FARMINGTON HILLS, Mich. - Michigan National Bank said it is offering a new retail banking package that includes a savings account that pays variable interest rates.
Called RatePlus Banking, the account's interest rate will stay competitive with money market rates, the bank said.
A minimum deposit of $1,000 is required.
The account currently pays a 6.5% annual percentage yield, a rate that is guaranteed through Dec. 31.
RatePlus Banking will be available at all Michigan National branches.
Customers who sign up for the package also receive unlimited check writing privileges on a RatePlus checking account, FDIC insured deposits, daily access to funds through ATMs and Michigan National branches, telephone banking, and a Michigan Money ExpressCheck card for point of sale purchases.
Regular monthly service charges will be waived on all RatePlus accounts when the minimum monthly balance requirement is maintained.