Oxford Bank Offers Competitive 12-Month CD Special In Michigan


Deal Summary: 12-month CD Special, 5.46% APY, $500 minimum opening deposit.

Availability: Two East Michigan counties and one southeast Michigan county (possible statewide market area).

For a limited time, Oxford Bank is offering a 12-month CD Special earning a competitive 5.46% APY. The minimum opening deposit is $500, with no stated balance cap. While there is no end-date specified, Oxford Bank’s home page reads,

This CD promotion may be discontinued at any time without prior notice.

The 12-month CD Special is also available as an IRA CD Special (Tradition, Roth, CESA), earning the same APY but requiring a lower $50 opening deposit.

Availability and Account Opening

Headquartered in Oxford, Michigan (about 40 miles north of Detroit), Oxford Bank has a brick-and-mortar presence in Genesee, Lapeer, and Oakland Counties. While Oxford Bank offers its Kasasa Cash account on a statewide basis through an online application, according to CSR, opening a CD Special must be opening in-branch.

While there is an “Apply Now” button on the Certificates page, it leads to a form that collects basic personal and contact information.

Please fill out the fields in the form to the right. One of our representatives will contact you within one business day to complete the process.

CSR was not aware of this form, insisting that a CD Special can only be opened at any of seven full-service Michigan branches, located in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville, and Oxford. CSR stated any Michigan resident who can come into a branch location is eligible to opening a CD Special. Before traveling any distance, a call to Oxford Bank to confirm you qualify to open a CD Special would be a good idea.

Funding and Other Details

The following information was obtained from CSR.

  • Funding – ACH, wire, check, or internal transfer.
  • Ownership – Individual or joint.
  • Interest – Compounded/credited quarterly; cannot be withdrawn without penalty.
  • Early Withdrawal Penalty – 90 days interest; partial withdrawals allowed.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to an Oxford Bank savings account.
  • Grace Period – 10 business days before automatic renewal as a regular 12-month CD.
  • Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers required.
  • Credit Check – Soft pull.

Bank Overview

Oxford Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 14.93% (above average) based on March 31, 2023 data. In the past year, Oxford Bank has increased its total non-brokered deposits by $24.13 million, an excellent annual growth rate of 3.39%. Please refer to our financial overview of Oxford Bank (FDIC Certificate # 9719) for more details.

Established in 1884, Oxford Bank is currently the 21st largest bank headquartered in Michigan, with assets in excess of $821 million and nearly 18,000 accounts. Oxford Bank is also the oldest commercial bank in Oakland County and has operated continuously under local ownership and management. The Bank’s founder and chief executive officer, Gabriel S. Holbert, died less than six months after the original Oxford Savings Bank opened its doors for business. His untimely death at age 46 prompted the Bank’s officers to create an official memorial page in the Bank’s permanent records.

He was the faithful friend, the beloved companion, the counseling brother of each one of us. To the stranger’s eye his char stands vacant in our circle. Not so to ours: so recently was he here, so closely was his daily life interwoven with our own, that it is difficult for us to make him dead.

How the 12-month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, one bank has a higher rate than currently offered on the Oxford Bank 12-month CD Special. The following table compares the 12-month CD Special 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 6/15/2023.

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, Flint CD rates, 1-year CD rates, IRA CD rates

Oxford Bank (MI) Offers Top Kasasa Cash Account Statewide
Deal Summary: Kasasa Cash, 2.50% APY on qualifying balances up to $50k. Kasasa Saver, 0.75% APY on qualifying balances up to $50k.

Availability: All Michigan residents

One of the most competitive reward checking accounts available in Michigan, Oxford Bank’s Kasasa Cash currently earns 2.50% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.35% APY, with all non-qualifying balances earning 0.05% APY.

What makes Oxford Bank's Kasasa Cash so competitive is the $50k balance cap. Several other reward checking accounts in Michigan...

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Oxford Bank (MI) Offers Kasasa Cash (2.50% APY up to $50k) State Wide
Deal Summary: Kasasa Cash, 2.50% APY on qualifying balances up to $50k.

Availability: Michigan

Currently available to all Michigan residents, Oxford Bank’s Kasasa Cash earns 2.50% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.35% APY, with all non-qualifying balances earning 0.05% APY.

The rate is a little low for Reward Checking Accounts, but the $50k cap is way above the typical $25k cap and makes the account noteworthy.

The Kasasa Cash was added to the product line two years ago, with an initial...

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