First National Bank of America 12-Month CD Offers 2.45% APY


Availability: 12-23 month CD, 2.45% APY, $1k minimum deposit.

Availability: Nationwide

The 12-23 month CD offered by Michigan-based First National Bank of America (FNBA) has been included in DA’s bi-weekly CD Rates Summary for several months, always within reach of the rate leaders in the 1-year CD category. Following the recent rate attrition, the 12-23 month CD’s current 2.45% APY is now the highest nationally available 1-year CD rate offered by a bank.

0.55%$1k-First National Bank of America12-23 Month CD
0.55%$1k-First National Bank of America12-23 Month IRA CD (Traditional, Roth)
Rates as of January 18, 2021.

The 12-23 month CD is available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.

FNBA’s website now includes a Time Deposit Account Agreement (part of the online application). The Early Withdrawal Penalty reads as follows:

Original maturity of 12 months - 23 months: you will forfeit 180 days of interest that would have been earned on the amount withdrawn if the deposit had remained on deposit until maturity. This may result in the reduction of original principal.

According to a FNBA CD Specialist,

  • CDs can be opened as an individual or joint account, with trust accounts (revocable or irrevocable) also permitted.
  • Up to four beneficiaries can be named on the online application, but more can be added by phone. Social Security numbers for beneficiaries are not required. Primary beneficiaries (one or two) and contingent beneficiaries (one or two) can be named. Beneficiaries can also be assigned equal shares.
  • Funding can only be done through an ACH transfer. There is a limit of $250k per each online application.
  • The standard method of distributing maturing funds is a cashier’s check, although a wire transfer is possible. A transfer of funds to an FNBA checking or savings accounts is not possible for those customers who live outside the Bank’s Michigan market area.
  • There is a ten calendar day grace period before a CD automatically renews.

Long-Term CDs

In April, FBNA’s long-term CDs had the highest rates available for 60-, 72-, and 84-month CDs. In a series of rate drops over the past few months, the 60-, 72-, and 84-month CDs have lost 65, 70, and 75 bps, respectively, but remain competitive in the current rate climate.

1.10%$1k-First National Bank of America84 Month CD
1.05%$1k-First National Bank of America72 Month CD
1.00%$1k-First National Bank of America60 Month CD
Rates as of January 18, 2021.


Headquartered in East Lansing, Michigan, First National Bank of America offers its CDs on a nationwide basis to US citizens and alien residents possessing a valid Social Security number.

Opening an FNBA CD can be done online, or at any of three Michigan branches located in East Lansing, Kalamazoo, and Traverse City.

CSR pointed out that the last page of the online application requires a copy of your government-issued ID be uploaded. Having the ID available in a digital format will help insure your online application won’t time out.

Your application will be reviewed by an Online Specialist who will reach out to you by the next business day regarding your next steps.

Bank Overview

First National Bank of America has an overall health grade of "B+" at, with a Texas Ratio of 20.26% (above average), based on June 30, 2019 data. In the past year, FNBA has increased its total non-brokered deposits by $273.91 million, an excellent annual growth rate of 41.91%. Please refer to our financial overview of First National Bank of America (FDIC Certificate # 17438) for more details.

Established in 1955 as the First National Bank of East Lansing, First National Bank of America is currently Michigan’s sixth largest bank, with $2.1 billion in assets and more than 28,000 customer accounts. The Bank re-branded as First National Bank of Michigan in 1978 and as First National Bank of America in 1998. (FYI – the “First National Bank of Michigan” brand was recycled in 2006, when a Kalamazoo bank opened using the name.) Sixty-four years after opening its doors for business, FNBA is still a private, family-owned company offering traditional banking services and mortgages, with a subsidiary company involved in the note buying industry.

How the CD Compares

When compared to 205 similar length-of-term CDs tracked by that require a similar minimum deposit and are available nationwide, First National Bank of America’s 12-23 month CD APY currently shares the top spot with Home Loan Investment Bank’s 1-year e-CD APY.

The above rates are accurate as of 10/7/2019.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Traverse City CD rates, Lansing CD rates, Grand Rapids CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
RE: Access to funds at maturity - The information you obtained from the "CD Specialist" is a bit alarming in that it makes FNBA one of those 'low life" internet banks that makes it difficult to get your funds out without paying a fee, that offsets some of the advertised rate advantage (or suffering a snail mail delay in getting access to funds at maturity).
Before initiating my first CD with FNBA last year, I made an email inquiry about these procedures and I received the following response:
"Thank you for your inquiry, the answer to your question is that you will have 10 calendar days from the date of Maturity to decide if you elect to close, add funds, change terms. After the 10 days the CD will auto renew. The principal and interest can be paid out via ACH, we will need you to complete and sign a form. Please let me know if there is anything else that I can help with.
Britten Krieve
Assistant Vice President
Branch Manager
So, I hope there is a little more to the access story! I also learned that they don't have ACH capability from their on line banking program (so I did not ask about transferring to savings/checking, as that would not get me access to ACH). The prohibition against such transfers for those outside the Michigan market area is, nonetheless, alarming news. I guess it never hurts to ask a lot of questions, as some of the most important information is not readily disclosed on these institutions' websites.
Predatory Depositor
  |     |   Comment #2
I find that no matter how many questions I ask I still usually have to take a leap of faith because there is often something that I haven't heard of before hidden away in policies at places I've never had accounts.

Since I often deal with large sums what happens at maturity and how to get the money out is one of the key things I focus on. Delays of even a day or two, with the funds often earn nothing durng that period are expensive. So I try to get as much information about that as I can up front. It's usually not easy to get, and I often find that CS people give the wrong information as most people don't ask those questions and they're not used to handling them.

I've had times I asked 25 or more questions and everything looked fine, but the 26th question revealed a flaw that was a deal-breaker. It's an unfortunate peril of the depositor game. It's simply impossible to get every detail. But you have to do the best you can.

Kudos to you for your careful approach. It pays to be cautious. Although not common, and most were willing to accommodate reasonable requests, I have encounted some outrageous policies at a few of the FIs I've dealt with.
First National Bank of America's Long-Term CDs Still Rate Leaders
Availability: CDs – 84-month (2.95% APY), 72-month (2.90% APY), 60-month (2.85% APY), $1k minimum deposit.

Availability: Nationwide

Four months ago, Michigan-based First National Bank of America (FNBA) had the top rates for nationally available long-term CDs. While the current rates for the 84-month (2.95% APY) and 72-month (2.90% APY) are now 60 and 55 bps lower, respectively, they still have the best rates in their term-length categories.

FNBA’s 60-month CD hasn’t fared quite as well: its APY was lowered by 50 bps (a commensurate drop), but its standing...

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First National Bank of America Leads With 60-Month CD, 3.35% APY
Availability: CDs – 60-month (3.35% APY), 72-month (3.45% APY), 84-month (3.55% APY), $1k minimum deposit.

Availability: Nationwide

Michigan-based First National Bank of America (FNBA) is currently offering top rates on its long-term CDs: 60-month (3.35% APY), 72-month (3.45% APY), and 84-month (3.55% APY). Any of these CDs can be opened with a $1k minimum deposit, with no stated balance cap.

The 60-month CD is available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements. The 72- and...

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