Competitive CD Specials at The Miners State Bank in Michigan - Local Only

POSTED ON TUESDAY, JULY 13, 2010 BY Ken Tumin

The Miners State Bank is offering three competitive CD specials: a 2.25% APY 29-month CD, a 2.02% APY 19-month CD and a 1.30% APY 9-month CD. Minimum deposit is $1,000. These rates are listed in the bank's rates page as of 7/13/2010.

One thing I like about this bank is that it lists the early withdrawal penalties on the bottom of the rate table. Some banks hide these penalties in their disclosures which are often not even available online. The penalties for the bank's CDs are typical: 3 months of interest for terms of 12 months and under, and 6 months of interest for terms over 12 months.

It appears that a branch visit is required to open an account. Branches are located in the Michigan cities of Iron River, Houghton, Ontonagon, Hancock and South Range.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of The Miners State Bank). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 1934 (FDIC Certificate # 10928).

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Comments

Frank | Jul 13, 2010 | Comment #1

I have had an IRA account at Miners State Bank for several years. The interest rates have been competitive in the last couple of years, but fantastic before that. The 2 year Variable Rate IRA CD is tied to the Wall Street Journal Prime Rate and adjusts quarterly and currently yields 2%. Also for individuals over 591/2 there is no penalty for early withdrawl. The employees are wonderful, especially Gerri in the IRA department.

BTW, Lake Michigan Credit Union also has good IRA CD rates (48 mth CD yielding 3% and an IRA Money Market account currently yielding 2.5%).