Best CD (certificate of deposit) rates in Michigan: Top 3

August 19, 2009 No Comments »

Update 2012: Top 5 year deposit rates in Michigan

Below are the CD rates with the highest interest rates available to residents in the state of Michigan. These come in the form of 9 month CDs, 12 month CDs, and 48 month CDs. After digging through dozens of rate pages by dozens of banks and credit unions serving the state of Michigan, we found that in most cases you can receive more competitive rates offered by national institutions rather than local ones. (Compare CD rates).

Although the financial institutions we’ve listed below do the majority of their business in Michigan, they still may have eligibility requirements which may prevent you from joining (even if you live in MI). Contact a representative to see if you can take advantage of their products.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates in Michigan:

(clicking on the institution will bring you to their home page or an internal page)

  • Wings Financial Federal Credit Union: Romulus, Michigan. 9 month CD yielding a whopping 2.63% APY with a minimum deposit amount of $500. The average APY for a 12 month CD is currently 1.65%. Membership is available to most people employed in, retired from, or whose job directly supports the air transportation of people or cargo, immediate family members of persons engaged in such activities, and family members (including household relationships) of a current credit union member. Wings Financial Credit Union was founded in 1938 by a group of seven airline employees and has since grown to become one of the nation’s largest credit unions – and the first dedicated exclusively to serving the men and women of the U.S. air transportation industry.
  • United Education Credit Union: Battle Creek, Michigan. 12 month CD yielding 2.53% APY with a minimum deposit of $10,000. UECU has set up their certificate of deposit rates in tiers based on deposit amounts. If you deposit between $500 and $9,999 you will receive 2.27% APY on 12 month CDs, however if you deposit above $10k they will bump this up to the 2.53% amount. UECU was founded on April 16, 1936 by a group of educators from the Battle Creek School System as the Battle Creek Teachers Association Credit Union. Their original field of membership was limited to teachers, principals, supervisors and superintendents of the Battle Creek School System. At the end of the first year of operation, there were 79 members, 24 borrowers and assets of $1,861.59. In 1958, their charter was amended to expand the field of membership to include employees of all public schools in Calhoun County, Bellevue Township and Climax Community Schools; and their name was changed to School Employees Credit Union. In 1962 the Credit Union achieved the milestone of $1 million in assets; only three years after reaching the half million dollar mark in 1959. In the year 1972, they reached the $5 million mark in assets. Through the years, their charter was amended several times to include educationally related groups in various geographical areas, as well as educational organizations and retirees. On December 1, 1999 they changed their name to United Educational Credit Union to better represent their field of membership. They now have over $76 million in assets, serve 15,400 members and have three offices.
  • mBank: Traverse City, Michigan. 48 month CD yielding 3.0% APY with a minimum deposit amount of $1.00. mBank has 12 branches throughout the state of Michigan. They have locations in Traverse City, Stephenson, South Range, Sault Ste Marie, Newberry, Marquette, McClellan, Manistique, Kaleva, Gaylord, Escanaba and Birmingham.

Compare with today’s top CD rates nationwide below:

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