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[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.]
Chicagoland’s Two Best Savings Accounts: Ravenswood Bank and Alliant Credit Union
Ravenswood Bank has the best savings account rate we’ve seen recently at any local bank: Their “Classic Passbook Savings” is currently earning 4.25% APY. This account has a $1000 opening deposit and a $1000 minimum balance to earn interest on the account. There is a $3 fee per “excessive transaction”; you’ll have to ask them what specifically that means.
Even better, if you’re eligible, is Alliant Credit Union‘s savings account, which is currently earning 4.35% APY. There’s a $5 minimum on the account (which is automatically opened for you when you join Alliant CU), and interest is earned with a minimum of $100. Alliant also has a Health Savings Account (HSA) that’s currently earning a whopping 5.15% APY with a minimum of $100 — contact them to see if you’re eligible.
Ravenswood Bank has two locations, both in Chicago: one in Ravenswood and one in Wicker Park.
Alliant Credit Union is a relatively open credit union with quite a few ways to join. Anyone who lives in Arlington Heights, Bensenville, Des Plaines, Elk Grove, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mt. Prospect, Northlake, Niles, Norridge, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, and Wood Dale is eligible. In addition, anyone who works on O’Hare Airport property, works for United Airlines or its business affiliates, is a member of Life Time Fitness, or who is a member of the National PTA is able to join Alliant. If you don’t meet any of these criteria, you can join the National PTA for $25.
Alliant Credit Union has 10 locations, three of which are in Chicagoland: One in Des Plaines, one in Elk Grove Township, and one in O’Hare Airport.
59-month 4.25% CD at U.S. Bank
U.S. Bank has one of the best long-term CDs we’re seeing at a Chicagoland bank: a 4.25% APY 59-month CD. (For those who can’t do the math that quickly, the CD is one month shy of five years.) Also nice about this CD is its low minimum: only $1000. The CD also seems to be available as an IRA CD.
U.S. Bank has numerous branches in the Chicago area. You can find one near you here.
3.75% short-term CDs at Builders Bank
Builders Bank has two nice short-term CDs, both earning 3.75% APY: a 3-month CD and a 6-month CD. These CDs have a minimum of $2500, and they can also be opened as IRA CDs with a $500 minimum. Builders Bank also has 9-month, 11-month, and 12-month CDs available that are earning 3.50% APY with the same minimums. The rates are effective through April 3rd.
Builders Bank has two branches, both on North LaSalle Street in Chicago.
4.05%, 7-month IRA CD at McHenry Savings Bank
[Note: This CD is for IRA deposits only. Thanks to the anonymous reader who figured this out.]
McHenry Savings Bank has a nice CD deal brought to my attention by an anonymous reader (thanks!) on our finding deals thread: a 4.05% APY 7-month CD. According to the commenter, the CD has a $2,500 minimum and expires on April 15. This CD deal doesn’t seem to be listed on McHenry Savings Bank’s website, but you can call them at (815) 385-3063 or email them at customerservice@mchenrysavings.com to get more information about this special rate.
McHenry Savings Bank has five locations: Three in McHenry, and one each in Huntley and Richmond.
CD Rates up to 4.50% at South Division Credit Union
South Division Credit Union has a number of competitive CD rates in our current environment:
- 5-year CD: 4.50% APY
- 4-year CD: 4.35% APY
- 3-year CD: 4.25% APY
- 2-year CD: 4.00% APY
The best thing about these rates is the minimum: only $1000. Even better, the IRA versions of these CDs only have a $500 minimum. SDCU also has a one-year IRA Rollover CD that’s earning 5.00% APY, but that CD does require a $50,000 minimum.
South Division Credit Union does not seem to list their field of membership on their webpage — I’ll try to get some more information about that. South Division CU has seven locations: Four in Chicago, two in Evergreen Park, and one in Midlothian.
4.11% 36-month CDs at CMECU
Chicago Municipal Employees Credit Union has a very nice 3-year CD available: 4.11% APY. The CD rate is for a $25,000 minimum deposit, but the rate only drops to 4.01% APY with a $10,000 minimum and 3.96% APY with $1000 minimum. CMECU also has 12-month and 24-month CDs available that are earning more than 3.5%.
Membership in CMECU is available to people who work for the City of Chicago, the Chicago Public Schools, or any sister agency to the City of Chicago such as the Chicago Housing Authority, Chicago Park District, or Public Building Commission. Members and employees of the Municipal Employees’ Annuity and Benefit Fund of Chicago or the Laborers and Retirement Board are also eligible to join, as well as those who live, work or worship in the Austin/West Garfield community. CMECU has two offices, both in Chicago: one at 33 N. LaSalle St. and one at 4909 W. Division St.
Rates up to 5.10% at Credit Union 1
I’ve written about this before recently, but Credit Union 1 still has some shockingly high CD rates in today’s dropping-rate market:
- 6 months: 4.40% APY
- 12 months: 4.45% APY
- 18 months: 4.475% APY
- 24 months: 4.50% APY
- 30 months: 4.60% APY
- 36 months: 5.00% APY
- 48 months: 5.05% APY
- 60 months: 5.10% APY
Those CDs have a $10,000 minimum, but you can also get them with a $1000 minimum if you’re willing to take 10 basis points off those rates. Even better, however, is that you can add 10 basis points to those rates if you get the CD as an IRA CD.
Credit Union 1 is a relatively open credit union, with many different groups eligible for membership: active and retired military, and employees at the state of Illinois, Cook County, University of Illinois at Chicago, Eastern Illinois University, Mitsubishi Motor Manufacturing of America, AON and Chicago Tribune, as well as 750 additional companies. Credit Union 1 has 19 locations, 11 of which are in Chicagoland: Seven in Chicago, and one each in Evergreen Park, Libertyville, Lombard and Northlake. Credit Union 1 is privately insured by American Share Insurance rather than publicly through the FDIC or NCUA, which means that the union’s assets aren’t backed by the U.S. Government — although it also means that the assets are insured for $250,000 rather than $100,000.
4.00% short-term CDs at Evergreen Private Bank
Evergreen Private Bank has a few short-term CDs that are earning 4.00% APY or slightly above:
- 5-month CD: 4.05%
- 12-month CD: 4.00%
- 15-month CD: 4.00%
These CDs all have $10,000 minimums. Through Evergreen Private Bank’s CDARS Program, they can provide FDIC insurance for Certificates of Deposit for up to $50 million. The CDs are also available with a $1000 minimum, but they will only earn 3.75% APY.
Evergreen Private Bank has one location: 1515 West 22nd Street, Suite 100W in Oak Brook — right next to Oakbrook Mall.
Long-term CDs up to 5.00% at Navy Federal
Navy Federal Credit Union has a couple very good long-term CD rates going on right now: their 7-year CDs are earning 5.00% APY and their 5-year CDs are earning 4.75% APY. Those CDs have a $20,000 minimum, but you can also get the CDs with a $1000 minimum by giving up 15 basis points. If you have even more money to invest, you can get a $100,000 CD for any term between 36 and 59 months at 4.90% APY.
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.”
CDs up to 4.35% at BCU
BCU has a number of “Rewards” CDs with very competitive rates:
- 6 months to 24 months: 4.27% APY
- 36 months: 4.12% APY
- 60 months: 4.22% APY
Unfortunately, to get these “Rewards Certificates” you have to do one of the following: Have direct deposit of at least $500 per month into your BCU checking account, or have at least $25,000 on deposit at BCU. I would imagine that opening the CD for $25,000 would meet this requirement, but you would have to check with BCU to make sure. The rates are lowered signifcantly if these requirements are not met.
BCU is open to anyone who lives in Lake County (Illinois), DuPage County, McHenry County, Kane County, Cook County north of Route 58, the city of Schaumberg, or Kenosha County in Wisconsin. The best that I can tell — the website is very unclear — there are six area branches of BCU, listed below for your convenience:
- 1 Baxter Pkwy, Deerfield
- 400 Lakeview Pkwy, Vernon Hills
- 1485 Waukegan Rd, Waukegan
- Route 120 & Wilson Rd, Round Lake
- 415 S Main St, Crystal Lake
- 5820 Wild Plum Rd, Crystal Lake
5.05% 2-year CD remains at Abbott Labs Employees CU
I’ve posted on this before, but since it’s still available (and will be through the end of this month), I wanted to repost it:
Abbott Labs Employees Credit Union has one of the best CD rates still available: A two-year CD that earns the equivalent of 5.05% APY — and with only a $500 minimum. I say equivalent because this “Accelerator Plus Certificate” earns different rates for each six months of the term:
- First six months: 4.60% APY
- Second six months: 4.85% APY
- Third six months: 5.00% APY
- Final six months: 5.75% APY
This averages out to the equivalent of a 5.05% APY CD over the entire 24 months. The major differences between this and a regular 2-year 5.05% APY CD is that the interest for tax purposes will be more heavily weighed toward the end of the time period than the beginning (although ending up the same in total) and that you’d get slightly less money back if you were to break the CD.
Membership in Abbott Labs Employees CU is open to all employees, retirees, spouses of employees and spouses of retirees of Abbott Labs, and its subsidiaries residing in the United States along with employees, retirees, spouses of employees and spouse of retirees of Hospira and TAP Pharmaceuticals. ALECU has seven locations, all in the Chicago area: four in Abbott Park, and one each in Gurnee, Lake Forest, and North Chicago.
4.90% 12- to 17-month CDs at Alliant Credit Union
Alliant Credit Union has some very good rates on mid-term CDs: Their CDs from 12-17 months are earning 4.90% APY, and their CDs from 18-24 months are earning 4.65% APY. These rates have a $25,000 minimum, and the CDs drop .40% if you only make a $1000 minimum deposit. On the plus side, the CDs are available as traditional IRAs, Roth IRAs, SEP IRAs, and Coverdell ESA CDs.
Alliant Credit Union is a relatively open credit union with quite a few ways to join: Anyone who lives in Arlington Heights, Bensenville, Des Plaines, Elk Grove, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mt. Prospect, Northlake, Niles, Norridge, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, and Wood Dale is elgible, as well as anyone who works on O’Hare Airport property, works for United Airlines or its business affiliates, is a member of Life Time Fitness, or who is a member of the National PTA. If you don’t meet any of these criteria, you can join the National PTA for $25 to take advantage of this deal.
Alliant Credit Union has 10 locations, three of which are in Chicagoland: One in Des Plaines, one in Elk Grove Township, and one in O’Hare Airport.
