Lotus Bank is a State chartered full service commercial bank headquartered in Novi, Michigan.  The bank provides a full range of retail and commercial banking services designed to meet the borrowing and depository needs of small and medium-sized businesses and consumers in local areas.  Management of Lotus Bank believes that local ownership and control allows Lotus Bank to serve customers more efficiently and effectively than larger regional and national institutions.  The bank competes on the basis of providing a unique and personalized banking experience combined with a full range of services, customized and tailored to fit the needs of its clients.

Lotus offers a wide array of certificates of deposits to assist consumers with their savings and retirement goals.  The bank CD terms range from one month to several years.

Current CD rates and terms promoted:

1 month CD rate is 0.45%
3 month CD has an interest rate of 1.00%
6 month CD earns a rate of 1.40%
1 year CD yields a rate of 2.02%
2 year CD rate is 2.32%
3 year CD has an interest rate of 2.48%
4 year CD earns a rate of 2.94%
5+ year CD yields a rate of 3.20%
Variable Rate CD rate is 0.35%

Lotus Bank also promotes a premium money market account.  This account allows greater access to the funds that are invested while allowing these savings to earn more than standard accounts with competitive rates and terms.  The money market account is an interest bearing account based on a tiered interest rate schedule.  Money market interest earned is paid monthly.  There is no service charge with a $1,500 minimum monthly balance and the account allows up to 5 free foreign ATM transactions per month.

Premium money market account rates and balance tiers:

Tier 1 balance of $0-$9,999 earns a rate of 1.51%
Tier 2 balances of $10,000-$24,999 has an interest rate of 2.02%
Tier 3 balances of $25,000-$49,999 yields a rate of 2.22%
Tier 4 balances of $50,000-$99,999 rate is 2.38%
Tier 5 for balances of $100,000 or more has an interest rate of 2.53%

Bank CD interest rates and money market rates are current as of March 23, 2009.  Actual bank rates may vary.  Please call a Lotus Banker at 248-735-1000 for additional account information and timely bank rates.  Lotus Bank has a website that contains various bank rates and CD rates and can be found at www.lotusbank.net.

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