Michigan Banking Rates and News

I had missed this before the holidays, but it looks like a new reward checking account with a competitive rate and balance cap. It's being offered by Nicolet National Bank in Wisconsin. There are some signs that it's open to all. I've sent a message to the bank, and I'll update this post when I receive a reply. The bank calls the account the Real Rewards Checking, and it has the following rates and features if certain monthly requirements are met (as of 12/02/2011):

• 3.00% APY on balances up to $25,000
• 0.50% APY on portion of balance over...

Flagstar Bank is offering a savings account promotion with a 1.25% APY guaranteed for 4 months. The details are listed in this Flagstar promotions page. However, it requires that you enter your zip code. It appears all zip codes are eligible, but the offer differs slightly depending on your location. If you live in their market area of Michigan or Indiana, the 1.25% APY applies to balances up to $2 million. If you're outside this area, the 1.25% APY applies to balances up to $250,000. For both cases, the 1.25% APY will last for 4 months...

mBank in Michigan is offering three competitive CD and IRA CD rates: 1.60% APY for 2 years, 1.75% APY for 3 years and 2.25% APY for 4 years. The bank actually gives customers a range of terms for each of these rates. I just listed the shortest of the terms. These rates are listed in the bank's rates page as of 11/18/2011. The bank has separate rate tables for the three different parts of Michigan where it has branches. Currently, all three have these same rates.

The bank also offers two decent checking accounts: Green...

We list many credit unions in our rate tables with very competitive deposit rates, but unfortunately, most of these credit unions have very narrow fields of membership (FOM). These are typically small credit unions which serve a few select employee groups. Unless you work for one of the employers, you generally can't join even if you live near the branch. However, many of these credit unions have been expanding their fields of membership. An example is Tandem Federal Credit Union which is located in a Detroit suburb. It recently expanded its FOM to include many parts of the...

Some community banks have extended their promotions to attract customers participating in the Bank Transfer Day movement. That appears to be the case at Horizon Bank which is still offering a $150 checking account promotion. The bonus requires that you open a new checking account, establish direct deposit and make 10 debit card purchases. The bank's free checking qualifies. Details are provided in the bank's promotion page. Note, the small print currently says the account must be opened by 10/31/2011. However, it's still advertised on the bank's home page, and I just called and confirmed that...

As I mentioned on Monday, you might be able to qualify for membership in a credit union even if the credit union's name suggests a limited membership. That's the case with Health One Credit Union which offers a very competitive 1-year CD. It has a 1.20% APY for a minimum deposit of $10,000. This rate is listed at the credit union's rates page as of 10/26/2011.

Health One also offers a free checking account with no monthly service fees or minimum balance requirements.

It may sound like Health One Credit Union would be...

Co-Op Services Credit Union has received quite a bit of publicity in the last few weeks as one of the credit unions that is taking advantage of Bank of America's new debit card fees and the fees being added by the other large banks. It's hoping to win new members who are fed up with the large banks. The credit union's free checking account is a good alternative, and its $105 checking account bonus sweetens the deal. The credit union has set up its own microwebsite ShredMyCard.com which describes the promotion. According to the site, "Co-op...

PNC Bank's Virtual Wallet has changed quite a bit since I first reviewed it in 2009. The good news is that it's still easy to keep it free without monthly fees. Considering how many of the large banks have added monthly fees and debit card fees to their checking accounts, PNC's Virtual Wallet is noteworthy. The bad news is that you don't get rewarded like you used to. Another downside is that it has become more complicated. Virtual Wallet has never been simple. It's composed of three different accounts:

• Spend Account (checking)
• Reserve Account (for short-term savings & overdraft protection)
• Growth...

Update 1/20/2012: PNC has extended the promotion to 1/31/2012. Here's the new promotion page link. Also note, the full $100 bonus no longer requires the use of online bill pay.

PNC Bank has another $100 bonus for opening a new qualifying checking account and for performing certain activities. This is being advertised on their home page. Here's the direct link to their promo page. The offer is scheduled to end on 10/22/2011. Here's a summary of the requirements for the first $75:

• Open a new Virtual Wallet Performance or other select PNC Personal...

Huntington Bank has been offering a very competitive rate on its Premier Plus Money Market Account. It has a 1.25% APY for balances from $20K to $2M. No interest is paid on balances under $20K. This is listed in the bank's rate finder page as of 9/29/2011.

One worrisome issue for money market accounts is the question about how long the competitive rates will last. I contacted the CSR via the online chat, and I was told the typical reply that the rate could change at any time. We do have the rate history of this account. You...

First General Credit Union is offering some competitive long-term CD and IRA CD rates. The best ones are the 2.75% APY 5-year CD and the 2.00% APY 3-year CD. Minimum deposit is $1,000. This is listed in the credit union's promotions page as of 9/9/2011.

The credit union is part of the Save to Win program which uses lottery incentives to encourage saving. You enter by opening a 12-month Save to Win share certificate. The CD allows you to make additional deposits, and each deposit counts as an entry into the...

Urban Partnership Bank is offering competitive rates on three of its CD specials: 2.42% APY 5-year CD, 1.46% APY 30-month CD and 1.16% APY 18-month CD. Mimimum deposit is $1,000, and the maximum balance is $99,999. These rates are listed in the bank's featured products page as of 9/7/2011. Update 9/20/11: These specials are no longer listed in the featured products page, but they are still listed in the bank's deposit rates page.

CD Application Details

According to the bank's CSR, these CDs are available nationwide. However, you'll have to mail the application and check....