Best CD Rates in Michigan

Pros:

• No minimum balance required
• Interest is paid end of the term, monthly,, or annually
• 5-minutes easy account opening process
• FDIC-insured investment options

Rules:

• A CD account can be opened online by accessing the website if you are already a member of Capital One bank.
• Interest is accrued daily but paid and compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC-insured banking option
• No monthly fees
• Best savings APY

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• You’ll need to provide your address, phone, email and social security number (or other taxpayer ID).
• Minimum of $1,000 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.
• CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.

Pros:

• No minimum balance required
• Higher interest rates
• Accurate saving solution with a CD ladder
• CD calculator available on the bank website

Rules:

• Withdrawing principal prior to the maturity date earns a penalty
  1. Term less than one year- 90 days of simple interest
  2. The term more than one year and less than 48 months- 180 days of simple interest
  3. The term more than 48 months: 365 days of simple interest
• Interest can be withdrawn anytime during the CD term without any penalty
• Interest can be transferred to Synchrony bank account or other bank saving accounts

Pros:

• Earn a high rate and grow your savings faster
• 24/7 online and mobile banking
• No monthly fee if you elect eStatements
• Be a member and owner, not just a number

Rules:

• A $1000.00 minimum deposit is required to open a Regular Alliant Certificate.
• A $75,000 minimum deposit is required to open an Alliant Jumbo CertificatE
• Dividends compounded monthly or on maturity
• Dividends can be withdrawn monthly without any penalty
• If dividend is withdrawn, simple interest replaces compound interest
• Penalty charged on pre-mature CD account closing

Pros:

• Earn a high rate and grow your savings faster
• 24/7 online and mobile banking
• No monthly fee if you elect eStatements
• Be a member and owner, not just a number

Rules:

• A $1000.00 minimum deposit is required to open a Regular Alliant Certificate.
• A $75,000 minimum deposit is required to open an Alliant Jumbo CertificatE
• Dividends compounded monthly or on maturity
• Dividends can be withdrawn monthly without any penalty
• If dividend is withdrawn, simple interest replaces compound interest
• Penalty charged on pre-mature CD account closing

Pros:

• Best CD rates in the region
• No risk involved with investment
• FDIC-insured investment options

Rules:

• Monthly compounding of interest
• Dividends are transferred to an account (RBFCU checking, savings, and money market accounts, or other bank’s account) every month
• Automatic renewal on maturity after completion of grace period
• The grace period allows investors to roll over or alter the CD term before reinvesting

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

Pros:

• Minimal minimum deposit amounts required
• High dividend rates on a share certificate for two years
• Zero-risk investing
• FDIC’s maximum insurance coverage

Rules:

• The CD interest is compounded every month.
• Dividends can be transferred to RBFCU checking, savings, or money market accounts as well as the certificate account.
• At maturity, the certificate automatically renews.
• Early withdrawal penalties apply to premature withdrawal