The fact that the rate remained stable for almost a week is already a good sign. Aside from being one of the highest CD rates in the market today, Miner’s State Bank offers a 2.25% APY CD that is certainly a money in the bank deal considering its short term. Similar CD rates would run for three to five years. With a term that runs for less than three years, this is one of the most attractive deals in the market.

It’s too bad, though, that the CD is only limited to people living, working, studying, or worshiping in Michigan. The limits work to the advantage of those who are eligible for the account. This just means that the rate’s bound to be up for a pretty long time. This CD belongs to a tiered CD (in terms of lock-in periods), and the lower tiers (or the shorter termed CDs) are just as attractive.

Miner State Bank’s 19-month CD special earns up to 2.02% APY, while the 9-month CD special earns 1.30% APY. For their lock-in periods, they’re definitely the best CD rates in Michigan. The minimum balance required to open the account is also client-friendly at a mere $1,000. There is no cap balance, so you can earn as much money as you choose to, with these rates, as long as you have the funds and you can keep them there.

Take note though that these are specials. They’re not permanent, so if you’re thinking of opening an account, now is the time to do so. The bank’s regular CD accounts are also competitive, but they’re not this attractive. Check the website for updated first before paying your bank a visit. You would want to make sure that the account you’re opening has the highest CD rates possible.

You can also see the bank’s credibility because it doesn’t hide anything from its potential customers. Their website tells you, outright, how much the early withdrawal rates are. In this case, the penalties for these top CD rates are fair:

• Three months’ worth of interest if you opened an account for 12 months or shorter
• Six months’ worth of interest if you opened an account that’s longer than 12 months

This is a fair compromise. After all, those who manage to keep their money in the bank should be rewarded with the right yields. Those who withdraw too early don’t deserve the high earnings. The bank isn’t scrooge-like, though, and won’t bleed dry those who withdraw money too early.

Since a bank visit is needed before this account can be opened, you would need to know where their branches are. According to the website, Miner’s State Bank branches can be found across South Range, Hancock, Ontonagon, Houghton, and Iron River.

Those who are concerned about the bank’s health need not worry either as the ratings it fetched are quite high. Bankrate.com gave the bank three stars, while BauerFinancial.com gave it four stars. The perfect score for both is five stars.

The bank has been a member of the FDIC since 1934 and is federally insured under the same agency. To crosscheck this information, you can refer to FDIC Certificate #10928.