We also preferenced CD accounts with daily compounding interest versus those with monthly or quarterly compounding schedules. CD accounts earning higher APYs ranked higher while those requiring a larger minimum opening deposit ranked lower. Rankings were based on overall weighting by category for each CD account considered. Here is the weighting used for each category: Lastly, we considered individual account terms when choosing the final list of best Michigan CD rates.
The data points we looked at included the annual percentage yield (APY), deposit minimums, compound interest schedule, customer experience, digital experience, available CDs terms and overall availability. To determine which banks fared best for Michigan CD rates, we assigned a star rating to each one using 11 data points. We considered CD accounts offered at traditional banks, credit unions and online banks to compile the rankings. To find the best CD rates in Michigan, Forbes Advisor analyzed 356 CD accounts at 135 financial institutions.
