Long term CD Rates in Michigan Encounter Slight Up-Tick in Rates 2012
PR Log - Jun 13, 2012 - As of last month (May, 2012) there are a number of local credit unions and community banks in the state of Michigan offering 5 year deposits with interest rates that are well above the current national average.
Today's national average for 5 year deposits sits at just 1.43% APY, while the top yields from online banks for that same term sit only a small percentage higher at 1.80% APY.
With the general message from the FED being that interest rate hikes likely wont come until at least 2014 it's refreshing to see a bit of competition amongst local banking institutions on savings rates this early.
Among the front runners for 5 year CD rates in Michigan are First General Credit Union of Muskegon, MI, Menominee County Federal Credit Union of Stephenson, MI and Delta County Credit Union of Wells, Michigan.
First General Credit Union is a regular leader in interest rates in this state on both the savings and loan side. When BankVibe.com first reported on First General Credit Union's 5 year CD last month it was sitting at 2.50% APY (almost twice the national average) however within the last 30 days FGCU has lowered this rate to a still respectable 2.33% APY.
Menominee County Federal Credit Union is also a regular front runner for savings rates in Michigan, however they generally require slightly larger minimum deposits for their savings products. Currently their 5 year CD is yielding 2.29% APY on deposits of $10,000 or greater. This is a 0.10% drop since BankVibe.com reported on their long term deposits last month.
Delta County Credit Union with just two branches in Michigan, is now offering the highest yield on 5 year CDs in the entire state, featuring an interest rate of 2.39% APY.
The highest yielding deposit offered from a bank in Michigan currently goes to First Bank, Upper Michigan. Based out of Gladstone, MI, First Bank has just three locations in Gladstone, Escanaba and Garder, MI. Their 5 year CD is providing an interest rate of 2.12% APY requiring a minimum deposit of just $500.
To view a complete list of CD rates in Michigan and throughout the country visit http://bankvibe.com.