First State Bank (MI) Offers Competitive 15-Month CD Special


Deal Summary: 15-month CD Special, 5.40% APY, $1k minimum deposit, combination of new money and limited existing funds possible.

Availability: Macomb and Oakland Counties, Michigan.

Although spring can’t arrive soon enough for most of us, First State Bank is still promoting its “Cozy Up with Winter Savings” 15-month CD Special. Offering a competitive 5.40% APY, the 15-month CD Special requires a minimum opening deposit of $1k of new money, with no stated balance cap.

The 15-month CD Special is also available as an IRA CD Special (Traditional, Roth), earning the same APY with the same funding deposit requirements.

Depositing limited existing FSB funds is possible. As stated in the fine print of the landing page,

Current First State Bank customers are eligible to make a one-time transfer from another First State Bank account of up to $25,000 with the deposit of $5,000 or greater in funds new to First State Bank. Limit one account transfer offer per tax-reported owner.

Early Withdrawal Penalty

The FSB website is light on documentation, with no Truth-in-Savings disclosure available. My conversation with CSR concerning the 15-month CD Special Early Withdrawal Penalty (EWP) was not that helpful. While CSR confirmed that partial withdrawals are allowed and that the principal is not protected, she was unable to provide the EWP, other than to say it was “substantial” and “too complicated to explain” I asked to be transferred to a branch, but was told that was not possible. CSR did offer to relay my question to a branch and I would receive a call-back; I’m still waiting for the call.

LSS, I have no idea what the actual EWP is.

Availability and Account Opening

Headquartered in St. Clair Shores, Michigan, First State Bank offers its product line to legal U.S. residents (18 years or older) with a valid Social Security number who live in Macomb County or Oakland County. As the second and third most populous counties in Michigan, their combined population approximates 21% of the entire state’s residents.

The 15-month CD Special can be opened online or at any of the 12 full-service Michigan branches, located in Chesterfield, Clinton Township (2), East Detroit, Eastpointe, Macomb, Richmon, Rochester Hills, St. Clair Shores (2), Sterling Heights, and Washington Township.

Funding and Other Details

The following information is from the FSB website and a conversation with CSR.

  • Funding – ACH, check, limited internal transfer.
  • Ownership – Individual, joint, or trust, but trust accounts must be opened in-branch.
  • Interest – Compounded/credited quarterly; automatic transfer to an FSB liquid account can be set up when opening a CD.
  • Maturing Funds – Cashier’s check or internal transfer to an FSB liquid account.
  • Grace Period – 10 calendar days.
  • Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers required for beneficiaries.
  • Credit Check – ChexSystems.

Bank Overview

First State Bank has an overall health grade of "A" at, with a Texas Ratio of 1.22% (excellent) based on September 30, 2023 data. In the past year, FSB has increased its total non-brokered deposits by $18.52 million, an above average annual growth rate of 2.06%. Please refer to our financial overview of First State Bank (FDIC Certificate # 15032) for more details.

Established in 1917, First State Bank was originally known as First State Bank of East Detroit. (East Detroit was a suburb of Detroit, not a Detroit neighborhood. East Detroit change its name to Eastpointe in 1992.) To avoid any confusion, “of East Detroit” was dropped from the Bank’s name in 2012. Currently the 13th largest bank headquartered in Michigan, First State Bank has assets in excess of $1.1 billion and more than 28,000 customer accounts.

How the 15-Month CD Special Compares

When compared to similar length-of-term CDs tracked by that are available within the market area and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the First State Bank 15-Month CD Special. The following table compares the 15-Month CD Special to the four highest-rate similar length-of-term CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 2/19/2024.

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

Related Pages: Detroit CD rates, 1-year CD rates, IRA CD rates


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.