When looking for the best savings account rates, it’s important to know more than just the highest interest rate in the city. Even a savings rate isn’t the highest one, it can still be an excellent rate that will help your balance grow. Therefore, you should regularly check up on the average Michigan savings rate to get a benchmark for comparing accounts. If you find an offer that beats the city average, you have found a competitive interest rate for your area. 
Michigan Banking Rates
Compare the Best Local RatesOur Featured Michigan Bank Rate
More Banks and Credit Unions in Michigan and Surrounding Areas
A.B.D. Credit Union27850 Mound Rd
Warren, MI 48092 AAC Credit Union
12390 Riley St
Holland, MI 49424 Access First Credit Union
52800 North Main Street
Mattawan, MI 49071 Advantage One Credit Union
23670 Telegraph Rd
Brownstown, MI 48134 Aeroquip Credit Union
901 Plymouth St
Jackson, MI 49201 Alden State Bank
10564 Coy Street
Alden, MI 49612 Allegan Community Credit Union
P.O. Box 320
Allegan, MI 49010 Allegis Credit Union
5713 Venture Point
Kalamazoo, MI 49009
CD Rates in Michigan are constantly changing, which is why it’s important to keep an eye on current offers. Whether you’re looking to open a new account or want to ensure the one you have is earning the highest rate available, reviewing rates in your state on a regular basis will help you maximize your deposits.
If you’re not currently earning a competitive rate on your savings, you’re basically wasting money. As we head into July, let’s examine current savings rate trends in Michigan and find out where the best rates are today.
Current Savings Account Interest Rates in Michigan
In order to better understand current savings rate trends in your area, here’s a breakdown of interest rates presently available:
We’re well into summer, which means you’re likely going to be spending more money than usual on vacations, entertainment and other seasonal expenses. Don’t get so wrapped up in the spending that you forget to save, too. Putting some money away in a Michigan 6-month CD now means you will come out of the summer festivities and following holidays with extra cash and interest earned on top.
There are thousands of financial institutions throughout the U.S., several of which are probably in your home town. From bustling cities to tiny suburbs, there’s no shortage of banks and credit unions nearby. So when you’re trying to maximize your deposits and find the highest interest rates to help them grow, how do you know where to go? Below, Michigan Banking Rates has compared the average bank rates in Michigan with those at local credit unions to find out whether community banks or CUs have the best overall interest rates to offer.
Having a solid understanding of the interest rates available from banks and credit unions near you is very important if you expect to hold high-earning accounts. Michigan Banking Rates has compiled a list of the average CD rates in Michigan by term, so you can gauge the competitiveness of your own accounts or have a benchmark for comparison if you are interested in opening a new CD.
Do you belong to a credit union? If not, you could be missing out on some of the best interest rates in Michigan. Credit unions are known to have the most competitive rates, the only problem is you have to be a member to take advantage of them.
There are several credit unions in Michigan offering outstanding rates. If the interest rates below are better than what you’re presently earning, find out how to become a member of one of these institutions and enjoy the great rates current members do right now.
Both community banks and credit unions have garnered reputations as sources of excellent interest rates, which is great to know when you’re looking for the highest rate on your Michigan savings account. Of course, only one financial institution in the state can have the very best interest rate of all, and you probably want to know where that is. Is it the nearby bank or your community credit union? You’re about to find out.
When searching for the best Michigan interest rates, there are actually several different types of financial institutions where you can look like community banks, credit unions, national banks and online institutions. So why not begin your search close to home with the local banks in your area? These small organizations tend to offer higher rates than larger banks and chains. The following is a look at the highest rates from local banks specifically.
Current 24-Month CD Rates in Michigan
There are a total of 47 CD accounts available in Michigan for a term of 24 months. Out of all these accounts, the average rate is 1.01% APY. The lowest rate we have on record right now is 0.45% APY.
