Best CD Rates in Detroit, MI area: Top 3

October 6, 2009 No Comments »

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Detroit, MI. The institutions we will cover all include the following cities in Michigan: Bloomfield Hills, Auburn Hills, Plymouth, West Bloomfield, Warren, Farmington, Birmingham, Brighton, Pontiac and Macomb. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Detroit as well as the state of Michigan, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

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.

Best 6 month CD rates in Detroit, MI:

  • EDS Credit Union (Detroit) has a promotional 9 month CD yielding 2.20% APY with a minimum deposit of $1,000 required. Their 6 month CD yields 1.50%.
  • UFB Direct has a 6 month CD yielding 1.70% APY with a minimum deposit of $8,000 required. They are a national bank and can accept deposits from any state.
  • Fifth Third Bank (Detroit location) has a 6 month CD yielding 1.35% APY with a minimum balance of $5,000 required.

Best 12 month CD rates in Detroit, MI:

  • EDS Credit Union has a 12 month CD yielding 2.10% APY with a minimum deposit of only $250 required.
  • Nexity Bank has a 12 month CD yielding 2.01% APY with a minimum deposit of $1,000 required. They are a national bank and can accept deposits from any state.
  • UFB has a 12 month CD yielding 2.0% APY with a minimum deposit of $8,000 required. They are a national institution as well.

Best 24 month CD rates in Detroit, MI:

  • People’s Trust Credit Union (Detroit branch) has a 24 month CD yielding 2.20% APY with a minimum deposit of $1,000 required. 
  • Michigan Commerce Bank has a 24 month CD yielding 2.12% APY with a minimum deposit of $500 required.
  • EDS Credit Union has a 24 month CD yielding 2.10% APY with a minimum deposit of $1,000 required.
All of the above institutions are federally insured by either the FDIC or NCUA. If you live in the city of Detroit, MI and know of a better interest rate offered through your local bank or credit union, please share by leaving a comment.

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