There was small reduction in the CD rates offered by Georgia banks for the week ending May 1, 2009 but the best CD rates remain well above the best national rates.  The highest six month CD rate is still being promoted by One Georgia Bank; however the rate has been reduced to 2.85% on a seven month term.  Metro City Bank’s nine month term CD that yields 2.78% remains in second position.  Atlantic Southern Bank has a seven month CD that is eight basis points below this rate at 2.70%.  The Buckhead Community Bank has a six month CD at 2.55%.  Two banks, Midtown Bank and Community Capital Bank, round out the list with six month CD rates at 2.50%.  This week the best national rate was only 2.32%.

The Buckhead Community Bank grabbed the top spot in the best one year CD rate category with an odd term, 15 month CD that has an interest rate of 3.25%.  Three more banks now offer CD rates of 3.00% for this category including Atlantic Southern Bank, High Trust Bank and Community Capital Bank.  The highest one year CD rates wraps up with North Georgia Bank’s one year CD rate of 2.95% and Community Bank of Pickens County one year CD rate of 2.90%.  The best national one year CD rate is only 2.80%.

The highest two year CD rate in Georgia dropped by 20 basis points down to 3.30%.  Community Capital Bank has the best two year CD rate at that rate of 3.30%.  North Georgia Bank’s two year CD is only five basis points back with a rate of 3.25% for a 23 month term.  The Buckhead Community Bank continues to offer its two year CD at 3.15%.  The next three banks stay in a tight range from3.05% down to 3.00% with a two year CD from Bartow County Bank.

The best five year CD rates in Georgia are by and large in the middle of the road for state bank rates of this term.  Given that the national rates actually declined, the best CD rates in Georgia are above the best national rates by almost 10 basis points.  One Georgia Bank and KeyWorth Bank share the lead for the highest CD rate with five year rates of 3.75%.  Community Capital Bank is 15 basis points back with a five year CD rate of 3.60%.  National Bank of Georgia and Fidelity Bank are another 10 basis points behind this rate with five year CDs that yield 3.50%.

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