4.50% 36-Month / 4.05% 25-Month CD at a Michigan Bank (Peoples State)


Peoples State Bank is offering some attractive CD specials. These include a 4.50% APY CD with terms of 36 to 40 months, a 4.05% APY CD with terms of 25 to 30 months, and a 3.50% APY for terms of 13 to 15 months. The minimum deposit amount is $5,000 with a maximum of $250,000.

It appears a branch visit is required to open the CD. Branches are located in several Michigan cities including Farmington Hills, Fenton, Madison Heights, Sterling Heights, Troy and Warren. The bank has been FDIC insured since 1934 (FDIC Certificate # 14939). It has a 2 star rating (problematic) at BauerFinancial based on 3/31/08 data.
Peter Hoogveld
Peter Hoogveld (anonymous)   |     |   Comment #1
I love high CD rates and I found one: 18 percent Tax Free and insured by the FDIC in the Philippines. But, to be honest: I don't fully trust it. The banks are located in a poor country while I live in the Netherlands. But a friend of mine, also a Dutchman, now almost convinced me to take the step. He invested in the same cds in 2002, collected 18% per year and got back his deposit in 2007. The point is that consumers in the Philippines don't mind paying 3% interest per month on loans. These are teachers and farmers and the like. That's a whopping 36% per year ! Of course these banks can easily pay 18% per year. I discovered that the Philippines currently have a very solid banking system and that most banks are much richer than in my country, the Netherlands and in Europe. I have seen annual reports of rural banks showing assets worth billions of Pesos. Logical, because when the customer can't pay back the loan, a collateral is foreclosed by the bank, mostly house and lot. But even now I'm still in doubt. Can anyone advice me on this ?
3.01% Reward Checking Account at a Wisconsin Bank (People's State)
Update 10/15/09: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

People's State Bank is offering a rewards checking account that pays 3.01% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees up to $4.99 per transaction if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit or automatic payment
  • receive your statements online

If these are not met, the rate falls to 0.10%. No minimum balance is required.

The application is available online, and there are instructions...

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