There’s quite a large number of local banks and credit unions in the state of Michigan with 5 year CD rates that are beating even the top 5 year online CD rates by quite a significant margin.
So far in 2012, the top 5 year CD rates from online banks have peaked out at 1.80%, however, the top rates in Michigan for this particular term have sat comfortably above 2.00%.
Today’s Top Ten 5 Year CD Rates in Michigan (May, 2012):
1) First General Credit Union (Muskegon, MI) – 5 year CD yielding 2.50% APY requiring a minimum deposit of $1,000.
2) Menominee County Federal Credit Union (Stephenson, MI) – 5 year CD yielding 2.39% APY requiring a minimum deposit of $10,000.
3) Delta County Credit Union (Wells, MI) – 5 year CD yielding 2.38% APY requiring a minimum deposit of $1,000.
4) Service 1 Federal Credit Union (Wells, MI) – 5 year CD yielding 2.33% APY requiring a minimum deposit of $500.
5) Great Lakes First Federal Credit Union (Rapid Rivers, MI) – 5 year CD yielding 2.27% APY requiring a minimum deposit of $1,000.
6) mBank (Traverse City, MI) – 5 year CD yielding 2.25% APY requiring a minimum deposit of $250.
7) Wings Financial Credit Union (Romulus, MI) – 5 year CD yielding 2.22% APY requiring a minimum deposit of $1.00.
8 ) CASE Credit Union (Okemos, MI) – 5 year CD yielding 2.15% APY requiring a minimum deposit of $500.
9) First Bank, Upper Michigan (Gladstone, MI) – 5 year CD yielding 2.12% APY requiring a minimum deposit of $500.
10) Upper Peninsula State Bank (Iron Mountain, MI) – 5 year CD yielding 2.10% APY requiring a minimum deposit of $500.
To put the offers above in perspective, the current national average for 5 year CD’s sits at roughly 1.49% APY.
As of March, 2012, the rate of inflation sat at 2.65%.
