It is recognizable as the state that looks like a mitten or an elephant seal calling to its mate. Sorry, it just depends on your perspective. So do their CD Rates give one an impression of being in a wonderland? Let's check it and see.
We will start with one of the biggest and oldest banks in Michigan. Citizens Bank was established in 1871. Their FDIC# is 986. They are about $11.3BB in assets and employ close to 2000 people. They have a 3-star rating from Bauer. They have a 17-month special at 1.40% or 5-year CD at 3.00%. Those are certainly in line with what can be found in other states.
Isabella Bank is medium size. They were started in 1901; just a few years before Ford introduced the first Model T. Anyway they are about $800MM in size. Their FDIC# is 1005 and they have a four-star rating from Bauer. They don't have rates posted on-line but can you Google them and call easily enough.
Mercantile Bank of Michigan is another one of the larger banks in Michigan. They have about $1.9BB in assets. We actually have worked with this bank for a number of years and have always found them to be helpful and easy to work with. I wish their rates were higher. Bauer currently gives them 2-stars. They don't have rates posted on-line, but the 1-year we are aware of is at 0.60% APY. The 5-year is semi-competitive at 2.75%.
I also wanted to bring you a few credit unions. Advantage Federal Credit Union is based in Brownstown in Mighigan. The short-term CD rates are on the low side. The 1-year is at 0.75% and the 2-year is at 1.15%. The 5-year is up there with other offerings at 3.00% APY. Their NCUA# is 7603. They have a 4-star rating from Bauer.
Credit Union One is based in Ferndale. Their NCUA# is 62562. Their CD Rates are also on the low end. I was really hoping the credit unions would show the banks up. They have a 3-star rating from Bauer. The 1-year CD rate is 1.20% for the top tier ($100,000 and above). The 2Y is 1.70%. The 3-year is 2.15% and the 5-year is 2.90%. Remember with credit unions that you usually have live, work, or worship within their membership area.
Finally a disclaimer. While we do our best to provide accurate information please verify the federal insurance, rates, and ratings with any institution you want to make deposits with.
Chris Duncan is a FINRA Registered Representative. He works for Jumbo CD Investments, Inc., a leading CD research and placement firm. He specializes in helping clients find the highest CD rates nationwide. His clients include individuals, financial institutions, corporations, and public agencies. Visit us for the Best CD Rates
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