According to a recent Primerates.com survey conducted on July 16, 2012 of Detroit CD rates offered by the area banks & credit unions, Detroit’s largest financial institutions offered short-term savers 6-month CD’s with rates between 0.10% at Fifth Third Bank (www.53.com), and 0.30% at Flagstar Bank (www.flagstar.com). Meanwhile, First Place Bank (www.firstplacebank.com) offered the highest 2-year and 5-year CDs, with rates of 0.55% and 1.00% respectively.
CD’s are typically insured up to $250,000 by the FDIC. As CD’s mature, banks typically re-price the rates on deposits. Make sure that you track when your CD’s mature so that you can roll them over into new CD’s and keep your money working as hard as possible.
| Banks | 6 month | 1 year | 2 year | 3 year | 4 year | 5 year |
| Comerica Bank | 0.10% | 0.15% | 0.30% | 0.35% | 0.60% | 0.85% |
| Flagstar Bank | 0.30% | 0.45% | 0.55% | 0.65% | 0.75% | 0.95% |
| RBS Citizens | NA | NA | 0.40% | NA | NA | 1.00% |
| Fifth Third Bank | 0.10% | 0.15% | 0.40% | 0.55% | 0.70% | 0.85% |
| The Huntington National Bank | 0.20% | 0.20% | 0.25% | 0.35% | 0.50% | 0.75% |
| Talmer Bank and Trust | 0.20% | 0.30% | 0.45% | 0.65% | 0.80% | 1.00% |
| Citizens Bank | 0.15% | 0.20% | 0.35% | 0.40% | 0.45% | 0.55% |
| First State Bank of East Detroit | 0.15% | 0.20% | 0.30% | 0.45% | 0.70% | 0.85% |
| First Place Bank | 0.15% | 0.25% | 0.55% | 0.65% | 0.85% | 1.00% |
Rates from banks, thrifts and credit union were posted on their websites on the date indicated for a $10,000 certificates of deposit meeting the specific holding requirement. Data is believed accurate at time of collection, can change without notice, and will vary. Contact a specific institution for current rates.
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