- Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
- Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
- Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.
We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in Georgia to meet their financial needs.
