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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 1.1% 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.
0.7%
1-year APY
0.85%
3-year APY
1%
5-year APY
Minimum deposit to open | $1,000 |
---|---|
Interest compounding | Daily |
1-year APY | 0.7% |
2-year APY | 0.8% |
3-year APY | 0.85% |
4-year APY | 0.9% |
5-year APY | 1% |
7-year APY | 1.1% |
Early withdrawal penalty | 90 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 writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
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.
Apply for a CD in nine steps:
You must meet the following requirements to open a CD:
Have the following information ready before you apply:
Fund your CD using one of the following methods:
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:
Keep the following limitations in mind before you apply:
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.
When your CD has reached maturity, you have a 10-day grace period to decide between the following options:
If you take no action, your entire CD will automatically roll over for the same term at the rate offered at the time.
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: