Best CDs in Georgia 2024
We analyzed dozens of banks and credit unions in the Peach State to find the best Georgia CD rates, along with an online application process and reasonable deposit requirements. Our top picks are based on a variety of factors, including:
- CD terms and rates available
- Promotional CD offerings
- Minimum deposit requirements
- Ease of application process
Newtek Bank Variable Rate 24-Month CD
Vault Verified
APY
5.58%
Term Length
2 years
Min. Deposit Requirement
$50,000
Early Withdrawal Penalty
Yes
Why We Chose It
The Newtek Bank variable 24-month CD currently offers a highly lucrative interest rate of 5.58% APY as long as you can meet the minimum $50,000 deposit requirement. Its variable rate has the potential to rise even higher, though the risk is that rates can also drop.
If you prefer a fixed-rate CD, Newtek also offers CDs with 6- to 60-month terms. The best interest rates are for short-term CDs, like the 12-month CD earning 5.15% APY and the 6-month CD earning 5.35% APY, both with an opening deposit requirement of just $2,500.
Pros
- Open a CD account online in minutes
- Highly competitive interest rates
- Wide range of terms available
Cons
- High minimum deposit amount
- No physical locations
- Variable interest could drop lower than similar-term fixed rate CDs
Touchmark National Bank 6-Month CD
Vault Verified
APY
5.25%
Term Length
6 months
Min. Deposit Requirement
$1,000
Early Withdrawal Penalty
Yes
Why We Chose It
Six-month CDs are available with an above-average 5.25% APY promotional rate and a low $1,000 minimum deposit. Touchmark also has 12- to 60-month CDs and retirement CDs with varying interest rates ranging from 3.50% to 5.00% APY.
Pros
- Low minimum deposit requirement of $1,000
- Competitive APY
- Retirement CDs also available
Cons
- No option to open CDs online
- Only one physical branch location
- Limited online information
Tennessee Valley Federal Credit Union 30-Month Share Certificate
Vault Verified
APY
5.09%
Term Length
2.5 years
Min. Deposit Requirement
$1,000
Early Withdrawal Penalty
Up to 180 days simple interest
Why We Chose It
Tennessee Valley Federal Credit Union is one of Georgia’s best credit unions, and for good reason. It offers a highly competitive 5.09% on 30-month share certificates, the credit union equivalent of a CD. TVFCU might be an excellent fit for a CD ladder, as its 12-, 18-, 24- and 30-month share certificates all earn 5.09% APY with a minimum $1,000 deposit. Six-month CDs also earn an impressive 5.06% APY. If you have a bit more to save, the 10-month special CD offers a promotional rate of 5.25% with a $10,000 minimum deposit.
Pros
- Open account online or in-branch
- Highly competitive interest rates on various terms, ideal for CD ladders
- Low minimum deposit requirement
Cons
- High minimum deposit for promotional rate CD
- Only five public branch locations in GA
- Membership only offered to residents in seven GA counties
Vault’s Viewpoint: Overview of the Best Georgia CDs
There are many Georgia banks and credit unions to choose from, as well as countless online banks that allow you to open an account from anywhere (including from Georgia). Of course, when searching for the best Georgia CDs, rates are important but they’re not the only thing to keep in mind.
Besides APY, consider factors like how easy it is to open your new CD, any minimum deposit requirements and the various term options available. Be sure to also read the fine print to see if there’s an early withdrawal penalty, which you’ll pay if you have to access your money before the CD reaches maturity.
It’s important to confirm that the CD is federally insured. Banks typically have FDIC insurance while credit unions have NCUA insurance, which covers up to $250,000 per depositor and account type if the bank fails. There are also pros and cons to note when opening a CD compared to other savings products, such as saving accounts, stocks or bonds.
Short-Term CD Rates in Georgia
Short-term CDs (those with a term of one year or less) often have a higher APY than long-term CDs. For example, a 3-month CD from Touchmark National Bank earns 4.00% APY and a 6-month CD earns 5.25% APY, but long-term CDs of 24 months or more only earn 3.50% APY.
Banks may also have promotional rates on short-term CDs in Georgia. For instance, Renasant Bank offers three special CD terms if you have a $10,000 minimum opening deposit. You can snag a 5-month CD at 5.00% APY, a 7-month CD at 4.00% APY or an 11-month CD at 4.75% APY.
Long-Term CD Rates in Georgia
CD terms of two years or more are generally considered long-term, though there isn’t a hard and fast rule on the distinction. While a long-term CD gives you the advantage of locking in a fixed interest rate for a longer period of time, you might actually earn more total interest with a short-term CD. This is especially true if you allow your CD to renew or rollover into another high-interest product automatically.
Like short-term CDs, long-term CD rates in Georgia can vary by bank and product. For example, Fifth Third Bank currently has a promotional offer of 4.00% APY on a 24-month CD or an even higher 5.25% APY on a 7-month CD.
Jumbo CD Rates in Georgia
Jumbo CDs often require between $25,000 and $100,000 to open, though some banks may have an even higher minimum deposit requirement. Designed for individuals with a lot of savings to set aside, these products can potentially unlock even higher interest rates—though this isn’t always the case. For example, Touchmark jumbo CDs require a $250,000 minimum deposit, even though the APYs offered are the same as on standard CDs.
If you’re interested in a jumbo CD, ensure the interest rate you’ll earn is worth locking away such a large amount of cash. Sometimes, a high-yield savings account or short-term CD might earn you similar interest while retaining your liquidity.
How Much You Can Earn With the Best CD Rates in Georgia
Your CD term length and APY will determine your earnings from a Georgia CD. Comparing your estimated earnings can help you decide which bank and product will best help you meet your savings goals.
The table below shows your estimated earnings for three of the top CD rates in Georgia if you were to deposit $5,000 and leave it until the CD matured in six months. (You could potentially earn more with a longer CD term and/or higher opening deposit.)
| Georgia Bank or Credit Union | CD Term | APY | Estimated Earnings |
| Newtek Bank | 6 months | 5.35% | $132 |
| Touchmark National Bank | 6 months | 5.25% | $130 |
| Tennessee Valley Federal Credit Union | 6 months | 5.06% | $125 |
How To Open a CD in Georgia
It’s relatively easy to open a CD in Georgia, whether in person or online. You need to:
- Determine the right product for your goals. There are many different types of CDs to choose from, including traditional CDs, no-penalty CDs, rate bump CDs and add-on CDs
- Choose your term. CD terms typically range from one month to 10 years, though most CDs mature within five years. Short-term CDs typically have higher interest rates than long-term CDs. If you’re building a CD ladder, you may need several different CD types and terms to achieve your goal.
- Select a financial institution. CDs are available from traditional banks, credit unions or online banks in Georgia, each with its benefits and drawbacks. Consider rates, terms, promotional offers, early withdrawal penalties and FDIC/NCUA insurance when making your decision.
- Open a CD account. Once you choose the right Georgia bank and CD product, it’s time to apply for a certificate of deposit account. Many banks allow you to open an account online, but some may require you to visit a branch location in person. Be prepared to provide information such as your full legal name, date of birth, address and Social Security number.
- Fund your CD. The last step is funding your CD, which usually needs to be completed within 15 days of opening the account. Depending on whether you’re banking in-person or online, you can typically fund your CD with cash, check, ACH or wire transfer.
Alternatives to a CD in Georgia
CDs are great, but there are many other ways to save money and earn interest toward your savings goals. Here are three alternatives to a CD to consider in Georgia.
High-Yield Savings Account
A high-yield savings account (HYSA) offers competitive interest rates far exceeding the national savings average while maintaining accessibility.
While average rates are currently 0.45% APY, according to the FDIC, many of the best high-yield saving accounts have interest rates ranging from 4.25% to 5.35% APY. This even rivals the rates offered by many of the best CDs. But unlike with a CD, you won’t pay a penalty if you need to withdraw your money from your HYSA.
You typically don’t have a maximum deposit limit on an HYSA, either. Just keep in mind that the FDIC or NCUA only insures each account type for up to $250,000 per depositor and bank.
U.S. Savings I Bonds
A U.S. savings bond is a low-risk alternative to a CD. These government investments are available in increments as low as $25 and earn interest every year until the bond is 30 years old or gets cashed in.
Series I bond interest rates are variable and may change every six months depending on inflation. The minimum fixed rate is currently 1.30%; adjusted for inflation, the total interest rate on an I bond is 4.28%. You can buy up to $10,000 each year in electronic I bonds and $5,000 in paper I bonds.
Though a relatively safe option, Series I bonds may not provide the most interest earnings when inflation is low, as interest rates also tend to decrease. I bonds also have a longer early withdrawal penalty than CDs: You can cash in these bonds after the first year, but you’ll pay an early withdrawal penalty of three months’ interest if you cash in before the fifth year.
Money Market Account
A money market account (MMA) is sort of like a checking and savings account in one. It offers the benefit of a higher interest rate to boost your savings, but often comes the debit card, ATM access and/or check-writing privileges that you would typically only find with a checking account.
The average money account interest rate is currently just 0.67% APY nationally, but you can snag between 4.25% and 5.30% APY from the best MMAs. Like savings accounts, money market account interest rates are variable and may change often, while CD interest rates are typically fixed for the term. You also might need to maintain a minimum balance to avoid paying monthly maintenance fees, which CDs usually don’t charge.
Frequently Asked Questions
Who Has the Highest-Paying CD in Georgia Right Now?
The highest-paying CDs in Georgia right now are short-term CDs. For example, Georgia United Credit Union has a special 7-month CD offering 5.05% APY with a minimum $1,000 deposit. Georgia’s Own Credit Union has a 1-year Flex CD available, earning 4.25% APY with a minimum opening deposit of $100 and the option to add additional funds before the term ends. You could also earn 5.25% APY on a 6-month CD through Touchmark National Bank with a $1,000 minimum deposit.
What Bank in Georgia Is Paying 5% on CDs?
You can earn up to 5.45% APY on a CD from many banks in Georgia, though most have terms of less than a year. For instance, Fifth Third Bank has a 7-month promotional CD earning 5.25% APY after a minimum $5,000 deposit. Touchmark Bank is another option, offering 5.25% APY 6-month CDs with a $1,000 minimum deposit.
Who Has the Highest 12-Month CD Rate in Georgia?
One of the highest 1-year CD rates in Georgia is through TVFCU, where you can earn 5.09% APY with a $1,000 minimum deposit. However, many online banks and financial institutions make it easy for Georgians to earn even more on their CDs, regardless of location.
BaskBank is one online option, offering 5.30% to 5.35% APY on multiple CDs with terms of 12 months or less, and only requiring $1,000 to open the account. Bread Savings Bank offers 5.25% APY on 12-month CDs but requires $1,500 to open the account. If you allow the CD to auto-renew, you’ll earn an extra 0.05% APY on another 12-month term.
