[Please note: This page is part of the Chicago CD Rates archive. Most of these deals on this page are not current and no longer available. Please check the date of the post before getting too excited and driving to a bank an hour away. If you have any doubts whether the deal is available, contact the bank or credit union. For a list of more current rates, visit our homepage.]
(This deal is no longer available.)
Corporate America Family Credit Union, one of the most open credit unions in the Chicago area, has a number of very competitive CDs available for various terms:
- 6-month CD: 4.50% APY
- 12-month CD: 4.76% APY
- 24-month CD: 4.81% APY
- 36-month CD: 4.92% APY
The CDs all have a $10,000 minimum, although you can get the CDs with a $1000 minimum if you’re willing to take a drop of 16 basis points. The CDs are also available as traditional IRA or Roth IRA CDs.
As I mentioned earlier, Corporate America Family CU is a very open credit union: Membership is open to anyone who lives or works within 25 miles of a branch, i.e. pretty much the entire Chicago area. Corporate America Family CU has 14 branches in the greater Chicago area: Two in Chicago, two in Elgin, and one each in Burbank, Crystal Lake, Huntley, McHenry, Oak Brook, Rosemont, Schaumburg, St. Charles, Streamwood, and Warrenville.
American Eagle Bank of Chicago has two good deals going on. First they’re offering a 7-month CD at 4.50% APY. This CD doesn’t seem to have any minimum, and it has a 30-day early withdrawal penalty. Even better might be their Platinum NOW Checking Account Special, which guarantees a 4.60% APY on your checking account as long as you have direct deposit. (If you don’t, the rate drops to 2.50%.) The checking account has a $500 minimum to earn interest and to avoid service charges.
American Eagle Bank of Chicago has one branch: 2129 N. Western Ave. in Chicago. Thanks to American Eagle Bank of Chicago for e-mailing me about these deals.
Most of Countrywide Bank‘s rates have dropped dramatically in the past two weeks, but they do still have one great CD rate: A 3-month CD that earns 5.05% APY. The minimum on this CD is $10,000. IRA CDs are also available with a minimum of $2500.
Countrywide has 13 financial centers in the Chicago area, located in Chicago, Crystal Lake, Elmhurst, Glenview, Highland Park, Joliet, Libertyville, Naperville, Oak Lawn, Orland Park, Plainfield, Schaumburg, and Wheaton.
Bell General Credit Union has had an 11-month, 5.45% APY CD special going on since early December, that, amazingly, hasn’t dropped with the lower Fed rates. I thought I should also mention that they also have some longer term CDs available at 5.00% APY: A 1-year CD with a $10,000 minimum, a 2-year CD with a $1000 minimum, a 3-year CD with a $1000 minimum, and a 4-year CD also with a $10,000 minimum.
Bell General CU is open to those in the Chicago area whose employers can trace their roots to the “Bell System,” including SBC, AT&T and Lucent Technologies. Beyond that, there’s another 23 employers and organizations whose workers and members can join Bell General. The entire list is available here. Bell General Credit Union has one location: 205 W. Randolph, Suite 1010 in Chicago.
Given the recent 1.25% drop in the Fed rates, it’s nice to see that Evergreen Private Bank still has some good short-term CDs:
- 3-month CD at 4.75% APY
- 5-month CD at 4.50% APY
- 6-month CD at 4.50% APY
- 12-month CD at 4.50% APY
All these CDs have $1000 minimum. For very large deposits, Evergreen Private Bank also offers the CDARS Program, which spreads deposits among other banks to providing FDIC insurance for Certificates of Deposit for up to $50 million.
Evergreen Private Bank has one location: 1515 West 22nd Street, Suite 100W in Oak Brook — right next to Oakbrook Mall.
AA Credit Union (i.e. American Airlines’ credit union) has a great rate on their 60-month CD: 5.09% APY. There is a $10,000 minimum on this CD, but even when dropping to a $1000 minimum, their 60-month CD has a very good 4.94% APY. They also have competitive CD rates for other terms as well:
- 4.52% APY for 12 months
- 4.63% APY for 24 months
- 4.68% APY for 30 months
- 4.73% APY for 36 months
- 4.78% APY for 48 months
All those CDs also have a $10,000 minimum, but the rates only drop about 10 basis points if you reduce the CD to a $1000 minimum.
AA Credit Union is open to anyone who works directly with the air transportation industry — not just American Airlines employees. This includes airline employees, TSA and FAA employees, baggage handlers, those who deal airline food services, and others. It also is open to those who are retired from the air transportation industry.
The four local branches of AA Credit Union are all located on the grounds of O’Hare Airport — in Terminal 3, Concourse K; in Terminal 3, Concourse G; in the West Mezzanine Level, Terminal 3; and at 9950 W. Lawrence Ave., Suite 219.
Planites Credit Union has some very good deals on mid-term CDs: Their 12- and 24-month CDs are earning 5.00% APY. Their 12-month CD has a minimum of $1000. Their 24-month CD has a minimum of $25,000; below that, the CD earns 4.75% APY with a minimum of $1000.
Planites CU is a pretty limited credit union — it’s open only to employees of Health Care Service Corporation, Fort Dearborn Life Insurance Company, Dental Network of America, Hallmark and subsidiaries and affiliates of HCSC and their spouses and immediate families. They have one location: 300 E. Randolph Street, 14th Floor in Chicago.
- 3-month CD at 5.08% APY
- 6-month CD at 4.62% APY
- 9-month CD at 4.62% APY
- 12-month CD at 4.62% APY
- 18-month CD at 5.09% APY
- 24-month CD at 4.84% APY
All the CDs have a $1000 minimum but no other restrictions.
Racine Municipal Employees Credit Union is essentially open to all federal, state, county, school district, or local employees who work in Racine County, Wisconsin. Racine Municipal Employees CU has one location: 1907 Lathrop Ave. in Racine, WI.
Below is a list of the deals previously mentioned on Chicago CD Rates that are still available as of today (1/28/08), as well as the dates they were first mentioned on this website. Previously we would continue listing CD rates even if they had been lowered, as long as they remained above 5.00%, but because of the rate cut, we’re showing all CD rates 4.50% or higher.
Obviously, the bottom has fallen out of many local CD rates, particularly those of banks and large credit unions. As usual, however, the smaller credit unions are slower to make changes, so there’s still some CDs and money markets above 5% at Bell General Credit Union, Chicago Patrolmen’s Credit Union, Selfreliance Ukranian American Federal Credit Union, and MECU. As the week goes on, I’ll try to focus on some other smaller credit unions in the Chicago area that may have not yet dropped their rates.
CDs (sorted by term):
- 5-month, 4.50% CD at Evergreen Private Bank (1/12; was 5.35%)
- 6-month, 4.70% CD at Corus Bank (1/14; was 5.31%)
- 11-month, 5.45% CD at Bell General CU (12/5)
- 12-month, 7.00% CD at Patelco Credit Union ($1000 max) (1/15)
- 12-month, 4.58% CD at Molex Credit Union (11/14; was 5.51%)
- 12-month, 4.50% CD at Evergreen Private Bank (1/12; was 5.20%)
- 12-month, 5.12% CD at Chicago Patrolmen’s CU (5.31% for IRAs/ESAs) (1/7)
- 12-to-17-month, 4.90% CD at Alliant Credit Union (1/8; was 5.40% up to 24 mo.)
- 24-month, 5.23% CD at Chicago Patrolmen’s CU (1/7)
- 36-month, 5.28% CD at Chicago Patrolmen’s CU (1/7)
- 60-month, 4.50% CD at Sherwin Williams Credit Union (1/22; was 5.05%)
- 60-to-84-month, 4.80% CD at Navy Federal Credit Union (1/23; was 5.05%)
- 5.25% money market at Selfreliance Ukranian American FCU ($25k min.) (1/14)
- 5.23% money market at MECU ($100k min.) (11/27; was 5.38%)
- 5.00% money market at Corus Bank ($10k min.) (1/14; was 5.10%)
- 8.00% savings account for minors at Patelco CU ($1000 max) (1/15)
- $100 bonus for opening LaSalle Bank checking and savings accounts (11/13)
- 6.01% checking account at Consumers Credit Union (11/20)
- $100 bonus for opening LaSalle Bank checking and savings accounts (11/13)
Navy Federal Credit Union has a good long-term CD deal for those looking to lock in some money: a 5.05% CD that can be opened from 60 months to 84 months. Unfortunately, this CD requires a $100,000 minimum; the rate drops between 10 and 30 basis points for lower deposits, depending on the amount and term of the CD. On the plus side, the CD is available as an IRA certificate.
Navy Federal Credit Union is open to all active duty, reservist, and retired Navy and Marine Corps (and their families), as well as civilian Navy employees and contractors. There are two Navy Federal branches in Great Lakes — at the Naval Station Great Lakes (847-785-0551) and the Recruit Training Command (866-755-4682) — but Navy Federal’s website says to call first because “members who are not assigned to or do not work on these bases may not be able to visit an on-base branch offices or use an on-base ATM.”
With the nearly unprecedented .75% Fed funds rate cut today, many CD rates are going to drop dramatically very, very shortly — for short-term rates, up to .50% off what the rates are at today. Banks will be the quickest to change, as many banks update their CD rates once a week (often Wednesdays), and larger banks may have already lowered their rates. Some banks, however, have already factored in a large near-future rate cut, so they may drop their CD rates only mildly. Credit unions, other than the largest ones, generally only update their CD rates once a month or even once a quarter, so it’s more likely that they will be slower to drop than rates than banks will. Given the drastic decision by the Fed today, however, it’s possible even credit unions will be working quickly to decide on new, lower rates.
I’m certainly not going to tell you if you should be putting your money in CDs vs. stocks, bonds, T-Bills, money markets, etc. — much of that depends on your specific situation and knowledge of the economy’s direction that I don’t have. But I can tell you this: If you’re looking to purchase CDs in the next month or so, the rates are only going down from today.
First Northern Credit Union was a leader in CD rates last month, and on one front they’re still the top: Coverdell ESA (Educational Savings Account) CDs. First Northern CU has a number of amazing ESA CDs available:
- 12-month ESA CD: 5.45% APY
- 18-month ESA CD: 5.50% APY
- 24-month ESA CD: 5.60% APY
- 36-month ESA CD: 5.75% APY
There is no minimum or maximum listed on these CDs, although federal law puts a $2000 per child per year maximum on Coverdell ESA deposits.
First Northern also has a good rate on 3-year CDs: 5.05% APY. This CD requires a $50,000 deposit or the rate drops to 4.85% APY ($25k minimum) or 4.75% APY ($2500 minimum).
First Northern CU is open to anyone who lives or works in Boone County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lee County, McHenry County, Ogle County, Stephenson County, Will County, and Winnebago County, as well as the city of Evanston. There are also a number of employer groups that are eligible, including those who work at Northwestern Memorial Hospital or Northwestern University. Based on personal experience, First Northern CU does check these criteria carefully, so be sure to bring proof of employer eligibility (such as a paystub) if joining based on an employer group or county/city of employment. First Northern has five branches: Two in Chicago, two in Rockford, and one in Evanston.