First National Bank of America Offers High CD Rates with Terms Up to 10 Years

First National Bank of America offers high CD rates up to 4.20% APY with terms up to 10 years. Standard CDs have a minimum deposit of $1,000 and no additional deposits allowed. IRA CDs have the same return rates but require in-person opening at one of three Michigan branch locations. Early withdrawal penalties apply for terms under 120 months.

First National Bank of America (FNB) is a notable player in the certificate of deposit (CD) market, offering competitive rates and flexible terms. As of August 29, 2025, the bank provides high-yield CDs with APYs up to 4.20%, making it a compelling option for investors seeking substantial returns. This article delves into the specifics of FNB's CD offerings, highlighting their features and comparing them with top competitors.

FNB CD Rates and Products

FNB's CD portfolio includes standard CDs and IRA CDs, with a minimum deposit requirement of $1,000. The bank offers a wide range of term lengths, from three months to ten years, allowing customers to construct a diverse CD ladder. The highest APY available is 4.20%, which is particularly attractive for short-term investors. However, it's essential to note that rates may vary if deposits exceed $1 million.

Standard CDs

Standard CDs at FNB come with a variety of term lengths and competitive APYs. The minimum deposit is $1,000, and no additional deposits are allowed. Early withdrawal penalties apply, with the duration of the penalty increasing with the term length. For instance, penalties range from 90 days for terms up to 11 months to 720 days for terms between 96 and 120 months. The grace period for early withdrawal is 10 days.

IRA CDs

FNB also offers IRA CDs, which mirror the return rates of standard CDs for identical term lengths. However, IRA CDs have a minimum term of 12 months and cannot be opened online. Instead, they must be opened in-person at one of the bank's three branch locations in Michigan.

Comparison with Competitors

While FNB's CDs are competitive, it's essential to compare them with other top banks to ensure you're getting the best deal. For instance, Marcus by Goldman Sachs offers slightly higher APYs for some term lengths, but FNB's CDs are more accessible due to their lower minimum deposit requirement. Additionally, Marcus offers no-penalty and rate bump CDs, which FNB does not.

Conclusion

First National Bank of America provides a robust CD portfolio with high-yield options and flexible terms. While there are competitors offering slightly higher APYs for specific term lengths, FNB's CDs are a strong contender for investors seeking substantial returns with minimal hassle. Investors should weigh the pros and cons, considering factors such as minimum deposit requirements, early withdrawal penalties, and accessibility, before making a decision.

References

[1] https://fortune.com/article/first-national-bank-of-america-cd-rates/
[2] https://fortune.com/article/marcus-by-goldman-sachs-cd-rates/