Level One Bank (MI) Offers Two Penalty-Free CDs

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Availability: Market area is Southeast Michigan.

Level One Bank is continuing its "CDs with Flexibility" promotion, which includes a 25-month CD Special (1.30% APY) and a 37-month CD Special (1.50% APY).

The minimum opening deposit for either CD Special is $10K of new money, with no balance cap.

The "Flexibility" component of these Specials is the two penalty-free withdrawals. The fine print on Level One Bank’s CD Promotion page explains the penalty-free withdrawals as follows:

25 Month CD – Up to two early withdrawal penalties will be waived when withdrawn no sooner than 12 months after the initial date of deposit, provided funds are available and withdrawals do not occur within 7 business days of each other.

A withdrawal that occurs prior to 12 months after the initial date of deposit or within 7 business days of a previous withdrawal will be subject to an early withdrawal penalty of 365 days interest on the amount withdrawn.

37 Month CD – Up to two early withdrawal penalties will be waived when withdrawn no sooner than 24 months after the initial date of deposit, provided funds are available and withdrawals do not occur within 7 business days of each other.

A withdrawal that occurs prior to 24 months after the initial date of deposit or within 7 business days of a previous withdrawal will be subject to an early withdrawal penalty of 365 days interest on the amount withdrawn.

Thanks to the DA reader who let me know about the "CDs with Flexibility."

Availability

Headquartered in Farmington Hills, Level One Bank’s market area covers Southeast Michigan (Detroit Metro area), with branch offices in Oakland and Macomb Counties.

Opening a CD (or any other type of account) with Level One Bank requires an in-person visit to any of ten Michigan branches, located in Birmingham, Bloomfield Township, Farmington Hills (4), Ferndale, Northville, Novi, and Sterling Heights.

Bank Overview

Level One Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.89% (excellent) based on March 31, 2015 data. In the past year, Level One Bank has increased its total deposits by $147.63 Million, an excellent annual growth rate of 27.38%. Please refer to our financial overview of Level One Bank for more details.

Level One Bank (FDIC Certificate # 58604) opened its doors in October 2007, in the middle of the financial crisis of 2006-2008. The Bank was created by a team of local business leaders and bankers who recognized the need for a bank that could provide local decision making and a more personal way of doing business. In the past six years, Level One Bank has acquired three Detroit Metro area banks and currently holds assets in excess of $843 Million.

How the CDs Compare

Based solely on APY, when compared to similar length-of-term CDs tracked by Deposit Accounts.com that are available to Michigan residents, both of Level One Bank’s "CDs with Flexibility" currently rank 19th, but the two penalty-free withdrawals option increases the intrinsic value of the CDs.

The above rates are accurate as of 8/25/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
Thanks, Ken.  That is a very interesting wrinkle in the "no penalty" space, not one I have run across prior.  Would have to give a lot of thought to either offering.  Already own large number of "no penalty" CDs, but they are of the "day one" variety, with no minimum time provisions.  They were an easy purchase decision, I have yet to turn in even one CD, and I am happy with these CDs and appreciate the flexibility they provide.

But with this minimum time wrinkle, I dunno.  Certainly it is less attractive . . . . . 
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