Top 5 highest savings account rates in Michigan. These come in various forms of financial products such as interest checking accounts, CD rates, and money market accounts.
Keep in mind the best savings rates listed below may require actions for you to take on a monthly basis in order to receive the advertised interest rate. To learn more about the financial product being offered, click on the associated links below.
Top 5 rates (Michigan state)
(The institution links will take you to their rates page)
United Federal Credit Union 6.01% APY – Checking with Interest – This account has monthly requirements. The interest rate is a variable one, however it is promised by the credit union to remain unchanged until 2010.
Lapeer County Bank & Trust 4.51% APY – “Green Rewards Checking” – This account comes with the same monthly requirements as the above account does. Rates just became effective today (6/24/2009)
Lake Michigan Credit Union 4.00% APY – “Max Checking Account” – You must fulfill the requirements (same as above). This account is available nationwide for a limited time. You may invest up to $25k and earn the advertised rate.
Bank of Northern Michigan 3.80% APY – 60 month Certificate of Deposit – Minimum deposit is $1,000 and you must keep that amount in the account until maturity (sixty months). Traverse City, Michigan.
Settlers Federal Credit Union 2.12% APY – Money Market Account – Minimum balance required to avoid fees is $2,000. You may want to check with the bank to see if their are any additional fees for making withdrawals or wire transfers (if that is what you intend to do on a regular basis).
Michigan state (and much of the mid-west) often offers checking accounts with abnormally high interest rates, as seen above. The accounts are almost always FDIC insured, but come with requirements that must be met on an ongoing basis.
The state of Michigan’s CD rates are generally on par with the rest of the country. If they dip below some of the other average savings rates for various states then consider a large, national bank. Their rates can be found on our CD rate comparison table.