Tennessee CD Rates 2023

Below are the best one-year CD Rates from banks in Tennessee. One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts.

TN - June 9, 2023

1 Year CD National Average : 0.47% ^?

Advertiser Disclosure

Banks	APY	MIN	MILES ^?

Forbright Bank	5.20%	$1,000	-	Learn More on the Forbright Bank website
Start earning 5.20% APY with a high-yield CD that supports a greener economy. Easy signup. FDIC-insured.
First Foundation Bank	4.75%	$2,500	-	Learn More on the First Foundation Bank website
High-yield savings with long-term rate security. Member FDIC.
Discover Bank	4.75%	$2,500	-	Learn More on the Discover Bank website
Guaranteed returns. No account fees. Member FDIC.
M.Y. Safra Bank	5.23%	$500	-	Learn More Reviews (6)
Merrick Bank	5.20%	$25,000	-	Learn More Reviews (1)
Warning: Early Withdrawal Penalty is 2% of the account balance.
Ivy Bank	5.00%	$1,000	-	Learn More Reviews
Bask Bank	5.00%	$1,000	-	Learn More Reviews
Capital One, National Association	4.15%	$1,000	-	Learn More Reviews (13)
Elizabethton Federal Savings Bank	4.08%	$500	-	Learn More Reviews
Citibank, National Association	4.05% 0.05%	$500 $501	-	Learn More Reviews (11)
Blue Foundry Bank	4.00%	$1,000	-	Learn More Reviews
TD Bank, National Association	3.75% 1.00%	$10,000 $10,000	-	Learn More Reviews (1)
JPMorgan Chase Bank, National Association	3.75% 3.25%	$100,000 $10,000	-	Learn More Reviews (18)
BB&T	3.50%	$1	-	Learn More Reviews (6)
InsBank	3.00%	$2,500	-	Learn More Reviews (6)
Wells Fargo Bank, National Association	2.00% 1.50%	$100,000 $25,000	-	Learn More Reviews (7)
Bank of Frankewing	1.70%	$500	-	Learn More Reviews
Hingham Institution for Savings	1.65%	$1,000	-	Learn More Reviews
Gateway First Bank	1.25%	$500	-	Learn More Reviews (3)
Apex Bank	0.95%	$10,000	-	Learn More Reviews (4)
Bank of Gleason	0.80%	$100,000	-	Learn More Reviews
Bank of Lincoln County	0.80%	$10,000	-	Learn More Reviews
Bank3	0.75%	$10,000	-	Learn More Reviews
Lawrenceburg Federal Bank	0.75%	$10,000	-	Learn More Reviews
Homeland Community Bank	0.75%	$10,000	-	Learn More Reviews
Citizens Bank	0.75%	$100,000	-	Learn More Reviews
ServisFirst Bank	0.71%	$10,000	-	Learn More Reviews
Greenfield Banking Company	0.70%	$10,000	-	Learn More Reviews
Bank of Gleason	0.70%	$10,000	-	Learn More Reviews
First Commerce Bank	0.70%	$10,000	-	Learn More Reviews
First Peoples Bank of Tennessee	0.70%	$100,000	-	Learn More Reviews
The Citizens Bank	0.65%	$10,000	-	Learn More Reviews
Carroll Bank and Trust	0.65%	$10,000	-	Learn More Reviews
Citizens Savings Bank and Trust Company	0.65%	$10,000	-	Learn More Reviews
Union Bank	0.65%	$100,000	-	Learn More Reviews
The Bank of Fayette County	0.65%	$10,000	-	Learn More Reviews
Bank of Crockett	0.65%	$10,000	-	Learn More Reviews
The Bank of Jackson	0.65%	$10,000	-	Learn More Reviews
First Community Bank of Tennessee	0.65%	$10,000	-	Learn More Reviews
Coffee County Bank	0.60%	$10,000	-	Learn More Reviews
Independent Bank	0.60%	$10,000	-	Learn More Reviews
Volunteer State Bank	0.60%	$10,000	-	Learn More Reviews
CedarStone Bank	0.60%	$100,000	-	Learn More Reviews
BankTennessee	0.60%	$10,000	-	Learn More Reviews (1)
Peoples Bank	0.60%	$10,000	-	Learn More Reviews
First Jackson Bank, Inc.	0.60%	$1,000	-	Learn More Reviews
The Farmers Bank	0.55%	$10,000	-	Learn More Reviews
TriStar Bank	0.55%	$10,000	-	Learn More Reviews
Citizens Bank of Lafayette	0.55%	$10,000	-	Learn More Reviews
Union Bank	0.55%	$10,000	-	Learn More Reviews
Citizens Bank and Trust Company of Grainger County	0.55%	$10,000	-	Learn More Reviews
Citizens National Bank	0.55%	$10,000	-	Learn More Reviews
Bank of Halls	0.55%	$10,000	-	Learn More Reviews
INSOUTH Bank	0.55%	$10,000	-	Learn More Reviews
USAA Federal Savings Bank	0.50%	$1,000	-	Learn More Reviews (2)
Miners Exchange Bank	0.50%	$1,000	-	Learn More Reviews
One Bank of Tennessee	0.50%	$10,000	-	Learn More Reviews (1)
McKenzie Banking Company	0.50%	$10,000	-	Learn More Reviews (1)
Legends Bank	0.50%	$10,000	-	Learn More Reviews
First Financial Bank, National Association	0.50%	$10,000	-	Learn More Reviews
TriStar Bank	0.50%	$100,000	-	Learn More Reviews
Traditions First Bank	0.50%	$10,000	-	Learn More Reviews
Planters Bank, Inc.	0.50%	$10,000	-	Learn More Reviews
CedarStone Bank	0.50%	$10,000	-	Learn More Reviews
Sumner Bank & Trust	0.50%	$10,000	-	Learn More Reviews
Republic Bank & Trust Company	0.50%	$10,000	-	Learn More Reviews (1)
People's Bank and Trust Company of Pickett County	0.50%	$100,000	-	Learn More Reviews
TNBANK	0.50%	$10,000	-	Learn More Reviews
Security Bank	0.50%	$10,000	-	Learn More Reviews
Bank of Ripley	0.50%	$10,000	-	Learn More Reviews
The Lauderdale County Bank	0.50%	$10,000	-	Learn More Reviews
Citizens Bank	0.50%	$10,000	-	Learn More Reviews
CBBC Bank	0.50%	$10,000	-	Learn More Reviews
First Vision Bank of Tennessee	0.49%	$10,000	-	Learn More Reviews
Apex Bank	0.47%	$100	-	Learn More Reviews (4)
Bank of Tennessee	0.47%	$10,000	-	Learn More Reviews
First Century Bank	0.47%	$10,000	-	Learn More Reviews (1)
Citizens Bank	0.45%	$100,000	-	Learn More Reviews
First Farmers and Merchants Bank	0.45%	$10,000	-	Learn More Reviews
First Community Bank of East Tennessee	0.45%	$1,000	-	Learn More Reviews
Security Federal Savings Bank of McMinnville	0.45%	$10,000	-	Learn More Reviews
First Peoples Bank of Tennessee	0.45%	$10,000	-	Learn More Reviews
Southern Bank of Tennessee	0.42%	$10,000	-	Learn More Reviews
First Volunteer Bank	0.40%	$1,000	-	Learn More Reviews (3)
First Federal Bank	0.40%	$10,000	-	Learn More Reviews (1)
F&M Bank	0.40%	$10,000	-	Learn More Reviews
People's Bank and Trust Company of Pickett County	0.40%	$10,000	-	Learn More Reviews
United Cumberland Bank	0.40%	$10,000	-	Learn More Reviews
Commercial Bank	0.40%	$10,000	-	Learn More Reviews
Citizens Bank	0.40%	$1,000	-	Learn More Reviews
Andrew Johnson Bank	0.40%	$10,000	-	Learn More Reviews
Millennium Bank	0.40%	$10,000	-	Learn More Reviews
Mountain Commerce Bank	0.40%	$10,000	-	Learn More Reviews
Greeneville Federal Bank, FSB	0.40%	$10,000	-	Learn More Reviews
Heritage Community Bank	0.39%	$10,000	-	Learn More Reviews
Tower Community Bank	0.35%	$10,000	-	Learn More Reviews
FirstBank	0.35%	$10,000	-	Learn More Reviews
First Citizens National Bank	0.35%	$10,000	-	Learn More Reviews (1)
Highland Federal Savings and Loan Association	0.35%	$10,000	-	Learn More Reviews
Home Federal Bank of Tennessee	0.35%	$10,000	-	Learn More Reviews (2)
Civis Bank	0.35%	$10,000	-	Learn More Reviews (1)
Guaranty Bank and Trust Company	0.35%	$100,000	-	Learn More Reviews
CB&S Bank, Inc.	0.35%	$10,000	-	Learn More Reviews (1)
Community Bank	0.35%	$10,000	-	Learn More Reviews
Tennessee State Bank	0.35%	$10,000	-	Learn More Reviews
First Community Bank	0.30%	$10,000	-	Learn More Reviews
FIRST STATE BANK OF THE SOUTHEAST, INC	0.30%	$10,000	-	Learn More Reviews
FSNB, National Association	0.30%	$10,000	-	Learn More Reviews
Wilson Bank and Trust	0.30%	$10,000	-	Learn More Reviews
First Freedom Bank	0.30%	$10,000	-	Learn More Reviews
Citizens Bank	0.30%	$1,000	-	Learn More Reviews
UBank	0.30%	$10,000	-	Learn More Reviews
New Peoples Bank, Inc.	0.30%	$10,000	-	Learn More Reviews
Guaranty Bank and Trust Company	0.30%	$10,000	-	Learn More Reviews
Heritage Bank & Trust	0.30%	$10,000	-	Learn More Reviews
Bank of Cleveland	0.30%	$10,000	-	Learn More Reviews
First Community Bank of the Heartland, Inc.	0.26%	$500	-	Learn More Reviews
Renasant Bank	0.25%	$10,000	-	Learn More Reviews (1)
United Community Bank	0.25%	$10,000	-	Learn More Reviews (1)
TruPoint Bank	0.25%	$1,000	-	Learn More Reviews
Security Bank and Trust Company	0.25%	$10,000	-	Learn More Reviews
Pinnacle Bank	0.25%	$10,000	-	Learn More Reviews (3)
Fourth Capital Bank	0.25%	$10,000	-	Learn More Reviews
HomeTrust Bank	0.25%	$10,000	-	Learn More Reviews
The First Bank and Trust Company	0.25%	$10,000	-	Learn More Reviews
Simply Bank	0.25%	$10,000	-	Learn More Reviews
Paragon Bank	0.25%	$10,000	-	Learn More Reviews
Citizens Tri-County Bank	0.25%	$10,000	-	Learn More Reviews
Newport Federal Bank	0.25%	$1,000	-	Learn More Reviews
Home Federal Bank Corporation	0.20%	$10,000	-	Learn More Reviews
Community Bank of Mississippi	0.20%	$10,000	-	Learn More Reviews
First National Bank of Pulaski	0.20%	$10,000	-	Learn More Reviews (1)
Volunteer Federal Savings Bank	0.20%	$500	-	Learn More Reviews
First US Bank	0.20%	$500	-	Learn More Reviews
First Community Bank	0.17%	$10,000	-	Learn More Reviews
MUFG Union Bank, National Association	0.15%	$350	-	Learn More Reviews (3)
Bank of Bartlett	0.15%	$1,000	-	Learn More Reviews
First National Bank of Tennessee	0.15%	$10,000	-	Learn More Reviews
SouthEast Bank	0.15%	$100,000	-	Learn More Reviews (2)
Trustmark National Bank	0.15%	$10,000	-	Learn More Reviews (1)
Peoples Bank of East Tennessee	0.15%	$10,000	-	Learn More Reviews
First Horizon Bank	0.10%	$1,000	-	Learn More Reviews (1)
Regions Bank	0.10%	$10,000	-	Learn More Reviews
SouthEast Bank	0.10%	$10,000	-	Learn More Reviews (2)
Mountain Valley Bank	0.10%	$10,000	-	Learn More Reviews
First Community Bank	0.10%	$10,000	-	Learn More Reviews
KeyBank National Association	0.05%	$2,500	-	Learn More Reviews (2)
U.S. Bank National Association	0.05%	$500	-	Learn More Reviews (1)
PNC Bank, National Association	0.03%	$25,000	-	Learn More Reviews (1)
Bank of America, National Association	0.03%	$100,000	-	Learn More Reviews (6)
Fifth Third Bank, National Association	0.01%	$1	-	Learn More Reviews (5)
First-Citizens Bank & Trust Company	0.01%	$10,000	-	Learn More Reviews (3)

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

See rates for Online Banks →

See rates for Credit Unions →

BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2023

A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. While it is possible to withdraw the money earlier (breaking the CD) doing so comes with high interest penalties and is generally not advised.

CD Terms

The time period in which money is held in a certificate of deposit is called the term. Terms can run for any period of time but in general, banks use the following terms: 3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months. Terms can either be described in months or years. The term that is right for each individual depends on their goals, the rate they which to earn, and their future plans for the money. In general, if rates are going up, savers should avoid putting the money into a long-term CD. If rates are going down, then the opposite is true, and savers should try and lock into a good rate for an extended period of time. In stable rate environments, CDs that are over 12 months in length can enable depositors to pick up a slight premium over savings accounts.

CD Risk

Almost all banks provide CDs to their consumers and they have been a mainstay of savers and retirement accounts for years. If FDIC insured, the CD represents a safe place to put money that will generate a predictable return.

Inflation is the main risk of a CD. Inflation can often run higher than the inflation adjusted return on a CD, thus eroding the value of the money stored in the CD over time. This is especially true for longer-term CDs opened in low interest rate environments.

How Interest is Paid

The method of distributing the interest earned on a CD varies by bank. Some banks pay interest monthly, other semi-annually, and others at the maturity of the CD. One advantage of a branch-based bank is that a depositor can walk into the bank and receive their interest that day in the form of a check. Online banks tend to use electronic funds transfer or check via mail.

Interest Rate

Since the financial crisis in 2008, CDs have become less popular because the yields they offer have dropped precipitously, making it difficult for retirees and savers to generate sufficient income. But investors looking for a place to stash some cash might still find CDs an attractive place for some of their savings. Online banks generally offer better rates on six month CDs but the accounts must be opened online. View online bank rates.

When interest rates are falling, it is often preferable to lock in high rates for an extended period of time with a longer-term CD. When interest rates are rising, depositors should avoid committing their money for long periods of time. To see interest rate trends, visit the BestCashCow rate analysis page.

ADVANTAGES AND DISADVANTAGES

The advantages of a Certificate of Deposit from a branch bank are:

Funds deposited in FDIC banks and within insurance limits are protected by the full faith and credit of the United States government.
CDs provide a predictable, set rate of return.
Depositors can walk into a local branch and open the CD and fund it that day. Question and inquiries can also be handles in-person.

The disadvantages of branch-based CDs are:

The deposited money is committed for a certain period of time and can only be withdrawn with substantial penalties.
One year CDs from branch banks often pay less interest than from online banks. Please see those rates here.

All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, please visit the FDIC website.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.