Update: As of 2010, Citizens First Savings Bank has been closed by regulators. This bank has since re-opened as First Michigan Bank. Citizens First cited $118 million in losses in 2009 and had almost $90 million in delinquent loans on their books. Despite the fact that the FDIC (Federal Deposit Insurance Corporation) had to step in, they are stil retaining their 22 branches in their re-opening.
Interest rates in general are on the decline and will likely flatten at around 0-1 percent. The FDIC has tentatively set a 2014 timeline for raising rates.
- Offer from Archive -
A fairly exceptional offer just came through the BankVibe inbox today. This one comes out from a local bank in the state of Michigan called, “Citizens First Savings Bank.” This is a CD rate promotion and is only available for a limited time.
Typically when you get odd-ball maturities such as 8, 15 or 22 months it is packaged with a promotional CD rate offer. General certificates of deposit come in 3 or 6 month increments. The national average for 24 month CD’s currently sits at around 2.20% APY making this offer pretty lucrative in comparison.
22 month CD rate promotion terms and conditions:
- minimum deposit of $1000 required
- Interest compounded quarterly
- new money only! If you already bank with Citizens First Savings then you will only receive an APY of 2.71% on this deposit
- penalty may be imposed for early withdrawal
- rates good as of 7/24/2009
Citizens First Bancorp, Inc. operates as the holding company for CF Bancorp. CF BankCorp provides it’s services to residents of the southeastern portion of Michigan’s lower peninsula. The company accepts various deposit accounts, and frequently runs odd-ball maturity certificate of deposit rate promotions. The current promotions in which they are running are a 8 month CD yielding 1.50% APY, a 13 month CD yielding 2.25% APY, and a 32 month CD yielding an APY of 3.27%.