First National Bank of America's Long-Term CDs Still Rate Leaders

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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 in the nationally available 5-year CD category suffered as other 5-year CDs had smaller rate drops. When compared only to other banks, FNBA’s 60-month CD fares much better and is near the rate leader. Many credit unions have been slower to lower rates, and there remains several nationally available 5-year CDs at credit unions with rates of 3%+.

Any of these long-term CDs can be opened with a $1k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.95%$1k-First National Bank of America84 Month CD
2.90%$1k-First National Bank of America72 Month CD
2.85%$1k-First National Bank of America60 Month CD
2.85%$1k-First National Bank of America60 Month IRA (Traditional, Roth)
Rates as of September 18, 2019.

The 60-month CD is available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements. The 72- and 84-month CDs are not offered as IRAs.

Flex CDs

FNBA also offers Flex CDs, which “allow for a one-time rate increase during the term of the account.” While the 72- and 84-month terms are not available as Flex CDs, there is a 60-month Flex CD, with a slightly lower APY of 2.80%.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$1k-First National Bank of America60 Month Flex CD
Rates as of September 18, 2019.

The Truth-in-Savings document is not available on FNBA’s website. A very helpful and knowledgeable CD Specialist provided the following:

  • The Early Withdrawal Penalty for the 60-, 72- and 84-month CDs is 540 days interest on the amount withdrawn, with partial withdrawals permitted.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.

Availability

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. Following the submission of a completed online application, the Bank will contact you to finalize the application.

Bank Overview

First National Bank of America has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 24.77% (average), based on March 31, 2019 data. In the past year, FNBA has increased its total non-brokered deposits by $147.4 million, an excellent annual growth rate of 27.44%. 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 $1.9 billion in assets and more than 26,500 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 CDs Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, First National Bank of America’s 84- and 72-month CD APYs currently rank at or near the top.

Interest RateCD Length of TermCredit Union/Bank
3.05% APY84-Month Certificate SpecialAndrews Federal Credit Union
2.95% APY84-month CDFirst National Bank of America
2.80% APY7-Year CDAFFCU

Interest RateCD Length of TermCredit Union/Bank
2.90% APY72-month CDFirst National Bank of America
2.70% APY60-71 Month CDChartway Federal Credit Union
2.65% APY6-Year High-Yield CDGoldman Sachs Bank

The above rates are accurate as of 8/24/2019.

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, 5-year CD rates, nationwide deals

Comments


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max100
max100   |     |   Comment #5
great bank excellent service
String G
String G   |     |   Comment #13
Thank you Dr. Moose for explaining the economy is booming, but is also taking a breather.

And especially for flagging any post that quotes your own words.
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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