Certificate of Deposit rates play a crucial role in determining the returns on fixed-term investments, impacting the growth of savings. Independent Bank stands out by offering competitive CD rates that provide customers with attractive opportunities to earn favorable returns on their investments. These rates reflect Independent Bank’s commitment to delivering value and financial stability for individuals seeking reliable and rewarding savings options.

Independent Bank CD Rates Offers

Most specified promotional offers are stated below;

3-Month CD Special

  • Term: 3 months
  • Minimum Deposit: $10,000 of newly deposited funds
  • Interest Rates: 4.90% APY with a 5.01% rate


  • The $10,000 minimum deposit may be a barrier for some investors, but it can also attract those looking to invest a larger sum for a short term with a higher return.

11-Month CD Special

  • Term: 11 months
  • Minimum Deposit: $1,000
  • Interest Rates: 4.15% APY with a 4.23% rate


  • While not as high as the 3-month CD, the interest rates are still competitive, providing a balance between return and flexibility.

Pros & Cons

Short-term commitmentHigher minimum deposit
Quick access to fundsLimited time for rate appreciation

36-Month CD Special

  • Term: 36 months
  • Minimum Deposit: $1,000
  • Interest Rates: 3.60% APY with a 3.66% rate


  • This CD requires a more extended commitment, with funds locked in for 36 months. It suits individuals who are willing to invest for a more extended period.

Pros & Cons

Medium-term commitmentLower interest rates compared to 3-month CD
Lower minimum depositStill, a commitment for nearly a year

Are Independent Bank CD Rates Competitive?

Independent Bank CD rates can be considered competitive, especially when evaluating their offerings in the context of the general CD market.

The bank provides various CD specials with varying terms and minimum deposit requirements. For instance;

  • Their 3-month CD special offers a competitive 4.90% APY, which is notably higher than many standard savings accounts.
  • The 11-month CD special, with a 4.15% APY, presents a good balance between term length and interest rates, making it appealing for investors seeking a moderate commitment.
  • The 36-month CD special, while featuring a lower interest rate at 3.60% APY, provides a stable and extended investment option.

Comparatively, Independent Bank’s CD rates are competitive in the broader banking landscape, catering to individuals with different investment horizons and preferences.

Overview Independent Bank 

For the last 150 years, Independent Bank has dedicated itself to providing all of the banking needs of its community. These days, they do so by participating in raising money to help fight cancer, giving financial literacy courses, being involved in community boards, and much more.

Independent Bank’s employees are also members of the community who are just as dedicated to helping as their employer is. Every Columbus Day Independent Bank closes to allow their employees to volunteer at a non-profit organization of their choosing. This can include things like animal shelters, homeless shelters, soup kitchens, nursing homes, and more. Most recently, Independent Bank announced that they would be helping to fund the development of affordable housing in Michigan which will help create affordable housing for those in need. Along with other organizations, $16 million has been raised in total to build brand-new housing units.


You don’t have to be a member of an Independent Bank to open a CD rate with them. However, doing so will make it much easier to bank with them as all your information will be kept safe in one place.

Locations Independent Bank 

Branches in Michigan

The branches in Michigan are:

Ann Arbor, Auburn, Bad Axe, Bay City, Belding, Bellevue, Beverly Hills, Big Rapids, Bloomfield Hills, Brighton, Cadillac, Caro, Carson City, Caseville, Cass City, Cedar Springs, Charlotte, Clio, Dearborn, East Lansing, Eaton Rapids, Essexville, Farmington Hills, Grand Rapids, Howard City, Ionia, Kalamazoo, Lapeer, Leslie, Livonia, Marlette, Mason, Mt. Pleasant, Muskegon, Newaygo, North Branch, Okemos, Pinconning, Pleasant Lake, Portland, Rockford, Saginaw, Sand Lake, Saranac, Sebewaing, Shelby Township, Sparta, Standish, Suttons Bay, Traverse City, Troy, White Cloud, and Williamston.

Branches in Ohio

The branches in Ohio are:

Akron and Columbus

Frequently Asked Questions

What are the benefits of choosing a longer-term CD?

Longer-term CDs often offer higher interest rates, providing potentially higher returns, but they require a more extended commitment and have lower liquidity compared to shorter-term options.

Are there tax implications for CD interest earnings?

Yes, CD interest is generally taxable income. Consult with a tax professional for personalized advice.

How does the interest rate for the 11-month CD compare to the 3-month CD?

The 11-month CD has a slightly lower interest rate (4.15% APY) compared to the 3-month CD (4.90% APY) to reflect the longer commitment.

Can I add more money to my CD account after opening it?

Generally, no. CD terms and deposit amounts are fixed at the time of opening, and additional deposits are not allowed during the term.