Best CD Rates In Georgia
We’ve compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Georgia. Read on to learn why we picked each account and to discover their various pros and cons. You’ll also find links to individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of June 3, 2024.
Navy Federal Credit Union EasyStart℠ Certificate
5.0
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
4.15% to 4.75%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
4.15% to 4.75%
$50
Daily
Editor's Take
Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 4.75%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.
There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 5.30% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. Standard certificates have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates.
You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.
Read our full Navy Federal Credit Union Review.
Pros & Cons
- Low minimum deposit requirement
- Competitive APY
- Deposit additional funds at any time
- Must be affiliated with the military or the Department of Defense to open an account
- Limited number of physical branches
- Longest term is 24 months
Details
Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.
Georgia’s Own Credit Union Certificates of Deposit
4.7
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
3.00% to 4.75%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Monthly
Interest credited monthly or compounded quarterly based on the term
3.00% to 4.75%
$500
Monthly
Interest credited monthly or compounded quarterly based on the term
Editor's Take
Georgia’s Own Credit Union offers various CD options, including standard certificates, IRA certificates and bump-rate certificates. Terms for standard CDs range from six months to five years, while bump-rate CDs are issued in 22-month and 44-month terms.
The minimum deposit for CD accounts at Georgia’s Own is $500. Currently, the highest rates are offered on one-year terms.
As with all credit unions, you’ll need to qualify for membership to join Georgia’s Own. There are five ways to qualify, including living or working in one of the 70 counties the credit union services. A $5 minimum deposit is required to open a Georgia’s Own Credit Union member savings account.
Pros & Cons
- Low opening deposit
- Bump-rate certificates offered
- IRA certificates available
- Only residents and employees in 70 of Georgia’s 159 counties qualify for membership
- Interest only compounds quarterly
Details
Interest earned on CD accounts is compounded quarterly and, for most CDs, credited to your account monthly. An early withdrawal penalty may apply if you withdraw money from your CD account prior to the certificate’s maturity. The penalty ranges from 90 days’ worth of interest up to 450 days’ worth of interest, depending on the length of the CD term.
PenFed Credit Union Money Market Certificates
4.7
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
3.00% to 4.00%
Interest Compounding Frequency
Daily
On Bankrate.com's Website
3.00% to 4.00%
$1,000
Daily
Editor's Take
PenFed Credit Union pays competitive yields, ranging from 3.00% to 4.00% APY, on nine different Money Market Certificate terms, from six months to seven years. And, at $1,000, the minimum deposit requirement is fairly modest.
The credit union gets excellent customer satisfaction scores. It also has a highly rated mobile app, available on iOS and Android. And don’t let the “money market” in this certificate’s name confuse you; this is a share certificate, not a money market account.
With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.
You can join PenFed Credit Union by making a $5 deposit into a savings account.
Read our full PenFed Credit Union Review.
Pros & Cons
- Competitive dividend rates across terms
- Wide range of certificate terms
- Change your maturity option at any time prior to maturity
- Dividends compounded daily on certificate terms greater than six months
- Highly rated mobile app
- Membership is required to open a certificate
- Early withdrawal penalties can be steep
- Must open a savings account to access certificates
Expert's Take
PenFed certificates have significantly lower rates across the maturity spectrum than others. In addition, their early withdrawal penalties are pretty onerous compared to what is standard. They’re about the most severe I have heard.
—Jill Fopiano, CEO at O’Brien Wealth Partners
PenFed Credit Union CD Rates
| TERM | APY |
|---|---|
6 Months | 3.00% |
12 Months | 4.00% |
15 Months | 4.00% |
18 Months | 4.00% |
24 Months | 4.00% |
36 Months | 3.40% |
48 Months | 3.20% |
60 Months | 3.20% |
84 Months | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on six-month certificates are earned on a simple (not compound) interest basis and are paid when the certificate matures. Dividends on all other CDs are compounded daily and credited monthly.
Maturity options
With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.
Charles Schwab Bank CD OneSource
4.5
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
Up to 5.51%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
N/A
Up to 5.51%
$1,000
N/A
Editor's Take
Schwab CD OneSource isn’t a specific CD account—instead, it’s a CD marketplace offered by the brokerage firm Charles Schwab. That means any CD purchased through Schwab OneSource is a brokered CD. Customers can shop for and compare various brokered CDs through the online marketplace before making a purchase.
Rather than compounding, interest on a brokered CD is paid out to customers regularly through the CD’s term. Deposits still receive FDIC insurance as long as the CDs are issued to the broker from an FDIC-insured bank. Investors can also trade or sell brokered CDs before maturity on the secondary market without incurring a penalty.
A benefit of brokered CDs like those offered through Schwab OneSource is competitive interest rates. APYs available from Schwab OneSource are currently as high as 5.65%.
You must be a Charles Schwab customer to open a CD, and these accounts require a $1,000 minimum deposit.
Pros & Cons
- Highly competitive interest rates
- Option to trade brokered CDs on the secondary market
- 24/7 customer service via phone or online chat
- $1,000 minimum deposit requirement
- Brokered CDs can lose value if sold before maturity
Details
Interest on Schwab OneSource CDs doesn’t compound. Instead, it’s paid out in intervals throughout the CD’s term. Customers can sell CDs on the secondary market without penalty before maturity, though it’s possible they can lose value. And like bank CDs, you can withdraw your full principal balance at maturity.
Summary : Best CD Rates in Connecticut
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Navy Federal Credit Union EasyStart Certificate |  | 5.0 |  | 4.15% to 4.75% | $50 | Daily | |||
| Georgia’s Own Credit Union Certificates of Deposit |  | 4.7 |  | 3.00% to 4.75% | $500 | Monthly | |||
| PenFed Credit Union Money Market Certificates |  | 4.7 |  | 3.00% to 4.00% | $1,000 | Daily | |||
| Charles Schwab Bank Schwab CD OneSource |  | 4.5 | | Up to 5.51% | $1,000 | N/A |
Methodology
Forbes Advisor analyzed 356 CD accounts at 134 traditional banks, online banks and credit unions to find the best CD rates in Georgia. We assigned star ratings to each institution by evaluating them on 11 data points. These data points fall into the categories of APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. We also ranked these institutions by individual account terms.
The following weights were assigned to each category:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
We ranked the various CD accounts available in Georgia according to how they scored in each of these categories. Higher APYs drove CD accounts to the top of the list, while minimum deposit requirements of $10,000 or higher brought scores down. Daily compounding interest schedules—rather than monthly or quarterly ones—resulted in higher scores. Accounts must be available in Georgia to rank on this list.
To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.
Current CD Rates in Georgia
Current CD rates in Georgia are in-line with the FDIC’s national average CD rates. Our picks for the best CD rates in Georgia, however, range from around 3.00% APY to over 5.00% APY.
Remember, rates can and do vary within a single institution based on terms and other conditions. To find the best current CD rates in Georgia, shop for rates with your desired term in mind—that is, how long you’re willing to lock up your money.
How To Look for the Best CD Rates in Georgia
When looking for the best CD rates in Georgia, start with the list above. We’ve ranked more than 100 different financial institutions on a variety of factors to determine the best rates in each state.
It’s also important to consider your priorities. Everyone wants a high rate, but factors like available terms and minimum deposit requirements may make certain accounts prohibitive for some investors. When looking for the best CD rates in Georgia, make sure the other account terms work for you as well.
Who Offers the Highest CD Rates in Georgia?
Based on our analysis of 134 financial institutions, the highest CD rates in Georgia are offered by Charles Schwab, PenFed Credit Union, Georgia’s Own Credit Union and Navy Federal Credit Union. The highest CD rates in Georgia currently range between 4.00% APY and just over 5.00% APY.
Since CD rates can change at any time, check current rates before opening an account. The account with the highest CD rate today may not have the highest rate tomorrow.
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