Best CD Rates in Detroit, MI area: Top 3

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.

Highest yielding money market accout rates in Michigan

Below are the highest yielding money market account rates serving citizens of the state of Michigan.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently - this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Michigan which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top 2 money market rates in Michigan:

(click on the institution for more information)

• Wings Financial Federal Credit Union: Romulus, MI. Money market account yielding between 1.92% APY and 2.22% APY depending upon your minimum balance amount. This MMA is set up in three tiers, the first requires a minimum balance between $5000 and $49,999 and yields 1.92% APY. The second requires a balance of between $50k and $99,999 and yields 2.07% APY. The highest tier requires a balance of at least $100k and provides a yield of 2.22% APY. 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.
• Family Financial Credit Union: Muskegon, MI. Money market account yielding 1.87% APY with a minimum balance requirement of $10,000. Unlike Wings Financial Credit Union, FFCU has geographical requirements which must be met for membership. Membership is open to the community. Anyone who lives, works, worships or attends school in Muskegon, Ottawa, Oceana, Mason or Newaygo County. They have three primary locations. One in Hart, Michigan, one two in Muskegon, Michigan. Employees of the Sealed Power Company started the credit union in 1942 as the Sealed Power Employees Credit Union. Initially the credit union served just the employees of Sealed Power, but over the years membership was made available to relatives of members. Additional groups were added through mergers with Muskegon Printing, Industrial Employees Credit Union, Oceana Schools Employees Credit Union and West Michigan Steel Employees Federal Credit Union.

Both of the above institutions are federally insured by the NCUA (FDIC equivilent for credit unions). If you live in the state of Michigan and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

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

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.

All of the above institutions are federally insured by either the FDIC or NCUA. If you live in Michigan and know of a better CD rate offered through your local bank or credit union, please share by leaving a comment.

Citizens First Savings Bank’s 22 month CD special: 3.15% APY

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 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%.

Visit their rates page for more details. You may also want to compare this offer with other Michigan savings rates.

Best Savings Account Rates in Michigan

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.