Honor Bank savings, CD and money market rates
Honor Bank's Little Traverse Savings lists 0.30% to 3.75% APY on balances under $1,000,000, and 4.00% from $1,000,000. On a $10,000 balance the account earns 2.50% overall, about $250 in a year, which is 2.12 percentage points above the national savings average of 0.38% (FDIC, Oct 2026).
Ranked #80 of 3151 tracked savings rates by advertised APY. For a $10,000 balance it would rank #260.
Honor Bank at a glance
| Savings | |
|---|---|
| Top savings APY | Up to 4.00% · Little Traverse Savings · needs at least $1,000,000 |
| Minimum to open | $5,000 · Little Traverse Savings |
| Against the national average | 3.62 percentage points above the 0.38% FDIC savings average (Oct 2026) |
| CDs | |
| Top CD APY | 4.25% · 11 months · 11 Month CD Special · $250,000 or less only |
| Minimum to open | $1,000 · 11 months CD |
| Against the national average | 2.49 percentage points above the 1.76% FDIC 12-month CD average (Oct 2026) |
| Money market | |
| Top money market APY | Up to 3.30% · Bayfront Money Market · needs at least $1,000,000 |
| Minimum to open | $5,000 · Bayfront Money Market |
| Against the national average | 2.67 percentage points above the 0.63% FDIC money market average (Oct 2026) |
| FDIC certificate | 8165 · Honor, MI |
|---|---|
| Website | www.myhonorbank.com |
| Branches | 9 branches in MI |
| Availability | Available in MI |
Honor Bank savings, CD and money market rates
How the rate applies
How the rate applies
Rates are annual percentage yields (APY). A variable rate may change after the account is opened. Fees could reduce the earnings on the account. A penalty may be imposed for early withdrawal.
The national savings average is 0.38% (FDIC, Oct 2026). The top tracked savings rate on Banksparency is 12.00%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.66%, and one account in ten advertises 4.20% or more. See the highest savings rates.
Honor Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 3 months | 3.50% | $1,000 | 3 Month CD |
| 6 months | 3.75% | $1,000 | 6 Month CD |
| 11 months | 4.25% | $1,000 | 11 Month CD Special |
Each CD rate here applies to balances up to $250,000. The bank states no rate above that amount.
Interactive Tool
Calculate Savings for Honor Bank
All calculations are based on APY.
Tiered rates: 0.30% to 4.00% APY across 5 balance tiers.
Savings Breakdown
- Interest Earned+$1,143.60(6.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$19,143.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Honor Bank pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined. The 4.00% needs a balance of at least $1,000,000. Below that, the account advertises 0.30%.
In Q2 2026, Honor Bank paid a higher average rate on savings and money market deposits than 74% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- Honor Bank, savings and money market
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Little Traverse Savings | Up to 4.00% | $5,000 | $0 | None | not stated | not stated | Tiered | |
| Fine print: New money only: new accounts may not be funded with existing Honor Bank funds. The tier rate applies to the entire account balance. | ||||||||
| Next Step Savings | 3.60% | $100 | $100 | None | not stated | not stated | One rate | |
| Bayfront Money Market | Up to 3.30% | $5,000 | $0 | None | not stated | not stated | Tiered | |
| Fine print: New accounts must be funded with at least 51% new money. The tier rate applies to the entire account balance. | ||||||||
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| 3 Month CD | 3 months | 3.50% | $1,000 | not stated | not stated |
| 6 Month CD | 6 months | 3.75% | $1,000 | not stated | not stated |
| 11 Month CD Special | 11 months | 4.25% | $1,000 | not stated | not stated |
| Fine print: Deposits are limited to $250,000 per household. The 11-month CD renews as a 12-month CD at the 12-month rate in effect on the maturity date. | |||||
Fine print for 2 CDs above: Deposits are limited to $250,000 per household.
Opening and using the account
| Availability | Available in MI |
|---|---|
| Footprint | 9 branches in MI |
| Eligibility | not stated |
How Honor Bank behaves over time
Every observation of the advertised Little Traverse Savings rate in the last 12 months was 4.00% (observed through Oct 29, 2026). The series includes promotional tiers where one applied.
- Rate last changed
- Oct 26, 2026(effective date)
$10,000 in Honor Bank's Little Traverse Savings earns 2.50% overall at the advertised rates, so it grows to $10,250 in a year. Prices rose 3.7% in the year to September 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,880 does today. See how the federal funds rate shapes savings rates.
Honor Bank CD rates over time
Who is Honor Bank?
| Headquarters | Honor, MI |
|---|---|
| Founded | 1917 |
| Scale | $443M assets · $384M deposits, $270M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 8165 |
| Charter state | Michigan · one of 72 insured banks chartered there (Q2 2026, FDIC) |
| Size | 1,887th-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 52% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What Honor Bank pays on deposits above.
Common questions about Honor Bank
Is Honor Bank FDIC insured?
Yes. Honor Bank is FDIC insured under certificate 8165, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Honor Bank?
Honor Bank requires a minimum deposit of $5,000 to open its Little Traverse Savings account, as observed on Oct 29, 2026. Check the bank's current terms before you open an account.
Does the 4.00% apply to my whole balance?
The 4.00% needs a balance of at least $1,000,000. Below that, the account advertises 0.30%. Rates are as observed on Oct 29, 2026.
Does Honor Bank have branches?
Yes. Honor Bank operates 9 branches according to FDIC branch records, in addition to its website and mobile apps.
Honor Bank against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Honor Bank | Up to4.00% | 2.13% | $5,000 | 9 branches in MI |
| American Pride Bank | 4.00% | 3.46% | $100 | 11 branches in FL, GA, NC, SC |
| Carver Bank | 4.00% | 1.31% | $5,000 | 6 branches in NY |
| Central Bank Illinois | 4.00% | 1.98% | $100 | 12 branches in IL |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to Honor Bank's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Michigan, nearest to Honor Bank in deposits:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.
State pages: savings rates in Michigan, CD rates in Michigan, money market rates in Michigan, and banks in Michigan.