First National Bank of America Ups 12-Month CD Rate

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Availability: 12-23 month CD, 2.50% APY, $1k min/$1m max deposit

Availability: Nationwide through online application

After a 35 bps rate increase last week, the Michigan-based First National Bank of America (FNBA) 12-23 month CD now earns 2.50% APY (customer can choose terms from 12 to 23 months.) While FNBA raised the rates (between 15-65 bps) on all its CDs last week, the 12-23 month CD has the most competitive rate. The minimum opening deposit is $1k, with a balance cap of $1 million.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25%$1k$1mFirst National Bank of America12-23 Month CD
3.25%$1k$1mFirst National Bank of America12-23 Month IRA CD (Traditional, Roth)
Rates as of September 29, 2022.

The CD is available as an IRA CD (Traditional and Roth) earning the same APY with the same deposit requirements, but IRA CDs can only be opened in-branch.

The following information comes from FNBA’s FAQs page and a conversation with a knowledgeable FNBA CD Specialist.

  • The Early Withdrawal Penalty for CDs with terms of 12-23 months is 180 days of interest on the amount withdrawn and 360 days for terms of 24-47 month, with partial withdrawals permitted.
  • CD interest rates are set at account opening.
  • Only “personal” CDs can be opened online – no business, trusts, estates, power of attorneys, custodial accounts, health savings accounts, or individual retirement accounts.
  • 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 from a checking or savings account. 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 continues to offer its CDs on a nationwide basis to U.S. 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, Grand Rapids, and Traverse City.

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 ensure 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 14.50% (above average), based on March 31, 2022 data. In the past year, FNBA has increased its total non-brokered deposits by $138.77 million, an excellent annual growth rate of 10.02%. 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 fifth largest bank, with assets in excess of $3.4 billion and more over 42,000 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-seven 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 12-23 month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the First National Bank of America 12-23 month CD. The following table compares the 12-23 month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 7/18/2022.

To look 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, nationwide deals

Comments
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Availability: Nationwide through online application

With across-the-board CD rate increases this week, Michigan-based First National Bank of America (FNBA) is currently offering two very competitive CDs: 12-23 month (1.30% APY) and 24-35 month (1.65% APY). All FNBA CDs require a minimum $1k opening deposit and are capped at $1 million.

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Availability: Nationwide through online application

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Availability: Nationwide through online application

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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.

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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.

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