Dedicated to Deposits: Deals, Data, and Discussion

3.15% 22-Month CD at Citizens First Bank in Michigan - Available Nationwide


Update 8/08/09: The 22-month CD special rate has fallen to 2.50% APY. Please check the bank's website for the latest rates.

Citizens First is offering a very competitive 22-month CD special with a rate of 3.15% APY. Minimum deposit is $1,000, and new money is required. The special is listed at the bottom right of the bank's home page as of 7/27/09.

I called the bank this afternoon using their toll-free number (800-462-2786) for more details. According to the CSR, it's available nationwide and it can be opened online. I noticed the online application states that a checking account is required for the special CDs, but according to the CSR, only the 13-month CD special requires a checking account (13-month CD wasn't listed. Rate is 2.25% APY). The CD can be funded with an ACH transfer or by mailing a check. The rate won't lock until they receive the funds so ACH would be a better option. After the online application completes, they'll mail you the signature card, and it's likely they'll require copies of your IDs. The CSR didn't know how much longer it would last, but he said they just started advertising it so he expected it to last at least through the week.

The bank has 32 offices located in East Michigan.

The bank's ratings for safety and soundness are weak: 1 star (lowest) at and 0 star (lowest) at BauerFinancial. Both ratings are based on 3/31/09 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been a FDIC member since 1938 (FDIC Certificate # 30005).

Thanks to the reader who emailed me news of this special.

Other High Certificate of Deposit Rates

Related Pages: Michigan, CD rates, Citizens First Bank

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Comment #1 by Bozo (anonymous) posted on
Didn't Ally Bank get pounced on by the ABA and the FDIC for doing this?

Just curious.


Comment #2 by Anonymous posted on
For doing what?

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
I think banks that are not well capitalized have until January until the FDIC rate-restrictions officially kick in. FDIC is able to put pressure on Ally Bank now due to the assistance GMAC is getting from the feds.

Comment #4 by andrew (anonymous) posted on
are people opening this? did everything go through okay? it seems that this is the best deal available nationwide right now.

Comment #5 by andrew (anonymous) posted on
well to answer my own question, i just opened a CD. seemed to go very smoothly. i got a call from the bank hours after submitting the online application to confirm my account opening and the rate. right after that i got an online access id and password. as of now, withdrawal at end of term cannot be made through ACH (they recommend a check), but that may change in 22 months (the term of the CD).

Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Andrew, Thanks for sharing your experience with this CD and bank. Glad to read the opening process went smoothly.

Comment #7 by Andy (anonymous) posted on
Deal on the 22 month at the bottom right of the home page is now 2.50%.

So the 3.15% deal seems to be dead.