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First National Bank of America Online CD review

Get a competitive rate with no maintenance fees.’s rating: 4.5 / 5.0


First National Bank of America is a Michigan-based community bank. They’re known for offering some of the highest CD rates. It’s highest rate tops at 1.3% APY for its 84-month term. It also offers a wide range of term options to choose from all available online. But it doesn’t offer any short terms under one year.

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1-year APY


3-year APY


5-year APY


Minimum deposit to open$1,000
Interest compoundingDaily
1-year APY0.65%
2-year APY0.75%
3-year APY0.9%
4-year APY0.9%
5-year APY1.2%
7-year APY1.3%
Early withdrawal penalty90 days interest for terms of 1 to 11 months
180 days interest for terms of 12 to 23 months
360 days interest for terms of 24 to 47 months
540 days interest for terms of 48 to 84 months

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

First National Bank of America CDs are ideal for anyone looking to invest long-term with competitive interest rates. Its terms range from one to seven years, so you’ll have many options.
But it doesn’t offer any terms shorter than one year. And if you’re looking to open other personal bank accounts at FNBA, you’ll need to visit a Michigan branch to open.

How do I open a First National Bank of America Online CD account?

Apply for a CD in nine steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the home page, click Open Now, then click Open Now again at the Certificates of Deposit page.
  3. When you’re done reading the agreement and disclosures, select the checkbox and click Continue.
  4. Select the CDs you want to open. Then click Continue.
  5. Enter your funding information and click Continue.
  6. Review your application and click Submit to apply, verifying your identity through the security questions.
  7. Once your application is sent, click Return to Home.
  8. Click View or Upload Documents to attach a photo of the IDs for each applicant.
  9. Log out and First National Bank of America will contact you through your email within one business day.


You must meet the following requirements to open a CD:

  • At least 18 years old
  • US citizen or resident
  • Valid Social Security number or Taxpayer ID
  • Valid US home address
  • $1,000 minimum deposit

Required information

Have the following information ready before you apply:

  • Social Security number
  • Name, address and phone number
  • Date of birth
  • Driver’s license or ID card
  • Employment information, including gross monthly income
  • Bank account and routing numbers

Funding options

The only way you can fund your CD is through an ACH bank transfer.

Benefits of a First National Bank of America CD

Like other CDs, your rate is locked and you won’t pay for any maintenance fees. You can look forward to the following benefits from your CD account:

  • Variety of available terms. You can choose between 12-, 24-, 36-, 48-, 60-, 72- and 84-month terms.
  • Competitive rates. At 0.65% APY for a one-year term, FNBA offers higher interest than many of its competitors for shorter terms.

What to watch out for

Keep the following limitations in mind before you apply:

  • Limited branch locations. FNBA has three bank locations in Michigan, but you can apply for a CD online.
  • Relatively high minimum. You need $1,000 minimum to open a CD.
  • No short terms. The shortest term you can get with FNBA is one year.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.

Compare up to 4 providers

If you’re just starting out and aren’t sure if you’re ready to commit for longer than a year, you’ll want to keep looking. As always, compare your options when considering a CD.

How do I cash in a CD?

When your CD has reached maturity, you have a 10-day grace period to decide between the following options:

  • Roll your CD into a new term at the rate currently offered.
  • Withdraw a part of your CD and roll the remainder into a new term at the rate currently offered.
  • Withdraw all of the funds in the CD.

If you take no action, your entire CD will automatically roll over for the same term at the rate offered at the time.

What other savings products does First National Bank of America offer?

The following savings products are available from FNBA, but you must apply in person at one of the bank branches in Michigan to open these accounts:

  • Statement Savings account. This savings account only requires a $100 deposit to open, and you only have to maintain a $199 average balance to avoid monthly maintenance fees.
  • HomeTowne Checking account. This money market account offers unlimited check-writing privileges. But you need $1,000 to open and maintain the account without fees. FNBA will also match or beat any money market rate from any other bank in East Lansing, Grand Rapids or Traverse City, Michigan.

Frequently asked questions

CDs ratings

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★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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