Tcf Bank Cd Rates

• Tcf Bank Cd Rates Michigan
• Tcf Bank Cd Rates July 2019
• Tcf Bank Cd Rates 2019
• Tcf Bank Cd Rates In Michigan

• Variety of term lengths and investment options
• Low minimum deposit requirement

Certificates of Deposit (CDs) Add guarantee – and gusto – to your savings goals. With locked-in rates, a CD from Parkway Bank helps you to know exactly what you’re saving and when. Rates that are higher than regular savings, that even increase as you select longer terms, don’t exactly hurt either. Certificates of Deposit. Certificates of Deposit (CDs) are an excellent investment for those who do not need the liquidity of a traditional savings or money market account and want a predictable return on their investment. 1 All First Midwest CDs offer: Competitive interest rates credited monthly or quarterly — interest can also be paid out by check or automatically transferred to another.

• Less than competitive rates
• Branch locations restricted to three states

• Midwestern bankers who already have an account with TCF Bank

TCF Bank, which has its headquarters in Midland, Michigan and the overwhelming majority of its locations in the same state, offers several different types of certificates of deposit (CDs) with varying term lengths. With over 200 branch locations, the bank is a large presence in the state of Michigan.

Opening a CD account requires you to visit a TCF branch, and locations are limited to three states in the central Midwest. TCF has two locations in Northern Indiana, 28 locations in Ohio and 233 locations in Michigan. Like many brick-and-mortar banks, the rates offered are significantly lower than the best CD rates you'll find with online banks, although the four-year and five-year offerings are both over 1%.

Standard CD

These are the standard offerings from TCF, meaning that there are no special features or anything to differentiate from a typical CD.

“Add-On” CD

The “Add-On” CD, available only in a 12-month term length, allows you to add to your initial investment at any time during the term. All you have to do is make sure you’re adding at least $100 each time, and you continue to contribute throughout the 12 months.

“Raise Your Rate” CD

With the “Raise Your Rate” CD, you have the ability to increase the interest rate of your CD one time during the course of its term. This comes with conditions, however. You can only increase the rate if the rates on new CDs have increased since you purchased yours. Also, you will only be able to raise your rate a maximum of 1%, even if rates on new CDs have increased beyond that maximum.

With these conditions in mind, you shouldn’t purchase the “Raise Your Rate” CD solely for the possibility of a rate increase, as it’s just as possible that an increase never comes.

12-Month Add-On CD Interest Rate Comparison

Compare TCF Bank to Other Competitive Offers

Overview of TCF Bank CDs

With eight different term lengths and three categories available, TCF Bank offers many different options when it comes to CDs. Furthermore, $100 is a comparatively low minimum deposit requirement, making these accounts more available to potential bankers who may not be looking to invest thousands.

If you need your money back before your CD’s maturity date, you’ll have to cough up an early withdrawal penalty. The exact penalty will depend on the term length of your CD. If your term is 12 months or shorter, you’ll pay a penalty of three months’ interest. So, if you open a $500 CD with a 12-month term and you withdraw early, you would pay a penalty of $2.

If you’re withdrawing from a CD between 13 and 35 months, the penalty rises to six months’ interest, and if your term is longer than 36 months, the penalty is a year of interest. For example, if you invested $1,000 in a 24-month CD and withdrew early, you would pay a penalty of $2.51.

Unless you’re withdrawing a hefty sum of money from a long-term CD, the early withdrawal penalties will probably be manageable enough. Nevertheless, it’s typically unwise to invest money in a CD unless you're confident that you won’t need the money until your maturity date.

How Much You Earn With TCF Bank Certificate of Deposits Over Time

Tcf Bank Cd Rates Michigan

Interest for all CD accounts at TCF Bank compound monthly, which is less frequently than many high-rate CDs that compound daily. This can make a big impact if you invest a large sum of money for several years. For smaller deposits and shorter terms, though, the difference can be as little as a dollar or even less.

Note that the calculations below are based on the assumption that you don’t withdraw any interest during the term and that you never exercise the option to raise your rate during the 60-month term.

How TCF Bank CD Rates Compare to Other Banks'

TCF Bank CD Rates are in a sort of middle ground. They outshine the rates of large, national banks like Chase or Wells Fargo, but they aren’t as competitive as exclusively online banks like Ally or Marcus by Goldman Sachs.

Tcf Bank Cd Rates July 2019

The $100 minimum deposit requirement makes TCF Banks CDs more accessible than a lot of brick-and-mortar banks that have minimums of $500 or even $1,000. That advantage also applies to Marcus by Goldman Sachs, which has a minimum of $500, but it isn’t as strong against Ally, which has no minimum requirement.

Note that the rates below assume a deposit of $1,000.

Tcf Bank Cd Rates 2019

Should You Get a TCF Bank CD Account?

Tcf Bank Cd Rates In Michigan

If you already have a checking or savings account with TCF Bank and you are interested in doing all of your banking in one place, then a TCF Bank CD might be an option you would want to consider, especially if you’re looking for a longer-term CD. If, however, you don’t have an existing TCF account and you’re comfortable doing some of your banking online, you can find much more competitive rates elsewhere.