The Best Fixed Annuity and CD Rates in Michigan (June 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

In the dynamic financial environment of Michigan, the quest to amplify your savings takes on a whole new meaning. This comparison is a thorough guide to exploring and comparing the best and highest CD rates, money market rates, fixed annuity rates, and savings account interest rates available across Great Lake State. From traditional brick-and-mortar banks to community-centric credit unions, and convenient online platforms, various institutions are vying to offer the most competitive options to help grow your savings. By breaking down and comparing these offers, we aim to aid you in maximizing your returns and navigating the Michigan financial landscape with confidence and the power of knowledge about prevailing interest rates at your fingertips.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountHanover Bank5.27%
N/ASavings AccountGreenwood Credit Union5.27%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.15%

Disclaimer: This is a comparison review. The Annuity Expert is not associated with a bank or credit union. We aim to help you find the highest interest rates for your savings. We may receive a small referral fee if you purchase something using a link in this guide.

The Best Fixed Annuity Rates In Michigan

Fixed annuities are insurance policies that provide guaranteed interest for a specified period, usually for retirement. When you invest in a fixed annuity, the insurance company promises to pay you a set amount of money, either in one lump sum or in regular payments, over a specific period.

Disclaimer: Products are subject to state availability. Please inquire below for details.

Understanding the Benefits of Fixed Annuities

Finding the Best Fixed Annuity Rates in Michigan

Comparing rates from different insurance companies is crucial when shopping for a fixed annuity. The best-fixed annuity rates in Michigan can vary depending on the company, the type of annuity, and other factors such as your age and the amount of money you invest.

Here are a few tips to help you find the best-fixed annuity rates in Michigan:

  • Compare rates from multiple insurance companies
  • Consider the length of the investment period
  • Look for companies with a solid financial rating
  • Read the fine print to understand any fees or restrictions associated with the annuity

Best CD Rates In Michigan

Another popular investment option in Michigan is the certificate of deposit (CD). A CD is a type of savings account requiring you to deposit a set amount of money for a fixed period, usually six months to five years. In return, the bank promises to pay you a fixed interest rate over the CD term.

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
Merrick Bank5.40% APY3 Months$25,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Banc of California5.34% APY3 Months$1.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
Inova Federal Credit Union5.50% APY6 Months$200.00
My eBanc5.51% APY6 Months$50,000.00
Total Direct Bank5.51% APY6 Months$25,00.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
NexBank5.40% APY12 Months$25,000.00
State Bank of Texas5.40% APY12 Months$50,000.00
My eBanc5.41% APY12 Months$50,000.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Crescent Bank4.90% APY24 Months$1,000.00
Eastman Credit Union5.40% APY24 Months$100,000.00
NexBank4.80% APY24 Months$10,00.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Credit Human4.65% APY36 Months$500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Crescent Bank4.80% APY36 Months$1,000.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Eastman Credit Union4.65% APY48 Months$1,000.00
NexBank4.45% APY48 Months$10,000.00
Credit Human4.65% APY48 Months$500.00

5-Year CD Rates

Banks and credit unions have the highest CD rates for 60 months.

Best 5-Year CD RatesRateTermMinimum
First National Bank of America4.50% APY60 Months$1,000.00
Eastman Credit Union4.75% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00
Best And Highest Cd, Annuity, Savings, Money Market Rates In Michigan (Mi)

Understanding the Benefits of CD Rates

Finding the Best CD Rates in Michigan

Like Fixed annuities, comparing CD rates from different banks is essential when shopping for the best option. The best CD rates in Michigan can vary depending on the bank, the term of the CD, and the amount of money you invest.

Here are a few tips to help you find the best CD rates in Michigan:

  • Compare rates from multiple banks
  • Consider the length of the investment term
  • Look for banks with a solid financial rating
  • Read the fine print to understand any fees or restrictions associated with the CD

How We Can Help

At The Annuity Expert, we understand that finding the right investment can be overwhelming. With 15 years of experience as an insurance agency, annuity broker, and retirement planner, we’re dedicated to helping you navigate your options to find the best solutions at the lowest costs.

Your Financial Challenge

The core problem we solve is finding secure and profitable savings solutions tailored to your needs. Many savers struggle with low-interest rates and uncertain financial products, which can lead to anxiety and frustration. We recognize these challenges and are here to offer our expertise.

Our Commitment to You

We believe in transparency, reliability, and personalized service. Our goal is to provide you with the highest quality financial products that ensure your money works as hard as you do.

What We Recommend

Step 1: Initial Consultation

  • First Step: Schedule a free consultation with our experts. During this session, we will understand your financial goals and assess your current investment strategy.
  • Main Benefit: Gain clarity on your financial goals and the best path forward.

Step 2: Personalized Recommendations

  • What We Do: Based on your unique needs, we will provide tailored investment recommendations that offer the best returns and terms.
  • Main Benefit: Receive personalized advice that maximizes your investment potential.

Step 3: Secure Your Investment

  • Final Step: We assist you in opening your chosen investment accounts, ensuring all details are handled smoothly and efficiently.
  • Main Benefit: Secure a high-return investment with confidence, knowing you’ve made an informed decision.

Features and Benefits

  • Expert Advice: Personalized guidance to help you select the best investment options.
  • Updated Rates: Access to the latest and most competitive investment products.
  • Convenience: A wide range of investment options in one place.

Addressing Common Objections

  • Objection: “I’m worried about investment risks.”
    Response: We’ll help you choose a diversified portfolio that matches your risk tolerance and financial goals.
  • Objection: “Investment options seem too complex.”
    Response: Our experts simplify the process, providing clear and concise recommendations tailored to your needs.

Without our guidance, you might miss out on the best investment options and returns, potentially impacting your financial growth and stability.

By working with us, you’ll enjoy higher returns on your investments, peace of mind from secure financial products, and the confidence that comes with expert financial advice.

Imagine the relief and satisfaction of knowing your investments are growing efficiently and securely. Our tailored approach ensures you feel valued, supported, and confident in your financial future.

For free advice or a personalized quote, contact The Annuity Expert. Let us help you secure the best investment options and achieve your financial goals.

If you’re still uncertain about which option is better for you, don’t hesitate to contact us here at The Annuity Expert, our team will be more than happy to answer any questions you might have and help guide you through the process so that you can get the most out of your hard-earned money. Contact us today for a quote!

The Best Fixed Annuity And Best Cd Rates In Michigan (Mi)

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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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