4.11% IRA Savings Accounts at CMECU
CMECU (Chicago Municipal Employees Credit Union) has a fantastic rate on their IRA Savings Accounts: 4.01% APY for accounts holding $500 to $9,999, and 4.11% APY for accounts holding $10,000 or more. These accounts are also available for Coverdell ESAs (formerly known as Educational IRAs).
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 4.75% at Credit Union 1
Credit Union 1 has a number of good to very good CD rates available:
- 6 months: 3.85% APY
- 12 months: 3.90% APY
- 18 months: 3.925% APY
- 24 months: 3.95% APY
- 30 months: 4.00% APY
- 36 months: 4.35% APY
- 48 months: 4.60% APY
- 60 months: 4.75% 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 Traditional IRA CD, Roth IRA CD, or Coverdell ESA.
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.
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.
3.75% to 4.05% CDs (and even better ESA rates) at First Northern CU
First Northern Credit Union was the leader in CD rates in the Chicago area late last year, and they continue to have some pretty decent mid-term CDs. Their best rates right now are:
- 12-month CD: 3.75% APY
- 18-month CD: 3.80% APY
- 24-month CD: 3.90% APY
- 36-month CD: 4.05% APY
These CDs all have $50,000 minimums. The CDs are also available with $25,000 minimums if you’re willing to give up 20 basis points or $2500 minimums if you’re willing to give up 30 basis points.
For pretty much the entire time we’ve been doing this blog, First Northern CU has been the leader in Coverdell ESA CDs. And yes, First Northern still has the best ESA rates in the region, by a fair margin::
- 12-month ESA CD: 4.45% APY
- 18-month ESA CD: 4.50% APY
- 24-month ESA CD: 4.60% APY
- 36-month ESA CD: 4.75% 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 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.
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.
5.5%+ ESA CDs and 5.05% 3-Year CDs at First Northern Credit Union
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.
5.25% Money Market at Selfreliance Ukranian American FCU
Selfreliance Ukranian American Federal Credit Union has one of the best money market rates I’ve seen in the Chicago market recently: 5.25% APY for amounts $25,000 and up (capped at $500,000). Below $25,000, the money market drops to a respectable 4.50% APY with a $1000 minimum. Selfreliance Ukranian American FCU also has a Coverdell Educational Savings Account that earns a nice 5.00%.
Selfreliance Ukranian American Federal Credit Union does not seem to list their membership reqiurements online. Instead, they write this: “For more information on becoming a member, please call 1(888)222-8571 or email us at ukr1@selfreliance.com.” 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.
5.40% 12-to-24-month CDs at Alliant Credit Union
Alliant Credit Union has one of the best local deals I’ve seen on CDs recently: Their CDs from any term between 12 months and 24 months are available at 5.40% APY. The main stipulation: There is a minimum of a $25,000 deposit on the CDs. Below $25K, the APY drops to a still respectable 5.00% APY. On the plus side, the CDs are available as IRA CDs (traditional, Roth, or SEP) and as 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.
1-, 2-, and 3- year CDs up to 5.28% at Chicago Patrolmen’s Credit Union
Chicago Patrolmen’s Federal Credit Union has three very good CD deals going on right now:
- 12-month CD at 5.12% APY (5.31% APY for IRA and Coverdell ESA CDs)
- 24-month CD at 5.23% APY (also available for IRA and Coverdell ESA CDs)
- 36-month CD at 5.28% APY (also available for IRA and Coverdell ESA CDs)
The CDs have a minimum deposit of $2500 except for the IRA CDs, which have a minimum of $1000, and the Coverdell ESA CDs, which have a minimum of $500. The 5.31% APY for the IRA and Coverdell ESA CDs is scheduled to continue all the way through the end of April, which could be an even better deal by then if the Fed continues dropping rates.
Membership in the Patrolmen’s Credit Union is limited to active and retired sworn personnel in the Chicago Police Department, civilian Police Department employees, and employees of the Chicago Office of Emergency Management Communications, as well as the immediate families of all those groups. The credit union has two locations, both in Chicago: 1359 W. Washington Boulevard and 2766 W. 111th Street. They are also opening a new branch at 5310 N. Harlem sometime early this year.
Up to 5.49% for CDs at Chicago Patrolmen’s FCU
Chicago Patrolmen’s Federal Credit Union has a few good CD deals going on:
- 12-month CD at 5.28% APY
- 24-month CD at 5.39% APY
- 36-month CD at 5.49% APY
The CDs have a minimum deposit of $2500, but the CDs are also available as an IRA CD with a minimum of $1000 or a Coverdell ESA CD with a minimum of $500.
Membership in the Patrolmen’s FCU is limited to active and retired sworn personnel in the Chicago Police Department, civilian Police Department employees, and employees of the Chicago Office of Emergency Management Communications, as well as the immediate families of all those groups. The credit union has two locations, both in Chicago: 1359 W. Washington Boulevard and 2766 W. 111th Street.
Up to 6.25% Coverdell ESA CDs at First Northern Credit Union
Wednesday, I mentioned I would talk about this, so here it is: First Northern Credit Union is offering up to 6.25% on its Coverdell Education Savings Account CDs. (If you’d like to read more on Coverdell ESAs in general, there’s some information here.) The 6-month CDs are at 5.20% APY, the 12-month at 5.70% APY, the 18-month at 5.75% APY, the 24-month at 5.85% APY, and the 36-month 6.25% APY. In addition, any interest on these Coverdell ESA CDs — as is true with all ESA products — is earned tax-free. The CDs have a minimum of $500.
As previously mentioned, First Northern CU is open to anyone who lives or works in many northeastern Illinois counties, including Boone, DeKalb, DuPage, Grundy, Kane, Kendall, Lee, McHenry, Ogle, Stephenson, Will, and Winnebago. (Not Cook County or Lake County, unfortunately.) Employees at Northwestern Memorial Hospital or Northwestern University are also eligible. First Northern has five branches: Two in Chicago, two in Rockford, and one in Evanston.
