Certificates of Deposit
Trust our local experts to put your money to work for your business while keeping it safe and sound with tailored and secure deposit solutions.
Protect & Plan Ahead with CDs
At First National Bank of Michigan, we have a variety of innovative investment services designed to leverage the power of your commercial balances through Certificates of Deposits (CDs).
These useful services provide a number of advantages, including:
- Security — In terms of investment, CDs are considered a safe option. Additionally, the Federal Deposit Insurance Corporation (FDIC) currently insures customers’ CDs at member banks including First National Bank of Michigan to the maximum allowed by law.
- Future Planning — CDs offer you fixed interest rates. What’s more, you’ll be able to anticipate the rate at which your money grows, making planning and preparing for the future easier.
- Higher Yields — Since CDs earn steady interest at a higher rate than an average savings account, they’re a great way to diversify your investments. In addition to or as an alternative to the traditional savings account you already have, the choice is all yours!
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Current Rates
Rising Rate Certificate of Deposit
Interest is compounded monthly. The minimum deposit is $10,000. A 10-day option to withdraw is available at the end of each six-month term. A penalty for early withdrawals applies at other times. No brokered deposits.
*APY = Annual Percentage Yield. Current rates are subject to change; terms assume all funds remain on deposit for the full term.
| Terms | Interest Rate | APY * |
|---|---|---|
| First 6-month term | 3.25% | 3.30% |
| Second 6-month term | 3.50% | 3.56% |
| Third 6-month term | 3.75% | 3.82% |
| Blended APY* | 3.50% | 3.56% |
Last updated on 12/02/2024.
Certificate of Deposit
The minimum to open is $2,500. A penalty may be imposed for early withdrawal.
*APY = Annual Percentage Yield. APY is based on a $2,500 balance for entire designated CD term. Current rates are subject to change. Fees could reduce earnings.
| Balance | $0 - $99,999 | $100,000 - $249,999 | $250,000 - $499,999 | $500,000+ | ||||
|---|---|---|---|---|---|---|---|---|
| Term | Interest Rate | APY * | Interest Rate | APY * | Interest Rate | APY * | Interest Rate | APY * |
| 30 Day | 1.50% | 1.51% | 1.70% | 1.71% | 1.90% | 1.92% | 2.10% | 2.12% |
| 60 Day | 1.75% | 1.76% | 1.95% | 1.97% | 2.15% | 2.17% | 2.35% | 2.38% |
| 90 Day | 2.00% | 2.02% | 2.20% | 2.22% | 2.40% | 2.43% | 2.60% | 2.63% |
| 6 Month | 2.25% | 2.27% | 2.45% | 2.48% | 2.65% | 2.68% | 2.85% | 2.89% |
| 9 Month | 2.50% | 2.53% | 2.70% | 2.73% | 2.90% | 2.94% | 3.10% | 3.14% |
| 1 Year | 2.75% | 2.78% | 2.95% | 2.99% | 3.15% | 3.20% | 3.35% | 3.40% |
| 18 Month | 3.00% | 3.04% | 3.20% | 3.25% | 3.40% | 3.45% | 3.60% | 3.66% |
| 2 Year | 3.25% | 3.30% | 3.45% | 3.51% | 3.65% | 3.71% | 3.85% | 3.92% |
| 3 Year | 3.00% | 3.04% | 3.20% | 3.25% | 3.40% | 3.45% | 3.60% | 3.66% |
| 4 Year | 2.75% | 2.78% | 2.95% | 2.99% | 3.15% | 3.20% | 3.35% | 3.40% |
| 5 Year | 2.75% | 2.78% | 2.95% | 2.99% | 3.15% | 3.20% | 3.35% | 3.40% |
Last updated on 12/02/2024.
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