Best CD Rates in Tennessee

Investors are fully aware of the fact that CDs can be a secure and profitable way to tuck away funds for the future. The CDs offer higher interest rates than traditional savings accounts, without the risks associated with stock market investments.

When it comes to Tennessee, its diverse range of financial institutions, comprises a treasure trove of options to explore. Let’s dive into the journey of uncovering the highest yielding CDs in the state, ensuring your savings work as hard for you as you do for them.

Overall Best CD rates in Tennessee

No.	Name of the Bank	APY %	Term Length	Address
1	Lowland Credit Union	5.37%	3-month	622 W First North St Morristown, TN 37814
2	HealthNet Federal Credit Union	5.25%	18-month	1050 Riverfront Pkwy, Suite 200, Chattanooga, TN 37402
3	City National Bank	5.10%	3-month	54 Music Sq E Nashville, TN 37203
4	Chattanooga Coca-Cola Employees Federal Credit Union	5.09%	18-month	4000 Amnicola Hwy Chattanooga, TN 37406
5	Roper Corporation Employees Credit Union	5.09%	18-month	1507 Broomtown Rd Lafayette, GA 30728
6	Tennessee Valley Federal Credit Union	5.09%	18-month	4974 Highway 58 Chattanooga, TN 37416
7	Citizens Tri-County Bank	5.02%	18-month	80 E Main St Monteagle, TN 37356
8	First Jackson Bank, Inc.	5.00%	3-month	201 Battlecreek Rd South Pittsburg, TN 37380
9	RockPoint Bank, National Association	4.95%	3-month	401 Chestnut St Chattanooga, TN 37402
10	Trust Federal Credit Union	4.90%	18-month	1529 Gunbarrel Rd Chattanooga, TN 37421
11	People’s Bank and Trust Company of Pickett County	4.85%	3-month	19 Courthouse Sq Byrdstown, TN 38549
12	Comtrust Federal Credit Union	4.75%	18-month	1020 Riverfront Pkwy Chattanooga, TN 37402
13	Southern Credit Union	4.75%	18-month	508 National Ave PO Box 3490 Chattanooga, TN 37404
14	Lineage Bank	4.70%	3-month	120 5th Ave N Franklin, TN 37064
15	Capital Bank	4.59%	18-month	13309 N Hwy 27 Chickamauga, GA 30707
16	Dupont Community Credit Union	4.50%	3-month	9227 Lee Hwy Ooltewah, TN 37363
17	Unify Financial Credit Union	4.50%	3-month	9525 Apison Pike Collegedale, TN 37315
18	Wells Fargo Bank	4.50%	3-month	Rr 2 Fayetteville, TN 37334
19	The Farmers Bank	4.04%	24-month	2629 North Mt. Juliet Road, Mt. Juliet, TN 37122
20	Memphis City Employees Credit Union	4.01%	36-month	4135 Elvis Presley Blvd, Memphis, TN 38116
21	Civic Bank & Trust	4.01%	18-month	5335 Main Street, Spring Hill, TN 37174
22	Southern Bank of Tennessee	4.00%	3-month	1213 W Main St Lebanon, TN 37087
23	First Jackson Bank, Inc.	4.00%	18-month	201 Battlecreek Rd South Pittsburg, TN 37380
24	First National Bank of Tennessee	4.00%	18-month	106 E Jackson Blvd, Jonesborough, TN 37659
25	Bank of Cleveland	4.00%	36-month	791 Keith Street NW, Cleveland, TN 37311
26	Knoxville TVA Employees Credit Union	4.00%	12-month	2121 S. Riverside Drive, Knoxville, TN 37915
27	First Volunteer Bank	4.00%	12-month	728 Broad Street, Chattanooga, TN 37402
28	Apex Bank	4.00%	18-month	1014 Highway 92 S, Dandridge, TN 37725
29	Bank of America, National Association	3.93%	3-month	7111 Southpoint Pkwy Brentwood, TN 37027
30	Tennessee Valley Federal Credit Union	3.93%	18-month	400 West 25th Street, Chattanooga, TN 37408
31	Eastman Credit Union	3.93%	48-month	2021 Meadowview Lane, Kingsport, TN 37660
32	Independent Bank	3.93%	12-month	5050 Poplar Avenue, Suite 112, Memphis, TN 38157
33	First Community Bank of Tennessee	3.93%	12-month	710 North Main St., Shelbyville, TN 37160
34	Tennessee Bank & Trust	3.92%	3-month	4007 Hillsboro Pike Nashville, TN 37215
35	TriStar Bank	3.89%	6-month	719 East College Street, Dickson, TN 37055
36	Southeast Financial Credit Union	3.70%	18-month	512 National Ave Chattanooga, TN 37404
37	First South Financial Credit Union	3.68%	24-month	1209 Poplar Avenue, Memphis, TN 38104
38	SouthEast Bank	3.56%	18-month	9218 Lee Hwy Ooltewah, TN 37363
39	Cornerstone Community Bank	3.46%	18-month	8966 Old Lee Hwy Ooltewah, TN 37363
40	Atlantic Capital Bank, National Association	3.38%	18-month	9217 Lee Hwy Ooltewah, TN 37363
41	Northwest Georgia Bank	3.38%	18-month	319 Manufacturers Rd Chattanooga, TN 37405
42	Heritage South Community Credit Union	3.35%	18-month	763 South Congress Parkway, Athens, TN 37303
43	Tower Community Bank	3.15%	18-month	7242 State Rt 28 Dunlap, TN 37327
44	Berkshire Bank	3.04%	3-month	5248 Manchester Hwy Morrison, TN 37357
45	M.P.D. Community Credit Union	3.03%	3-month	2711 Old Lebanon Rd Nashville, TN 37214
46	US Community Credit Union	3.03%	3-month	3812 Hillsboro Pike Nashville, TN 37215
47	Bank of Dade	3.00%	18-month	4995 Hwy 136 Trenton, GA 30752
48	Community Bank & Trust	3.00%	24-month	203 North Jackson Street, Tullahoma, TN 37388
49	Legends Bank	3.00%	18-month	310 N 1st St, Clarksville, TN 37040
50	Ascend Federal Credit Union	3.00%	24-month	520 Airpark Drive, Tullahoma, TN 37388
51	Wilson Bank and Trust	3.00%	24-month	623 W Main St, Lebanon, TN 37087
52	Electric Service Credit Union	2.96%	3-month	270 Indian Lake Blvd Hendersonville, TN 37075
53	Navy Federal Credit Union	2.75%	3-month	2880 Wolfcreek Pkwy Memphis, TN 38133
54	Leaders Credit Union	2.72%	36-month	908 James Campbell Blvd, Columbia, TN 38401
55	ORNL Federal Credit Union	2.45%	12-month	221 S. Rutgers Ave., Oak Ridge, TN 37830
56	Eastman Credit Union	2.32%	3-month	845 W Andrew Johnson Hwy Greeneville, TN 37745
57	Southern Security Federal Credit Union	2.23%	3-month	3183 Poplar Ave Memphis, TN 38111
58	Enrichment Federal Credit Union	2.14%	12-month	215 Centerview Drive, Brentwood, TN 37027
59	Cornerstone Financial Credit Union	2.14%	24-month	1701 Mallory Lane, Brentwood, TN 37027
60	F&M Bank	2.08%	24-month	211 Providence Blvd, Clarksville, TN 37042
61	Peoples Bank of the South	1.38%	36-month	425 East Elk Avenue, Elizabethton, TN 37643
62	Southern Bank of Tennessee	1.07%	24-month	50 North Spring Street, Sparta, TN 38583
63	Commercial Bank	1.00%	36-month	100 S. Charles G. Seivers Blvd., Clinton, TN 37716

Current CD Rates of Tennessee

The current CD rates determine the potential return on deposited funds over a fixed term, offering a safe and predictable investment option amidst the fluctuating financial markets.

For Tennessee residents, staying informed about the latest CD rates can be a crucial step in maximizing their savings strategy. It allows them to lock in competitive returns and achieve their financial goals with confidence.

Best 6 Month CD Rates

For the short-term savings goals, the best 6-month CD rates in Tennessee offer an ideal starting point. These CDs serve as a perfect blend of accessibility and improved earnings.

1. Bask Bank

Minimum Amount: $1000.00

APY / Rate: 4.45% APY

Pros:

• FDIC approved Bank
• Terms available from 6-24 months
• Top-tier APY rate with secured return guaranteed
• Customer-friendly terms

Rules:

• New customers have to open an account with the bank before investing in Bask Bank’s CDs.
• CDs can be opened at the bank as well as online
• The minimum deposit amount of $1000 must be deposited to the account within 10 days of account opening
• Early withdrawal is subject to a penalty.
• Investors can withdraw the interest credited to the account without any penalty.
• There is a 10 days grace period after maturity to make additional deposits to the CD.

2.  First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Online-only CD options are available
• Highly competitive CD rates in a 1-year term
• Early withdrawal penalties are decent
• FDIC insured bank with investment covered to the max
• Terms ranging from 3 months to 5 years

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
  1- 90 days interest for a 3-month term
  2- 180 days interest for a 6-18 month term
  3- 365 days interest for 24-60 month term

Best 1 Year CD Rates

When it comes to medium-term financial planning, the 1-year CD rates in Tennessee stand out. They provide a golden opportunity for savers to enjoy higher returns without a lengthy commitment.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 5.00% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. Navy Federal Credit Union

Minimum Amount: $1000

APY Rate: 4.40% APY

Pros:

• Certificates at competitive prices
• Most savings and checking accounts have no monthly fees.
• A large network of fee-free ATMs

Rules:

• Five CD options available through Navy Federal
• Standard certificate rates are based on both term length and balance amount.

Best 3 Year CD Rates

3-year CD rates in Tennessee offer a sweet spot for investors in terms of higher interest yields and a manageable time frame.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.60% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. BMO Harris

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• Competitive CD rates
• Decent minimum balance requirement
• Easy CD withdrawal methods
• 3-months to 60-month term available

Rules:

• A CD can be opened via mobile, online,, or telephone.
• The interest on the CD is compounded monthly and added to the account on a fixed date every month.
• There is a penalty for early withdrawal which depends on the term and amount of the CD.
• Any changes to the CD regarding the amount or term can be made within the grace period of penalty days post maturity.

Best 5 Year CD Rates

For the long-term investment, 5-year CD rates in Tennessee represent a horizon of secure, high-yield investments. They lock in top-tier interest rates and maximize returns for those who can afford the extended commitment.

1. Popular Direct

Minimum Amount: $10000.00

APY / Rate: 4.55% APY

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

2. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Online-only CD options are available
• Highly competitive CD rates in a 1-year term
• Early withdrawal penalties are decent
• FDIC insured bank with investment covered to the max
• Terms ranging from 3 months to 5 years

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
  1- 90 days interest for a 3-month term
  2- 180 days interest for a 6-18 month term
  3- 365 days interest for 24-60 month term

Tennessee Economic Statistics

Tennessee’s economic landscape offers a unique backdrop for investors who are looking to optimize their financial strategies. It is particularly considerable in the realm of CD rates.

• With an average household income of approximately $56,071, Tennessee sits in a position where savers might prioritize secure, interest-earning investments like CDs to grow their savings efficiently.
• The average home value in the state stands at around $267,000, reflecting a real estate market that is accessible yet growing, suggesting that residents might be saving towards homeownership or investment properties.
• With a population of over 6.9 million people, the diverse economic activities across the state highlight the varied financial goals and needs of its residents.

Statistic	Value	Detail
Average Household Income	$56,071	Savers might prioritize secure, interest-earning investments like CDs.
Average Home Value	$267,000	Reflects an accessible yet growing real estate market, indicating potential savings towards homeownership.
Population	Over 6.9 million	Diverse economic activities across the state highlight varied financial goals and needs.

For savers and investors in Tennessee, understanding these economic indicators can be crucial in making informed decisions about where to place their funds for optimal growth.

How to Get Best CD Rates in Tennessee

Securing the best CD rates in Tennessee involves a strategic approach that encompasses thorough research and comparison.

• Savers should start by exploring a wide range of financial institutions, including large banks, community banks, and credit unions, as each may offer different rates based on their operational goals and the economic environment.
• It is essential to consider factors such as the term length, minimum deposit requirements, and early withdrawal penalties.
• Moreover, by engaging in online platforms and financial tools that aggregate and compare CD rates across these institutions can significantly streamline this process.
• Additionally, establishing a relationship with a financial institution by becoming a member or a regular customer can sometimes unlock preferential rates.

CD Rates Methodology

Our methodology for identifying the best CD rates in Tennessee involved an exhaustive review of 92 banks, assessing their CD offerings based on interest rates, term lengths, minimum deposit requirements, and the flexibility of terms.

Out of these, 63 banks made the list for offering the most competitive rates combined with consumer-friendly terms.

This comprehensive approach ensures that our recommendations cater to a broad spectrum of saver needs, balancing the desire for high returns with the necessity for security and accessibility.

Conclusion

Navigating the CD market in Tennessee to find the best rates requires a keen understanding of one’s financial goals and timelines. By considering a wide array of banks and credit unions, leveraging digital comparison tools, and focusing on the specifics of each CD offering, investors can maximize their investment returns while ensuring their funds remain secure.

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