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Michigan-based First National Bank of America, FNBA, offers competitive APYs for certificate of deposit (CD) accounts. Anyone can open a CD with FNBA whether they live near a branch or not, but rates may vary by ZIP Code. All CDs, which range from six-month to seven-year terms, require a minimum opening deposit of $1,000.
In this overview of First National Bank of America Certificates of Deposit rates, APYs are accurate as of March 4, 2024.
| CD Type | APY | Minimum Deposit |
|---|---|---|
12 Months | 5.15% | $1,000 |
24 Months | 4.80% | $1,000 |
36 Months | 4.65% | $1,000 |
48 Months | 4.55% | $1,000 |
60 Months | 4.55% | $1,000 |
72 Months | 4.35% | $1,000 |
84 Months | 4.30% | $1,000 |
Overview of First National Bank CDs
First National Bank of America or FNBA offers high-yield standard CDs. CD terms range from six months to seven years, with the best rates on CDs of 12 months or longer.
Each CD requires a $1,000 minimum deposit. While this is a common minimum deposit requirement, you can find CDs with lower minimums. Accounts must be funded via ACH transfer.
Interest is compounded and credited quarterly. Earnings are automatically deposited back into your FNBA CD, but you can also ask to receive interest disbursem*nts by check or direct deposit. You will not pay penalty fees if you withdraw interest, but doing so will affect your overall earnings. The APYs stated above assume that you leave funds undisturbed for the entire term to allow for compounding.
Withdrawing funds before maturity will result in early withdrawal penalties. This fee will be between 90 days’ and 540 days’ interest, which is on the high side for CDs.
CDs at First National Bank of America automatically renew at maturity for the same term. You will receive a 30-day notice prior to your maturity date letting you know that your term is almost up. At maturity, you will have ten days to remove or add funds without incurring a penalty.
FNBA only offers traditional CDs, with the exception of IRA CDs, which must be opened in person. If you’re looking for a different type of CD, such as a no-penalty CD or bump-up CD, you will need to look elsewhere. The bank also does not have promotional CD rates.
| Overview of First National Bank of America | Details |
|---|---|
Minimum Deposit | $1,000 |
Term Lengths | 7 days to 72 months |
Compounding Schedule | Quarterly |
Early Withdrawal Penalty | Terms less than 12 months: 90 days of simple interest Terms of 12 months to 23 months: 180 days of simple interest Terms of two years to 47 months: 360 days of simple interest Terms of four years to seven years: 540 days of simple interest |
Grace Period for Early Withdrawals After Maturity | 10 days |
How Much Can You Earn With First National Bank’s CD Rates?
Thanks to compound interest, a CD will generate more interest the longer you allow it to grow untouched. First National Bank CD rates are best for CDs of 12 months or longer, but the amount of interest you’ll earn depends on your deposit amount and term length.
Use our CD calculator to figure out how much you could earn with a First National Bank CD.
How First National Bank CDs Compare
First National Bank of America offers competitive rates on certificate accounts. FNBA CD rates surpass national average rates easily and the bank beats many of its competitors, including both online and traditional banks, for terms of 12 months or longer. That said, FNBA doesn’t have the highest rates for six-month CDs. Try online banks for better APYs on CD terms of less than one year.
To maximize your interest earnings with a CD, make sure you check rates with a few institutions for the term you’re looking for and pay attention to early withdrawal penalties and minimum deposit requirements.
About First National Bank
First National Bank of America was founded in 1955 and is headquartered in East Lansing, Michigan. It’s a federally insured community bank that operates a few physical branches in Michigan and offers online banking services nationwide.
Other than CDs, FNBA offers personal checking and savings accounts as well as business accounts and loans. With robust online and mobile banking, anyone can open up a CD with FNBA.
Find The Best CD Rates Of 2024
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Frequently Asked Questions (FAQs)
Are First National Bank CDs safe?
Yes, First National Bank CDs are safe and protected by insurance. First National Bank of America is federally insured by the FDIC (FDIC# 17438) up to the maximum permitted limits. This means that all deposit accounts are insured up to $250,000 per depositor, per account ownership category in the event of a bank failure.
How do you open a First National CD account?
To open a First National CD, you can visit one of FNBA’s branches in Michigan or apply online. To open an account online, visit the FNBA CD page and choose the term you want to open. Provide your personal contact and funding information when submitting your application, along with requested identity verification documents to finalize it. When your application is finished processing, First National Bank will reach out to you to confirm you’ve successfully opened an account.
What is the early withdrawal penalty at First National Bank?
Early withdrawal penalties at First National Bank are assessed based on the term of your CD and can reduce your principal balance. You can expect to pay between 90 and 540 days’ interest, with the lowest penalty assessed for CD terms of less than or equal to 11 months and the highest for terms greater than four years.
