CD Rates in Michigan for June 2026
Updated June 4, 2026
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The best certificates of deposit (CDs) are a good option for growing your savings with minimal risk. With rates still near multi-year highs, now is a great time for Michigan savers to lock in competitive returns.
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How Bankrate works
Compare rates
See savings and CD rates from different banks and credit unions in one place, so you can quickly compare your options.
Choose an account
Check the rate, terms and requirements, then pick the account that helps your savings grow faster.
Continue to the bank
Click through to the bank or credit union to open your account and start earning interest.
How to compare the best CD rates in Michigan
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Term
CD terms typically range from three months to five years. When selecting a term, ask yourself how long you can comfortably keep your money untouched. Most CDs charge an early withdrawal penalty if you access funds before the term ends.
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Yield
When comparing CDs of the same term, the annual percentage yield (APY) is the most important factor. The higher the yield, the more you earn on your money.
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Minimum deposit
Make sure the institution's minimum deposit requirement lines up with the amount you plan to save. Minimums between $500 and $1,000 are common but you may see much lower or higher requirements.
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Penalties and fees
Life happens — and if you have to withdraw your money early, you want to make sure you don't lose all your earnings. Check the early withdrawal penalty for the term you're eyeing, and watch out for additional flat fees.
Check out credit unions rates, too
Online banks are a great place to start your search for competitive CDs — many offer higher rates than Michigan's brick-and-mortar banks. But don't forget about credit unions. Credit unions are not-for-profit and owned by their members, which can translate into higher rates than you'll find elsewhere. However, membership is often limited to people who live or work in specific geographic areas or have particular careers.
You can search for local credit unions in Michigan via a search engine and check out their membership requirements and CDs (which they may call "share certificates"). Or visit the National Credit Union Administration (NCUA's) finder tool to find one. That’s where you can also make sure the credit union you go with is federally insured.
To get you started, these are some of the biggest credit unions in Michigan by membership:
How to decide whether you want a long- or short-term CD
Terms under six months typically have significantly lower yields than longer terms. When rates are higher — as they are currently — longer CD terms make more sense (as long as you can leave your money deposited for the full term).
Next steps to take out a CD in Michigan
Research methodology
Since 1976, Bankrate has been a leading publisher of rates and personal finance articles. We help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.
Part of Bankrate’s editorial team is made up of a group of banking experts. These experts have collectively researched over 100 banks and review current details at least monthly to make sure readers stay up to date on the latest rates and bank products. If you see a star rating next to a product, that has been established by one of our banking experts, and is not influenced by partner status.
Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.