Michigan-based Chemical Bank is currently offering a 17-month CD Special (2.75% APY). The minimum opening deposit is $100, with a maximum deposit per household of $1.5 million. The CD Special requires new money, which is defined simply as "funds not currently on deposit with Chemical Bank." This is a limited time offer, but no specific end-date is mention on the promotion page.
The CD Special is also available as an IRA (Traditional), earning the same APY with the same funding requirements.
As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:
Penalties for early withdraws which could result in the loss of principal:
13 to 35 months – loss of 6 months interest
Thanks to DA reader, susanc, for her Forum post about Chemical Bank’s new CD Special.
Chemical Bank relocated its headquarters to Detroit in August, having been based in Midland, Michigan (home of Dow Chemical) for 101 years. Chemical Bank’s market area includes Michigan’s Lower Peninsula, northeast and central Ohio, and northern Indiana.
Opening a 17-month CD Special requires a visit to any of 220 branches located in Michigan (195), Ohio (23), and Indiana (2).
According to the fine print on the promotion page,
No online or US Mail accounts accepted.
Chemical Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.84% (excellent) based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $692.18 million, an excellent annual growth rate of 5.41%. Please refer to our financial overview of Chemical Bank (FDIC Certificate # 1003) for more details.
Following the November 2016 acquisition of the Detroit area Talmer Bank and Trust, Chemical Bank has become Michigan’s largest bank, with assets in excess of $20.2 billion and more than 680,700 customer accounts. Originally established as Chemical State Savings Bank in 1917, the Bank began a series of acquisitions in 2001, eventually absorbing 11 other Michigan banks.
Chemical Bank’s former headquarters in Midland was the site of the infamous 1937 bank robbery by Tony Chebatoris, the only man to be executed in Michigan since the State abolished the death in 1846. Chebatoris and Jack Gracey attempted to rob the bank, wounding the Bank’s President and Head Teller in the process. They fled, but a dentist (Dr. Frank Hardy), who had an office on the second floor of the bank building, used a deer rifle to shoot at the getaway car. One of Hardy’s shots struck the driver and the getaway car ran into a parked car. Chebatoris and Gracey then tried to steal a truck, shooting the truck driver. Hardy then shot Gracey in the head, killing him. Chebatoris tried to run away and steal a car, but was stopped by the Sheriff. First charged with attempted bank robbery, Chebatoris was subsequently charged with murder after the truck driver, Henry Porter, died. Chebatoris was found guilty of murder and sentenced to death under the National Bank Robbery Act of 1934. He was hanged on July 8, 1938.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit of $5k or less and are available within the Bank’s market area, Chemical Bank’s 17-month CD Special APY currently ranks fourth.
The above rates are accurate as of 9/17/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.