mBank in Michigan is offering three competitive CD and IRA CD rates: 1.60% APY for 2 years, 1.75% APY for 3 years and 2.25% APY for 4 years. The bank actually gives customers a range of terms for each of these rates. I just listed the shortest of the terms. These rates are listed in the bank's rates page as of 11/18/2011. The bank has separate rate tables for the three different parts of Michigan where it has branches. Currently, all three have these same rates.
The bank also offers two decent checking accounts: Green Checking and High Yield Checking. These used to offer competitive rates, but the rates have fallen quite a bit. They still have some nice features like free ATM access anywhere in the U.S. I first reported on these checking accounts last year when the Green Checking yield was 1.55% and the High Yield Checking yield was 1.40%.
It appears that a branch visit is required to open an account. mBank branches are located in Southeast Michigan near Detroit, in Northern Michigan and in Michigan's Upper Peninsula.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 21.11% (average) based on June 2011 data. Please refer to our financial overview of mBank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 14816).
How These CD Rates Compare
mBank's 2-year CD rate is higher than the best 2-year CD rates that are nationally available. That's currently 1.51% APY at Velocity Credit Union and 1.32% APY at CIT Bank. mBank's 4-year CD rate is also higher than the best 4-year CD rates that are nationally available. That's currently 2.17% APY at Melrose Credit Union. mBank's 3-year CD rate is below Velocity Credit Union's 3-year CD special of 2.12% APY, but it's higher than the best bank 3-year CD rate of 1.70% APY at iGObanking.com. These rates are accurate as of 11/18/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.