Michigan

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Michigan CD Rates – 5-Year

You are viewing rates from banks across Michigan

 

Below are 5-year CD Rates from banks that are located in Michigan. Five-Year Certificates of Deposit (CD) are generally the longest term CD that most banks will offer. They tend to offer the highest rates but require the longest commitment. Five year CDs are especially popular in a declining interest rate environment as depositors can lock money in at the highest rate possible for the longest period of time. They are also popular with depositors who are willing to lock up money for five years in return for extra yield.

MI - December 25, 2024

5 Year CD National Average : 0.92% ?

Banks APY MIN MILES ?

Rate History: 3.50% → 3.25% → 3.75% → 4.00% → 4.25%

| Oct 12, 2022

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

Rate History: 4.75% → 4.65% → 4.55% → 4.17% → 3.83%

| 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: 4.55% → 4.50% → 4.15% → 4.00% → 3.75%

| 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: 4.00% → 3.90% → 3.75% → 3.50%

| 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

Rate History: 2.75% → 4.00% → 3.40%

Rate History: 2.60% → 3.25%

| Jul 26, 2024

Multiple roadblocks trying to set up a savings account with Ivy Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and c... 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: 3.00% → 2.75%

| Mar 20, 2016

Good solid bank. Read More

Rate History: 2.10% → 2.15% → 2.10%

| Mar 10, 2021

Northpointe -- my most favorite bank -- held their rate when others dropped -- nice people to deal with -- and -- COURAGE + INTEGRITY. 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: 2.00% → 2.50% → 2.00%

| Jan 2, 2023

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

Rate History: 2.50% → 1.50%

| 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

1.40%

$10,000

-

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| 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

1.35%

$10,000

-

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1.31%

$10,000

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1.31%

$10,000

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1.30%

$10,000

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1.26%

$10,000

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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

| 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

1.15%

$10,000

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1.11%

$10,000

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1.10%

$100,000

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1.10%

$100,000

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1.10%

$10,000

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1.05%

$10,000

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1.00%

$500

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1.00%

$1,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$100

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1.00%

$10,000

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1.00%

$100,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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1.00%

$10,000

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0.95%

$10,000

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0.90%

$10,000

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0.90%

$10,000

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0.90%

$10,000

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0.90%

$10,000

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0.85%

$10,000

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0.85%

$10,000

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0.85%

$10,000

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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

0.85%

$100,000

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0.85%

$1,000

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0.80%

$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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0.65%

$10,000

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0.65%

$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

0.60%

$500

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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

0.55%

$500

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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

| 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

0.50%

$500

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0.50%

$500

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0.50%

$10,000

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0.50%

$100,000

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0.50%

$10,000

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0.50%

$100,000

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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

0.45%

$10,000

-

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| 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

0.40%

$10,000

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0.40%

$10,000

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0.40%

$1,000

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0.40%

$10,000

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| 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

| 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

0.35%

$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

0.25%

$10,000

-

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0.25%

$10,000

-

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0.25%

$10,000

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| 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

Rate History: 0.03% → 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

| 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

Five Year CDs - Branch Banks 2024

Five-year CDs are the big kahuna of the CD world. While banks may offer six-year, seven-year, or even 10-year CDs, the five-year is the longest of the most commonly offered terms. The 5-year CD is therefore often the highest offer at your local bank. Therefore, the temptation for those looking for yield is to open one, deposit money, and forget about it for five years. This could be a mistake. In rising rate environments a five-year CD may not be a good investment.

Safety

Like every other CD term, five year CDs from FDIC insured banks are protected up to FDIC limits (generally $250,000 per account holder per bank). If your deposit is over the FDIC limit then you may not receive the uninsured money in case of a bank failure.

Inflation

The principle threat to a a five year CD is inflation. If the CD is opened in a low rate environment, and rates and inflation subsequently rise, then inflation will erode the value of the certificate of deposit over its five years. For example, if a depositor opened a five year CD in year 1 with a yield of 2.05% APY and inflation at 1.5%, then the real return is .55 percentage points. But if inflation rises the next year to 2.5% and stays there for the next four years, then the CD in real terms is losing money every year: 2.05% - 2.5% = -.45%.

While it is impossible for anyone to predict too far into the future, savers should be cognizant of the economic environment before locking up money for a five year time-period. Our rate analysis page provides some insight into where we think rates will go.

On the other hand, if rates are falling and will continue to do so for some time due to an economic recession then it makes sense to lock in a higher rate with a five year CD. Savers who opened five year CDs in 2008 immediately after the financial crisis were able to lock in rates in the 6% range, a great move considering two years later a five year CD paid below 3%.

Interest

Five-year CDs currently pay about 1.00% more in interest than a one year CD. In general, CDs of this duration are best opened as part of a laddered CD portfolio or if the depositor thinks that rates will either stagnate or drop over the next couple of years.

Opening a Five Year CD

Opening a five year CD in a branch is relatively easy and similar to every other CD term. Most banks require the customer be a resident of the United States and most branch-based banks ask that the account be opened in the bank. Funding can be performed by transferring money that is already located at that bank or by check or ACH transfer from another bank. The CD can be opened that day and the rate locked.

With longer term CDs, savers should make sure they put a record of the CD in a safe place and that if they move, they forward their new address to the bank. In cases where the bank cannot find the CD holder, the bank may hand the funds over to a state authority as a lost deposit, and it will require onerous paperwork to reclaim the money.

ADVANTAGES AND DISADVANTAGES OF FIVE YEAR CDs

Advantages of five year CDs

  • 5 year CDs provide the highest rate of the common CD terms.
  • The return is fixed for five years, which is an advantage in a flat or falling rate environment.

Disadvantages of five year CDs

  • The money is locked away for five years and cannot be withdrawn without a substantial penalty.
  • In a rising rate environment, inflation will reduce the value of the money in the CD over time.
  • Branch CDs require the saver to visit a branch and be subjected to cross-sell pitches and other marketing tactics.

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.

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