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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.]
Shorter-term CDs up to 2.75% at BankFinancial
BankFinancial has a number of competitive short-term CDs:
- 7-month CD: 2.25% APY
- 15-month CD: 2.50% APY
- 22-month CD: 2.75% APY
These CDs all have a minimum deposit of $10,000, and the money must be new to BankFinancial. These CDs also require you to have a Spectrum Select checking account or Spectrum Wealth Management checking account. Spectrum Select checking requires a minimum average balance of $10,000 in related checking, savings and money market accounts. Spectrum Wealth Management Checking requires a Wealth Management relationship.
BankFinancial has 22 locations, all in Illinois: Addison, Burr Ridge, Calumet City, Calumet Park, Chicago (three locations), Chicago Ridge, Deerfield, Hazel Crest, Joliet, Libertyville (two), Lincolnshire, Lincolnwood, Naperville, New Lenox, Northbrook, Olympia Fields, Orland Park, Schaumburg, and Skokie.
Rates up to 3.50% at Consumers Credit Union
Consumers Credit Union has a number of competitive CDs available at various terms:
- 9-month CD: 2.50% APY
- 16-month CD: 2.75% APY
- 22-month CD: 3.00% APY
- 59-month CD: 3.50% APY
These CDs all have a minimum of $250. For CDs over $100,000, however, the rate goes up an additional 0.25%. All the CDs are available as an IRA CDs.
Last year, Consumers Credit Union was privately insured by American Share Insurance rather than publicly insured, but they are now publicly insured by the NCUA (the credit union equivalent to the FDIC).
Consumers Credit Union has five locations in the northern Chicago suburbs: Two in Waukegan, and one each in Gurnee, Mundelein, Round Lake Beach, and Volo. Unlike most credit unions, Consumers Credit Union has no barrier to membership — anyone can join by paying a one-time, non-refundable $5.00 fee to the Consumers Cooperative Association.
2-year, 3.00% CD at American Eagle Bank of Chicago/South Elgin
American Eagle Bank of Chicago and American Eagle Bank of South Elgin are both offering a 2-year CD special: a 3.00% APY CD for 24 months (2.50% the first 12 months; 3.50% the last 12). Neither website lists a minimum deposit. The South Elgin bank is offering the deal only to existing customers and Kane County residents, but the Chicago Bank is offering it to residents of the Greater Chicagoland Metropolitan Statistical Area and existing customers. American Eagle Bank of Chicago is also offering a 14-month, 2.50% APY CD, again with no listed minimum.
American Eagle Bank of Chicago is located at 700 North Ashland Ave. and 2129 North Western Ave. in Chicago. American Eagle Bank of South Elgin is located at 556 Randall Rd. in South Elgin.
2.70%/13-month, 3%/25-month CDs at Broadway Bank
Broadway Bank has two competitive mid-term CD rates available: a 13-month CD yielding 2.70% APY, and a 25-month CD yielding 3.00% APY. Both CDs have a minimum of $2500, and both require the money be new to the bank. The website says that the rates haven’t been updated since early March, but they were advertised in Sunday’s Chicago Tribune (sec. 4, p. 4). For those looking for a longer-term investment, Broadway Bank’s 4-year CD is yielding 3.50% APY, and their 5-year CD is yielding 4.00% APY. Those CDs have a minimum of only $1000 and are available as IRA CDs.
Broadway Bank has four branches: Three in Chicago and one in Glencoe.
2.90%/14-month, 3.50%/39-month CDs at AMCORE Bank
AMCORE Bank has two competitive CDs available: Their 14-month CD is yielding 2.90% APY, and their 39-month CD is yielding 3.50% APY. These CDs have a minimum deposit of $5,000 and a maximum of $1 million. To get these rates, you have to have one of the following: (a) an AMCORE checking account with direct deposit or ACH, (b) an aggregate deposit balance of $25,000 or more with AMCORE, or (c) an Ambassador Club Membership (for those 55 and over with $10,000 or more on deposit with AMCORE). What I don’t know is whether the CD itself would help to meet those deposit requirements, i.e. if you opened a $25,000 CD, whether that itself would meet option (b). You’d have to call an individual branch or 877-926-2673 to find out for sure what they’d be willing to do.
AMCORE Bank has more than 75 locations throughout Illinois and Wisconsin. You can find one near you here.
Coverdell ESA rates up to 4.00% at First Northern Credit Union
First Northern Credit Union has been one of the market leaders in Coverdell Educational Savings Account rates for a while now, and they’re still very competitive, ratewise:
- 6-month ESA CD: 3.00% APY
- 12-month ESA CD: 3.10% APY
- 18-month ESA CD: 3.25% APY
- 24-month ESA CD: 3.40% APY
- 36-month ESA CD: 3.65% APY
- 60-month ESA CD: 4.00% 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 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 Credit Union has five branches: Two in Chicago, two in Rockford, and one in Evanston.
3.30% 6-month/3.40% 12-month “Flexible CD” at Center Bank
Center Bank is offering a very high rate on their 6-month and 12-month CDs: Their 6-month CDs are yielding 3.30% APY, and their 12-month CDs are yielding 3.40% APY. These CDs have a minimum balance requirement of $500. Even better, though, is that these CDs are what Center Bank calls a “Flexible CD,” meaning that it has some liquid features: ”You may make additional deposits into account before maturity during a term. The minimum amount of any additional deposit is $1,000. The total amount of any additional deposits during a term can not exceed the initial deposit at account opening or at renewal.” In addition, [t]wo penalty-free withdrawals…are allowed during any term,” as long as they don’t take the balance of the CD less than $5000. You can read the entire list of restrictions and directions at their ad here.
Center Bank has 18 branches, but only one in Illinois: 5520 N. Lincoln Ave. in Chicago.
(Hat tip to Bank Deals Blog.)
2.50% checking at American Enterprise Bank
American Enterprise Bank has a very competitive checking account rate available: Their Premier Interest Checking is yielding 2.50% APY. The minimum balance required in the checking account to earn the APY is $10,000, and a $10/month fee is charged for accounts with less than $350. This rate does not seem to be listed on American Enterprise’s website, but you can see an ad for it (from April 9th) here.
American Enterprise Bank has four locations: Buffalo Grove, Highland Park, Schaumburg, and Wheaton.
3.50% CDs of various terms at Wheatland Bank
Wheatland Bank is offering many of their CD terms at 3.50% APY. Their 2-year CDs, 3-year CDs, 4-year CDs, and 5-year CDs are all at that rate. Their 1-year and 18-month CDs are also at a competitive 2.50% APY. All the CDs have a minimum deposit of $2500. The CDs are all available as IRA CDs and as business CDs. Wheatland Bank’s money market account is also returning a nice 2.50% APY for deposits over $2500.
Wheatland Bank has one location: 2244 95th Street in Naperville.
CDs up to 3.75% at Great Lakes Credit Union
Great Lakes Credit Union has a number of competitive CDs available:
- 3-year CD: 3.25% APY
- 4-year CD: 3.50% APY
- 5-year CD: 3.75% APY
These CDs all have a $500 minimum. To get these rates, you must be a member of the “Presidents Club,” which requires having $50,000 in loans or deposits at Great Lakes. You’ll have to ask if whether a $50,000 CD would meet that requirement. If you are over 55 or have $15,000 in loans/deposits, the rates are available, but at a 15 basis point drop. If none of those requirements are met, the rates go down a full half-percent.
Maybe the best deal is one I can’t verify on their webpage: A anonymous reader told wrote in our banking deals commenting thread that Great Lakes CU is offering a 3.25% APY on a 7-month IRA CD. According to the commenter, the CD has a $500 minimum and the deal will end on April 15th. I can’t find this deal listed on their webpage, but if if sounds interesting to you, I suggest calling your nearest branch. [Update 4/7: I have now verified this deal with someone at Great Lakes Credit Union.]
Great Lakes Credit Union is a relatively open credit union — it’s open to anyone who lives or works in Lake County or McHenry County in Illinois or Kenosha County in Wisconsin, as well as retired military and reservists. Great Lakes CU has 9 branches, all in Illinois — one each in Antioch, Gurnee, Libertyville, North Chicago, Round Lake Beach, Spring Grove, Waukegan, and Zion, as well as a Chicago Federal Reserve Bank Branch that is limited to employees only.
5.00% Coverdell ESA Savings Account at Selfreliance Ukranian American FCU
Selfreliance Ukranian American Federal Credit Union has easily the best Coverdell ESA (Educational Savings Account) rate I’ve seen recently: Their Coverdell ESA savings account is currently yielding 5.00% APY. Since it is a savings account, the rate can be changed at any time — a downside to not having it as a CD — but on the plus side, the money can be used for educational purposes at any time, and Selfreliance seems to have kept the 5.00% APY Coverdell ESA rate for over a year now.
Selfreliance Ukranian American Federal Credit Union is open to members of Selfreliance Association of American Ukrainians, which accepts as members individuals of Ukrainian descent, by birth or marriage; and members of Ukrainian parishes, religious communities or other Ukrainian community organizations. Selfreliance Ukranian American FCU has nine locations, six of which are in the Chicago area: Two in Chicago, and one each in Bloomingdale, Palatine, Palos Park, and Munster, Indiana. Many of the branches have unusual hours of operations, so check online or call before visiting.
