Midterm CD rates in Michigan, the one year and two year terms, were unchanged for the week while the short term and long term CD rates slumped. The average of the best six month CD rates fell nine basis points or 9/100 of a percent to end the week at 2.04%. The one year CD rate average remained at 2.34%. The average for the two year CD rates remained at 2.74%. The average for the best five year CD rates was down five basis points to end the week at 3.40%.
The best six month CD rate comes in at 2.25% and is the product of Peoples State Bank. The top three bank rates remain tight with First National Bank of Wakefield offering a six month CD at 2.20% and Gogebic Range Bank marketing a six month CD rate of 2.19%.
The best one year CD rate in Michigan remains at 2.50%, well below the best national rates. The leader in this term is Northpointe Bank. Gogebic Range Bank and First National Bank of Wakefield share the second best one year CD rates at 2.39%.
The best two year CD rate listed is at 3.10% on 30 month term CD from Edgewater Bank. This rate is 23 basis points above the best national rate for this term. The bank rate is followed by Northpointe Bank with their two year CD with an interest rate of 2.80%.
Five year CD rates in Michigan were unchanged for the week which leaves the highest five year CD rates trailing the best national rates. The best five year CD rate is promoted by Citizens First Bank at a rate of 3.56%. One basis point lower is the five year CD marketed by Superior National Bank and Trust at 3.55%.
The best CD rates in Michigan increased slightly on average with the gains mostly in the bottom of the rate tables with the highest CD rates for each term reaming unchanged. The best six month CD rate was unchanged at 2.30% and is promoted by New Liberty Bank. Peoples State Bank follows with a seven month CD that yields 2.25%. The average for the best bank rates with a six month term remained at 2.13% for the week.
The best one year CD rates were little changed with the top rate remaining at Northpointe Bank at 2.50%. The next best one year CD rate is at 2.39% and is available at Gogebic Range Bank and First National Bank of Wakefield. The average rate for one year CDs in Michigan stands at 2.34%.
Two year CD rates in Michigan continued the pattern of limited activity. The best two year CD rate is an extended 30 month term from Edgewater Bank that has an interest rate of 3.10%. Following this rate is the two year CD of Northpointe Bank that has an interest rate of 2.80%. The average of the best two year CD rates remained unchanged at 2.74%.
In the five year CD term category the average of the best rates rose from, 3.43% to 3.45%. The highest five year CD rate is promoted by Citizens First Bank at 3.56%. One basis point lower is the five year CD from Superior National Bank and Trust with a rate of 3.55%. One more basis point is lower is the five year CD of Community Central Bank at 3.51%.
The best Michigan CD rates experienced only slight changes for the week ending May 8, 2009. The five year CD rates gained a little ground while the two year CD rates lost some; these changes were the equivalent of a few basis points or 3/100 of a percent. The best six month CD rate in Maryland remained unchanged with the promotional odd month CD of Peoples State Bank that has a maturity of seven months and an interest rate of 2.40%. The second best CD rates for this term is only one basis point lower at 2.39% and is offered by First National Bank of Wakefield on their six month certificate of deposit. The best top three bank rates conclude with New Liberty Bank’s six month CD rate at 2.30%. All of these bank CD rates exceed the best national six month CD rate which stands at 2.26%.
Also unchanged is the best one year CD rate in Michigan which is promoted by Northpointe Bank on an 11 month CD that yields 2.75%. The second best rate is also a product of First National Bank of Wakefield with its one year CD that has an interest rate of 2.51%. Only one basis point lower is Summit Community Bank’s 13 month CD that earns a rate of 2.50%. The lowest rate on the list belongs to MainStreet Savings Bank on a 13 month CD that has an interest rate of 2.20%.
The best two year CD rate in Michigan lost some ground from 3.15% to 3.10%. The highest certificate of deposit is an extended 30 month term with that rate of 3.10% offered by Edgewater Bank. Five basis points lower is a two year CD of Northpointe Bank that earns a rate of 3.05%. Both of these bank rates are above the best national rates set by GMAC Bank at 2.90%. The next best two year CD rate in Michigan belongs to First National Bank of America that yields 2.80%.
The best five year CD rates in Michigan went in the opposite direction of the two year CD rates and gained a few basis points with the highest rate now being promoted by Superior National Bank and Trust at 3.55% for a five year term CD. Fifth Third Bank is now in second position with a promotional 53 month term CD that has a rate of 3.53%. Community Central Bank drops from the number one spot last week to the third best CD rate with an interest rate that is unchanged at 3.51%.
The names were changed for the banks with the best six month CD rates in Michigan but the top rates remain the same. The highest six month rate is still being held by Peoples State Bank with a seven month CD rate of 2.40%. First National Bank of Wakefield comes up with the next best CD rate at 2.39% on a six month term. Nine basis points behind this rate is the six month CD of New Liberty Bank that has an interest rate of 2.30%. Gogebic Range Bank drops down a few notches after a reduction in the rate they offer on their six month CD which now stands at 2.19%.
The best one year CD rate in Michigan saw a measurable jump as Northpointe Bank leaped ahead of the pack with an 11 month CD that earns a rate of 2.75%. First National Bank of Wakefield is a distant second place with a one year CD that has a rate pf 2.51%. Only one basis point behind this rate is the odd term, 13 month CD of Summit Community Bank that has an interest rate of 2.50%. Gogebic Range Bank is again on the list, a few positions further back, with a one year CD with a yield of 2.39%. MainStreet Savings Bank follows with a 13 month term that has an interest rate of 2.30%.
Three banks in Michigan have two year CD rates that beat the national best bank rates. Citizens First Bank once again dominates the list with a 22 month CD that yields 3.15%. Northpointe Bank has a two year CD that is at 3.05%. Edgewater Bank drops back with a 23 month CD that has an interest rate of 3.00%. 10 basis points behind the best national two year CD rate is the two year certificate of deposit from First National Bank of America with a rate of 2.80%.
Unfortunately, the best national CD rates handily beat the best five year CD rates offered by Michigan banks. The highest five year CD rate in Michigan continues to be the product of Community Central Bank with five year CD rate of 3.51%. First National Bank of America picks up the next best rate with a five year CD rate of 3.45%. Northpointe Bank’s five year follows with a CD rate of 3.40%. Rates continue to dwindle down until the last two banks on the list, Citizens Bank and Edgewater Bank, market their five year CDs at 3.25%.
CD rates in Michigan eased moderately for the week ending April 24, 2009. The one year CD rates and five year CD rates saw the largest drop while the six month and two year CD rates were largely unaltered. Peoples State Bank led the best six month CD rates in Michigan with an odd month CD promotion. Peoples State Bank has a seven month CD with a rate of 2.40%. Gogebic Range Bank, with locations in Bessemer and Ironwood, is only one basis point back with a six month CD that has an interest rate of 2.39%. Sterling Bank & Trust remains in third place with a six month CD rate of 2.25%.
One year CD rates in Michigan have continued to lose their luster. The highest CD rates in the one year range are not matching those rates offered on the national level. Gogebic Range Bank leads the one year CD rate grouping with a one year CD that earns a rate of 2.59%. Summit Community Bank and Northpointe Bank are both offering CDs that yield 2.50%. Summit Community Bank’s CD rate is on a 13 month term and the CD from Northpointe is on a strict one year. Northpointe Bank also offers an 18 month term CD that has an interest rate set at 2.80%, a jump of 30 basis points for extending the term 6 months.
The highest two year CD rates in Michigan remain a solid bright spot with the best two year CD rates offering rates well above the best national rates. Citizens First Bank remains in the top spot with an odd month CD that has a 22 month term and a yield of 3.15%. Edgewater Bank continues to hold the second best rank with a 23 month CD that has a rate of 3.00%. Both Northpointe Bank and First National Bank of America have a two year CD offers at 2.80%, placing these bank rates in the top range of the best national two year CD rates.
The best five year CD rate in Michigan took a step backwards for the week. Community Central Bank is the five year CD rate leader at 3.51%. This rate is below the best national rates for this term CD by almost 30 basis points. First National Bank of America is just a few basis points back with a five year CD that has an interest rate of 3.45%. In third spot, the five year CD rate drops down to 3.34% and is being offered by Eaton Federal Savings Bank which is based in Charlotte and operates five locations in the region.
The best CD rates in Michigan are ranking as some of the most volatile rates among best CD rates by state. The top six month CD rate stands at 2.40% and is being offered by Peoples State Bank. The second best six month CD rate is close behind at 2.39%, a CD offered by Gogebic Range Bank. Sterling Bank & Trust is in third place with a six month CD that has an interest rate of 2.25%.
Northpointe Bank is the leading financial institution in the category for one year CD rates in Michigan. The term for this CD is 18 months and it offers a rate of 2.80%. In third position is the 12-17 month CD offered by Clarkston State Bank that has a rate of 2.52%. Huntington Bancshare rounds out the list with an 18 month CD that has an interest rate of 2.40%.
The best two year CD rate in Michigan is at 3.15% for the week. This rate is ¼ percent higher than the national rates for best two year CD rate. Citizens First Bank which has its main office in Port Huron and 20 additional bank branches in the region is offering this rate on a 22 month CD. Edgewater Bank has a 23 month CD that runs ten basis points above the best national rate and presently stands at 3.00%. Three banks follow with rates that just below the best national rates with two year CD yields of 2.80%. These three banks are Northpointe Bank, MainStreet Savings Bank and First National Bank of America.
The best five year CD rate in Michigan starts with MainStreet Savings Bank which is offering a five year CD rate slightly behind the best national rate at 3.60%. Community Central Bank is less tan ten basis points behind with a five year CD rate of 3.51%. First National Bank of America runs in third position with a five year CD that yields 3.45%. Citizens Bank closes out the list with a five year that earns a rate of 3.25%.