Are you on the lookout for a short term certificate of deposit with a competitive yield? If you are, then the 15-month CD at Farmer’s Bank , Tennessee would probably interest you. For a minimum deposit of $1000 (which is the average minimum deposit for the best CD rates in the market today) you can enjoy this high annual percentage yield.

Read the fine print when you get this account as well, because apparently, you should have your earned interest deposited to your checking or savings account before you’re eligible for the 2.00% APY. According to the terms of the account, the yield drops to 1.95% (still not a bad deal) when you opt to have your interest paid through check.

This is a special CD account which has been posted on the bank’s website since August 6, 2010. Rates for top CD rates tend to change frequently, so you should double check the details before opening an account. Just a year ago, an account holder at the bank’s branch in Portland claimed the Farmer’s Bank accepts deposits out of Tennessee. Those who wish to open an account might still want to inquire through the bank’s website email database.

Those who reside outside the local areas of the bank’s branches may want to make sure that they can make deposits out of the bank’s covered vicinities before they open an account. Currently, Farmer’s Bank has branches in Millersville, Portland, Springfield, Ridgetop, Crossplains, Westmoreland, and Whitehouse.

Aside from having one of the best CD rates in Tennessee, the ratings fetched by Farmer’s Bank are also pretty fair. BauerFinancial awarded them 3.5 stars, which is a good rating, while Bankrate.com gave them 3 stars, putting them in a “performing” category. The bank has also been here for quite a while. Established in 1934, it is federally insured and is a member of the FDIC. For more details, look for the FDIC Certificate #1696.