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Michigan CD Rates 2016

Below are the best one year CD Rates from banks in 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.

MI - December 9, 2016

1 Year CD National Average : 0.38% ?

Bank APY MIN MILES ?
First National Bank Of America 1.05% $1,000 -
Grand River Bank 1.05% $1,000 -
The State Bank Of Ewen 1.01% $500 -
Northpointe Bank 1.00% $5,000 -
Liberty Bank And Trust Company 0.79% $100,000 -
The First National Bank Of St. Ignace 0.75% $100,000 -
Liberty Bank And Trust Company 0.68% $1 -
Gogebic Range Bank 0.65% $500 -
Independent Bank 0.65% $500 -
Isabella Bank 0.60% $10,000 -
Commercial Bank 0.55% $500 -
Eaton Federal Savings Bank 0.55% $500 -
Mercantile Bank Of Michigan 0.55% $100,000 -
Community Shores Bank 0.55% $99,000 -
The Stephenson National Bank And Trust 0.50% $1,000 -
Lake-osceola State Bank 0.50% $10,000 -
Baybank 0.50% $500 -
Mercantile Bank Of Michigan 0.50% $500 -
The State Savings Bank Of Manistique 0.50% $1,000 -
Wolverine Bank 0.50% $500 -
Upper Peninsula State Bank 0.50% $500 -
Isabella Bank 0.50% $10,000 -
Horizon Bank, National Association 0.50% $500 -
The First National Bank Of Norway 0.50% $1,000 -
The Dart Bank 0.50% $10,000 -
The First National Bank Of Wakefield 0.46% $500 -
Fifth Third Bank 0.45% $100,000 -
First National Bank Of Michigan 0.45% $100,000 -
Old Mission Bank 0.45% $20,000 -
Peoples State Bank Of Munising 0.45% $500 -
Bay Port State Bank 0.45% $50,000 -
First Bank, Upper Michigan 0.45% $500 -
Old Mission Bank 0.40% $10,000 -
The Citizens State Bank Of Ontonagon 0.40% $500 -
Level One Bank 0.40% $100,000 -
Bank Of Birmingham 0.40% $500 -
The First National Bank Of St. Ignace 0.40% $1,000 -
Northern Michigan Bank & Trust 0.40% $1,000 -
The Miners State Bank 0.40% $1,000 -
Chemical Bank 0.40% $100 -
Edgewater Bank 0.40% $500 -
First National Bank Of Michigan 0.40% $500 -
Traverse City State Bank 0.40% $500 -
First National Bank Of Crystal Falls 0.40% $1,000 -
Bank Of Ann Arbor 0.40% $100,000 -
Osb Community Bank 0.35% $1,000 -
Community Shores Bank 0.35% $1,000 -
Ann Arbor State Bank 0.35% $500 -
United Bank Of Michigan 0.35% $500 -
Exchange State Bank 0.35% $1,000 -
Northstar Bank 0.35% $10,000 -
Old Mission Bank 0.35% $5,000 -
Mbank 0.35% $250 -
The Port Austin State Bank 0.35% $10,000 -
Level One Bank 0.35% $500 -
River Valley Bank 0.35% $1,000 -
Superior National Bank & Trust Company 0.35% $500 -
Range Bank, National Association 0.35% $1,000 -
First National Bank In Howell 0.35% $10,000 -
Bay Port State Bank 0.35% $500 -
Clarkston State Bank 0.35% $500 -
Homestead Savings Bank 0.35% $1,000 -
Flagstar Bank, Fsb 0.30% $500 -
G. W. Jones Exchange Bank 0.30% $500 -
Chelsea State Bank 0.30% $500 -
Oxford Bank 0.30% $100,000 -
Community State Bank 0.30% $50,000 -
Bank Of Ann Arbor 0.30% $1,000 -
Charlevoix State Bank 0.30% $500 -
First State Bank 0.30% $10,000 -
First State Bank Of Decatur 0.30% $500 -
Alden State Bank 0.30% $1,000 -
Freeland State Bank 0.30% $100 -
Central State Bank 0.30% $500 -
Old Mission Bank 0.30% $500 -
Farmers State Bank Of Munith 0.30% $500 -
The First National Bank & Trust Company Of Iron Mountain 0.30% $100,000 -
Urban Partnership Bank 0.30% $100,000 -
The Privatebank And Trust Company 0.30% $100,000 -
West Shore Bank 0.30% $500 -
Lapeer County Bank & Trust Co. 0.28% $25,000 -
New Buffalo Savings Bank 0.27% $1,000 -
Citizens National Bank Of Cheboygan 0.25% $100,000 -
Urban Partnership Bank 0.25% $500 -
Central Savings Bank 0.25% $100 -
The Privatebank And Trust Company 0.25% $5,000 -
Blissfield State Bank 0.25% $1,000 -
Union Bank 0.25% $500 -
Oxford Bank 0.25% $500 -
Macatawa Bank 0.25% $1,000 -
First Federal Of Northern Michigan 0.25% $500 -
State Savings Bank, Frankfort, Mich. 0.25% $500 -
Tri-county Bank 0.25% $500 -
First Federal Bank Of The Midwest 0.25% $10,000 -
Old National Bank 0.25% $10,000 -
Central State Bank 0.25% $500 -
Ssbbank 0.25% $10,000 -
Nicolet National Bank 0.25% $1,000 -
Capitol National Bank 0.25% $500 -
Mayville State Bank 0.25% $1,000 -
The First National Bank & Trust Company Of Iron Mountain 0.25% $1,000 -
Pnc Bank, National Association 0.22% $100,000 -
Lapeer County Bank & Trust Co. 0.21% $10,000 -
Community State Bank 0.20% $10,000 -
Csb Bank 0.20% $500 -
1st State Bank 0.20% $500 -
Pnc Bank, National Association 0.20% $100,000 -
Farmers State Bank 0.20% $500 -
Thumb National Bank And Trust Company 0.20% $500 -
University Bank 0.20% $500 -
First National Bank In Howell 0.20% $1,000 -
Citizens National Bank Of Cheboygan 0.20% $10,000 -
Horizon Bank, National Association 0.20% $500 -
Huron Community Bank 0.20% $1,000 -
The Huntington National Bank 0.20% $100,000 -
Kalamazoo County State Bank 0.19% $10,000 -
Pnc Bank, National Association 0.18% $10,000 -
Pnc Bank, National Association 0.17% $100,000 -
The Hastings City Bank 0.15% $500 -
Southern Michigan Bank & Trust 0.15% $500 -
Eastern Michigan Bank 0.15% $1,000 -
Sturgis Bank & Trust Company 0.15% $500 -
Century Bank And Trust 0.15% $10,000 -
Pnc Bank, National Association 0.15% $10,000 -
Keybank National Association 0.15% $10,000 -
The Huntington National Bank 0.15% $10,000 -
Monroe Bank & Trust 0.15% $1,000 -
Pnc Bank, National Association 0.13% $10,000 -
Comerica Bank 0.10% $10,000 -
The State Bank 0.10% $1,000 -
The Huntington National Bank 0.10% $10,000 -
Fifth Third Bank 0.10% $10,000 -
Choiceone Bank 0.10% $500 -
The Shelby State Bank 0.10% $1,000 -
Bank Of America, National Association 0.07% $10,000 -
Hantz Bank 0.05% $500 -
Bank Of America, National Association 0.05% $10,000 -
Guaranty Bank 0.05% $1,000 -
Wells Fargo Bank, National Association 0.05% $10,000 -
Tcf National Bank 0.05% $500 -
Choiceone Bank 0.05% $100,000 -
Citizens Bank, National Association 0.03% $1,000 -
Jpmorgan Chase Bank, National Association 0.01% $10,000 -

BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.

PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2016

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, you 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 BOOSTER CALCULATOR

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  • Max

    June 07, 2016

    The Chase rates are not correct, in fact Chase never heard of these rates, if they are correct please inform Abilene and Dallas, I could use the rate as small as it may be, but better than most, if they exist. Thanks

  • joan

    June 06, 2016

    florida community bank 1.40% -9 months good all of june 2016

  • Tammie H.

    April 19, 2016

    Hello,

    I was just wondering if the rates posted on this site were current?

    I noticed at the top it does have todays date.

    Thank you.

  • boo

    April 13, 2016

    rates suck

  • Dan

    March 14, 2016

    The local offerings are there. Just put in your zip code. Click the link that says: Change zip.

  • F Jamees

    March 14, 2016

    Where are the local offerings of 71913. They use to be for local banks, we miss them. F James

  • Larry Triemer (ltriemer@yahoo.com)

    March 02, 2016

    I stopped receiving my weekly bank rates and wanted you to resume sending them. I registered today, again, using my work e-mail and would like for you to send them to the abovementioned e=mail address.

    Thank you,

    Larry Triemer+

  • jim

    February 12, 2016

    bank of Ontario (Ontario wi) offering 1 year ira cd for 1.9%

  • mike

    February 07, 2016

    Why can banks 100 miles away offer rates 5 to 6 time higher on a one year CD , seems banks and or there management in this area simply refuse to be competitive and show no respect for the people , neighbors and area they live and work in.

  • Braun

    December 30, 2015

    @Brian. Click the tabs at the top. You can choose the rate term you want.

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