Dedicated to Deposits: Deals, Data, and Discussion

4.00% 25-Month / 3.75% 15-Month CD at a Michigan Bank (Bank of Auburn Hills)

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Bank of Auburn Hills is listing a CD promotion on its home page called the Great Choice CD. It includes a 4.00% APY CD with terms of 25 to 30 months, a 3.75% APY CD with terms of 15 to 18 months and a 3.50% APY CD with terms of 9 to 12 months.

These CD's have a step-up feature that allows a one-time rate bump to current rates. They also have a add-on feature that allows additional deposits in increments of $1,000 any time during the term. In my opinion, the add-on feature is the best one since it can provide a hedge against a low-rate environment. If rates stay low, you have the option to add more at a decent rate.

It appears a branch visit is required to open an account. It's a small bank with one office located in Auburn Hills, Michigan. The bank has been FDIC insured since 2005 (FDIC Certificate # 57984).

  Tags: Michigan, CD rates

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