Michigan

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Michigan CD Rates – 2-Year

You are viewing rates from banks across Michigan

 

Below are two-year Certificates of Deposit (CD) rates from banks in Michigan. Two-year CDs generally offer a higher rate than 1-year CDs but require a longer commitment. Depending on the economy, longer term CDs may or may not offer more premium as the term increases. If you expect rates on bank products to drop, can afford to lock the money away, and feel you are receiving enough premium for the time commitment, then longer-term CDs may be appropriate.

MI - November 7, 2024

2 Year CD National Average : 0.66% ?

Banks APY MIN MILES ?

Rate History: 4.60% → 4.80% → 4.51% → 4.34%

| Oct 16, 2020

HAVE BEEN CALLING YOUR MORTGAGE DEPARTMENT ON "ITIN" LOANS AND HAVE NOT GOT A HUMAN PERSON TO ANSWER OR RETURN MY PHONE CALLS. WHAT IS HAPPEN? PLEASE ADVISE. THANK YOU, Read More

Early Withdrawal Penalty is 180 days interest.
Rate History: 4.75% → 4.75% → 4.40% → 4.30% → 4.05%

| Nov 21, 2023

A real pain in the *** process to try and get approved! They were unable to match my drivers license photo with my live image after several times trying! Went to limelight bank instead and got approved in ... Read More

Rate History: 4.25% → 4.00% → 3.50% → 3.75% → 4.00%

| Oct 12, 2022

Service has always been satisfactory. They have my complete trust and endorsement. Great bank in my opinion. Read More

Rate History: 3.25% → 4.00%

3.87%

$1,000

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Early Withdrawal Penalty is 180 days interest.
Rate History: 0.55% → 0.50% → 3.80% → 3.75%

| Dec 27, 2022

They gave a hard time with their cashier's check. They returned my deposited check that was emitted by them. Could you believe? Read More

| Mar 20, 2016

Good solid bank. Read More

Rate History: 4.40% → 4.30% → 4.20% → 4.00% → 3.70%

| Jan 2, 2024

Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More

| Jan 30, 2021

Sterling hasn't offered a 1% rate for over a year. Best one can do now is .20%. The rates shown on this site are grossly outdated. Read More

| Oct 11, 2020

You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag... Read More

Rate History: 3.50% → 3.25%

Rate History: 5.00% → 4.40% → 4.00% → 3.85% → 2.60%

| Nov 28, 2022

While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w... Read More

| Feb 25, 2022

I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More

Rate History: 3.00% → 2.50% → 2.00%

| Jan 2, 2023

Terrible customer service by investment side. Fees too high , too full of themselves Read More

Rate History: 2.23% → 2.18% → 2.08% → 1.97% → 1.92%

Rate History: 1.50% → 2.00% → 1.50%

| Mar 10, 2021

Northpointe -- my most favorite bank -- held their rate when others dropped -- nice people to deal with -- and -- COURAGE + INTEGRITY. Read More

1.26%

$100,000

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1.05%

$10,000

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1.05%

$10,000

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1.00%

$1,000

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Rate History: 4.00% → 1.00% → 4.00% → 1.00%

| May 19, 2018

Experience Read More

| Feb 1, 2023

Absolutely most horrible experience in my life I opened a large CD when I was living in Dearborn and let the interest accrue for about 6 years I knew how much the interest rate was and how much was in the ... Read More

0.95%

$10,000

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0.90%

$10,000

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0.75%

$10,000

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0.75%

$10,000

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0.75%

$10,000

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0.75%

$10,000

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0.70%

$100,000

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| Jan 6, 2020

Worst customer experience ever. Had a issue with a fee that should not have been there because i had a checking and savings account. I was told once i signed up for checking that if they needed, they woul... Read More

0.70%

$100,000

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0.70%

$100

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0.70%

$10,000

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0.65%

$10,000

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0.65%

$10,000

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0.65%

$10,000

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0.60%

$1,000

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0.60%

$10,000

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0.60%

$10,000

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0.60%

$10,000

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0.60%

$10,000

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0.55%

$10,000

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0.55%

$100,000

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0.53%

$10,000

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0.50%

$10,000

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0.50%

$500

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.50%

$10,000

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0.45%

$10,000

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0.45%

$10,000

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0.45%

$10,000

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0.40%

$10,000

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0.40%

$100,000

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0.40%

$10,000

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| Oct 13, 2021

Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More

0.38%

$10,000

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0.35%

$100,000

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0.35%

$10,000

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0.35%

$100,000

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| Jul 3, 2023

My niece and I have been customers of the Addison Oaks branch of Oxford Bank for 20 years. My niece is on my accounts and has a separate account of her own. We have performed the same transactions for 20... Read More

0.35%

$10,000

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0.35%

$10,000

-

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| Oct 13, 2021

Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More

0.30%

$500

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0.30%

$10,000

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0.30%

$10,000

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0.30%

$10,000

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0.30%

$500

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0.30%

$10,000

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0.30%

$10,000

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0.30%

$10,000

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| Jul 3, 2023

My niece and I have been customers of the Addison Oaks branch of Oxford Bank for 20 years. My niece is on my accounts and has a separate account of her own. We have performed the same transactions for 20... Read More

0.30%

$10,000

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0.30%

$10,000

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0.30%

$1,000

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0.25%

$500

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0.25%

$500

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| Jul 17, 2020

Terrible experience trying to get a mortgage. I’ve got great credit, have gotten literally dozens of mortgages over the past 40 years. I completed an online application, waited a week and never heard a... Read More

0.25%

$10,000

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0.25%

$10,000

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0.20%

$10,000

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| Jun 14, 2022

Compliance officer possibly the rudest person ive every spoken with. Polices changing constantly. One week they do what you need the next week they wont. Complete mess. Not the old Thumb National rude and ... Read More

| Jul 18, 2021

I have a neighbor whose mortgage is with ONB. I am licensed to practice law but I am not writing this review as a lawyer, but rather as a heads up if your spouse should happen to die while you owe any mone... Read More

0.20%

$10,000

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0.20%

$1,000

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| Sep 6, 2022

DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for... Read More

0.20%

$10,000

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0.15%

$10,000

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0.15%

$10,000

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| Sep 6, 2022

DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for... Read More

| Oct 18, 2016

IF the Cd's our that high then way i'm i the last to find out what The apys are. Read More

0.10%

$10,000

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Rate History: 0.01% → 0.05%

| Mar 28, 2023

On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More

| Jun 12, 2023

US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More

| May 18, 2019

Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More

| Jul 24, 2023

BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION

Two Year CDs - Branch Banks 2024

Two year CDs, also know as 24 month CDs are an intermediate term product that commits a depositor to keeping their money in the bank for 24 months in return for a fixed rate of return during that period. All two year CDs shown on BestCashCow are FDIC insured.

While two year CDs commit a person to locking their money in for double the time of a 12 month CD, the rate is not double. As a result, a depositor should think about whether the extra rate is worth the extra time commitment.

In general, if rates are rising, it makes sense not to lock up money for an extended period of time.

If rates are falling, then it makes sense to put money into a longer-term instrument to lock-in a higher rate.

Many find opening CDs at local bank is often easier than online. In a branch, a depositor can sign CD documents and initiate a CD in person, and can often get it done faster than mailing a check or initiating a wire transfer in order to get their money to an online bank. Many also appreciate the opportunity to interact face to face with a real human being as opposed to by phone or instant messaging.

The advantages of a two year branch CD are:

  • A higher rate than 12 month CDs in return for leaving the money in the bank longer.
  • A fixed rate during the 24 month period.
  • A generally higher rate for the same term than what can be found in a branch-based bank.
  • FDIC insurance.
  • Convenience of opening and managing the CD online.

The disadvantages of a two year branch CDs are:

  • Rates are generally lower than on the top online savings and CD accounts.
  • Money is tied up for two years. Removing it early results in significant penalties.
  • Opening online can often take several days. Problems must be handled online or via the phone as there is no branch.

All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, please visit the FDIC website.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.

SAVINGS & CD CALCULATOR

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