Atlanta CD Rates

You've probably noticed that Savings and CD Rates have continued to plummet in the last couple of years, but it is also important to recognize that we have been in a deflationary environment. In other words there has been a negative growth rate, and value of money held has actually increased. So for example, if you are able to earn 2% on a CD, it is going to feel like 3% due to deflation. Therefore locking a rate of 2% or more can actually be quite good. Right now, it is possible to get rates as high as 4% depending on the term (and 5+% if you count deflation).

For good local rates, here are a couple places you might try:

1. Buckhead Community Bank - At the time of writing this article, they have a really great rate on 18 month CDs at 2.55%. Als, their 1 year is 2.30% and their 5 year is 3.20%
2. Flagstar - While their rates come in slightly less than Buckhead community bank, they have a policy of matching the best rates locally, so you can get the exact same rates from Flagstar as you can Buckhead Community Bank. In addition, at the time of this writing, Flagstar is offering a 2% rate on eChecking account with the only requirement being that you setup direct deposit and deposit $250/month this way. It doesn't seem to be listed on their website, but if you call, the offer has been available since the Summer.

If you don't mind putting your money somewhere outside of Atlanta, there are two credit unions that offer even better rates, and have the same protection as the FDIC, except the organization is called the NCUA, with protection for up to $250,000.

1. Alliant Credit Union - anyone can be a member by first joining either the PTA or the NAACP. See Rates.
2. PenFed - You or an immediate family member need to have served in the military. They have a 7 year CD at 4%.

Bear in mind that when putting money in CDs that even though there can be an early withdrawal penalty, if you still meet part of the term of the CD it can come out better than a regular savings account. Make sure you ask about early withdrawal at the bank or credit union.

Hopefully, this information will help you park your money in the best place while we get through this recession. And one final bit of advice...

Even if you don't have money to save, but can pay off your credit card every month, go for a card that gives you cash back. These two cards will give you 2% cash back on all purchases (no major strings attached!)

1. Charles Schwab Visa - I couldn't find it on their website, but call and ask, as they are still offering this great rate.
2. Fidelity Investment Rewards Card - pays 1.5-2% cash back.

Happy Banking!