Michigan

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Ann Arbor, Michigan CD Rates 2020

Below are the best one-year CD Rates from banks in Ann Arbor, Michigan. 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.

Ann Arbor, MI - May 29, 2020

1 Year CD National Average : 0.51% ?

Advertiser Disclosure
Banks APY MIN MILES ?
1.55% $1,000 5364.09 Learn More
1.25% $1,000 5426.00 Learn More
1.05% $1,500 5290.93 Learn More
1.05% $100,000 5406.70 Learn More
1.00% $500 5292.78 Learn More
1.00% $1,000 5421.63 Learn More
1.00% $1,000 5735.81 Learn More
1.00% $500 5406.70 Learn More
0.85% $100,000 5496.45 Learn More
0.80% $1,000 5639.99 Learn More
0.75% $500 5372.72 Learn More
0.75% $500 5284.86 Learn More
0.75% $500 5721.14 Learn More
0.75% $1,000 5357.02 Learn More
0.75% $500 5409.92 Learn More
0.75% $500 5601.61 Learn More
0.75% $500 5356.07 Learn More
0.75% $100,000 5301.95 Learn More
0.75% $1,000 5565.93 Learn More
0.75% $500 5394.46 Learn More
0.70% $500 5595.36 Learn More
0.70% $10,000 5409.85 Learn More
0.65% $1,000 5301.95 Learn More
0.60% $5,000 5456.22 Learn More
0.60% $1,000 5439.04 Learn More
0.60% $100,000 5713.65 Learn More
0.60% $1,000 5592.73 Learn More
0.55% $100 5505.13 Learn More
0.55% $500 5406.40 Learn More
0.55% $1,000 5429.27 Learn More
0.55% $1,000 5496.45 Learn More
0.55% $500 5594.11 Learn More
0.50% $500 5366.65 Learn More
0.50% $500 5595.65 Learn More
0.50% $10,000 5344.56 Learn More
0.50% $500 5501.51 Learn More
0.50% $1,000 5638.90 Learn More
0.50% $500 5713.65 Learn More
0.50% $100,000 5593.58 Learn More
0.50% $1,000 5632.38 Learn More
0.50% $500 5419.95 Learn More
0.45% $500 5429.06 Learn More
0.45% $500 5304.43 Learn More
0.45% $2,500 5592.70 Learn More
0.45% $10,000 5348.90 Learn More
0.41% $1 5288.36 Learn More
0.40% $500 5372.29 Learn More
0.40% $10,000 5391.66 Learn More
0.40% $10,000 5468.44 Learn More
0.40% $1,000 5735.81 Learn More
0.40% $1,000 5593.58 Learn More
0.40% $1,000 5714.04 Learn More
0.35% $500 5369.54 Learn More
0.35% $50,000 5358.06 Learn More
0.35% $99,000 5460.11 Learn More
0.35% $100,000 5456.22 Learn More
0.30% $1,000 5481.36 Learn More
0.30% $100,000 5313.79 Learn More
0.30% $500 5497.81 Learn More
0.30% $500 5326.95 Learn More
0.30% $500 5340.39 Learn More
0.30% $100,000 5395.95 Learn More
0.30% $100 5378.02 Learn More
0.30% $500 5396.29 Learn More
0.30% $500 5304.43 Learn More
0.30% $250 5604.36 Learn More
0.30% $500 5313.22 Learn More
0.30% $10,000 5505.51 Learn More
0.30% $500 5497.08 Learn More
0.25% $500 5358.06 Learn More
0.25% $1,000 5301.77 Learn More
0.25% $100,000 5476.67 Learn More
0.25% $500 5356.02 Learn More
0.25% $500 5370.50 Learn More
0.25% $10,000 5312.26 Learn More
0.25% $500 5385.17 Learn More
0.25% $1,000 5425.03 Learn More
0.25% $1,000 5336.91 Learn More
0.25% $500 5513.65 Learn More
0.25% $500 5420.24 Learn More
0.25% $500 5747.67 Learn More
0.25% $1,000 5464.38 Learn More
0.25% $500 5316.16 Learn More
0.21% $1,000 5305.87 Learn More
0.20% $1,000 5313.79 Learn More
0.20% $10,000 5476.67 Learn More
0.20% $1,000 5460.11 Learn More
0.20% $1,000 5334.32 Learn More
0.20% $2,500 5395.95 Learn More
0.20% $10,000 5285.94 Learn More
0.20% $1,000 5379.93 Learn More
0.20% $500 5331.69 Learn More
0.20% $500 5312.09 Learn More
0.15% $500 5356.94 Learn More
0.15% $500 5434.04 Learn More
0.15% $500 5302.77 Learn More
0.15% $1,000 5310.62 Learn More
0.15% $500 5342.04 Learn More
0.15% $10,000 5312.20 Learn More
0.15% $1,000 5408.28 Learn More
0.15% $500 5356.75 Learn More
0.15% $500 5352.59 Learn More
0.13% $500 5428.27 Learn More
0.10% $10,000 5321.82 Learn More
0.10% $10,000 5456.22 Learn More
0.10% $1,000 5329.23 Learn More
0.10% $1,000 5408.28 Learn More
0.10% $1,000 5284.44 Learn More
0.10% $100 5313.61 Learn More
0.10% $500 5331.69 Learn More
0.07% $10,000 5424.18 Learn More
0.05% $10,000 5424.18 Learn More
0.05% $100,000 5434.04 Learn More
0.05% $10,000 5311.04 Learn More
0.05% $10,000 5339.58 Learn More
0.04% $10,000 5456.22 Learn More
0.01% $10,000 5313.91 Learn More
All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

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 2020

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.

SAVINGS & CD CALCULATOR

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