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%.
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