mBank in Michigan is offering a very competitive CD special. It's a 1.94% APY 27-month CD. Minimum deposit is $250, and new money is required. The CD special is listed on the bank's home page as of 5/17/2011. It's a limited time promotion.
The bank also offers two competitive checking accounts: Green Checking and High Yield Checking. Both have rates of 1.00% APY on all balances as of 5/17/2011. I first reported on these checking accounts last year when the Green Checking yield was 1.55% and the High Yield Checking yield was 1.40%.
The Green Checking requires eStatements, debit card, online bill pay and an active email account. However, it only requires a minimum of 3 electronic transactions per month (including debit card). Also like a reward checking account, there are no ATM fees anywhere in the U.S. Also, it has no monthly fees or minimum balance requirements. You have to keep the number of checks at 5 or under per month to avoid a $3 per check fee. Details of this Green Checking Account are listed in the bank's Green Checking brochure (pdf).
The High Yield Checking requires a $1,000 minimum balance to avoid a $7/month fee. It doesn't require the 3 electronic transactions per month, but it does require eStatements, debit card and active email account. Details of this account are listed in the bank's High Yield Checking brochure (pdf).
It appears that a branch visit is required to open an account. mBank branches are located in Southeast Michigan near Detroit, in Northern Michigan and in Michigan's Upper Peninsula.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 20.69% (average) based on December 2010 data. Please refer to our financial overview of mBank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 14816).
How This CD Compares to The Best CD Rates
For CDs available nationwide as of 5/17/2011, the best 24-month CD rate is 1.77% APY at Self-Help Credit Union. However, Ally Bank's 2.40% 5-year CD closed after 24 months will have an effective yield of 2.20% due to the mild 60-day early withdrawal penalty (see my Ally CD review).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.