Please note:

CDs up to 3.00% at Alliant Credit Union

Alliant Credit Union always seems to have some of the highest CD rates and savings rates in Chicagoland, and their CD rates remain pretty competitive:

12-to-23-month CDs: 2.15% APY
24-to-35-month CDs: 2.30% APY
36-to-47-month CDs: 2.75% APY
48-to-60-month CDs: 3.00% APY

These CDs all have a $25,000 minimum, although you can get the CDs with only a $1000 minimum if you are willing to take a 0.15% drop in the rate. These rates are also available as traditional IRA CDs, Roth IRA CDs, SEP IRA CDs, and Coverdell ESAs. In my experience, Alliant only changes its rates at the beginning of the month, so these rates are probably good through the end of September.

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.

3-year, 3.38% CD at Chicago Patrolmen’s CU

Chicago Patrolmen’s Credit Union has a high three-year CD available: 3.38% APY. This CD has a minimum of $2500. The CD is also available as a traditional and Roth IRA CD (minimum $1000) and Coverdell Educational Savings Account CD ($500 minimum). Their 2-year CD is also high in today’s financial environment: 2.83% APY, with the same minimums as above.

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 three locations, all in Chicago: 1359 W. Washington Boulevard, 2766 W. 111th Street and 5310 N. Harlem.

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.

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.

CD Rates up to 4.00% at Alliant Credit Union

Alliant Credit Union has a number of competitive CDs available:

12-23 months: 3.15% APY
24-35 months: 3.30% APY
36-47 months: 3.75% APY
48-60 months: 4.00% APY

These CDs all have a minimum deposit of $25,000, although they are available with a $1000 minimum with a 0.15% reduction in APY. These CDs are all available as Traditional IRAs, Roth IRAs, SEP IRAs, and Coverdell ESAs. Alliant CU also has a very competitive savings account that’s yielding 3.00% and a checking account that’s also yielding 2.75% (with some restrictions).

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.

2-year 3.04% CD, 3-year 3.30% CD at Corporate America FCU

Corporate America Federal Credit Union is offering two competitive CDs: a 2-year CD yielding 3.04% APY, and a 3-year CD yielding 3.30% APY. Both CDs have a $10,000 minimum, although both are available with a $1000 minimum if you’re willing to take about a 0.25% cut in APY. Both CDs are also available as traditional IRAs, Roth IRAs, or Coverdell ESAs (Educational Savings Accounts).

If you’re looking for a shorter term CD, Corporate America FCU also has a 1-year CD yielding 2.79% APY and a 6-month CD yielding 2.53% APY, also with a $10,000 minimum, and available as an IRA or ESA.

Corporate America FCU also has good rates on Health Savings Accounts: 3.30% APY above $10,000, and various rates between about 2.50% and 3.00% APY for lower balances.

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.

3-year, 4.08% CD (4.60% IRA/ESA) at Chicago Patrolmen’s Credit Union

Chicago Patrolmen’s Credit Union has a very high three-year CD available: 4.08% APY. This CD has a minimum of $2500. Even more amazing, though, is their three-year IRA/ESA CD: 4.60% APY. This CD has a minimum of $1000 for traditional and Roth IRAs and a minimum of $500 for Coverdell Educational Savings Accounts. A few other nice rates at Chicago Patrolmen’s CU:

1-year CD: 3.04% APY (3.82% APY for IRA/ESA)
2-year CD: 3.30% APY (4.08% APY for IRA/ESA)
money market above $50k: 2.53% APY

Both the 1- and 2-year CDs have the same minimum deposits as the 3-year CD.

CDs up to 4.60% at Navy Federal

Navy Federal Credit Union has a number of interesting CDs available. Possibly the most interesting is their 4.60% APY, 30-month CD. This CD is available only as an IRA CD or a Coverdell ESA CD, and it has a minimum of $15,000. Navy Federal is also offering a 6-month CD that’s yielding 3.25% APY. This CD has a minimum of $10,000, although you can get a 6-month, 3.00% APY CD with a minimum of $100. Navy Federal is also offering a 1-year, 3.75% APY CD, although this CD has a few hitches: It has a maximum of only $5000, you can’t currently have a CD (of any term) with Navy Federal, and members age 18 or older must have a minimum direct deposit of $300 to a Navy Federal checking account prior to purchase and establish a monthly automatic deposit of at least $10 to the CD. Navy Federal has some good long-term traditional CDs as well: Their 5-year CD is yielding 3.85% APY for deposits over $20,000 (3.70% APY under $20k, 4.00% APY over $100k), and their 7-year CD is yielding 4.25% APY, also for deposits more than $20,000 (4.10% under $20k).

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.”

(Hat tip to Bank Deals Blog.)

CDs up to 4.50% at Alliant Credit Union

Alliant Credit Union has a number of very nice CD rates available:

12-23 months: 3.65% APY
24-35 months: 3.80% APY
36-47 months: 4.25% APY
48-60 months: 4.50% APY

These CDs all have a $25,000 minimum; however, you can get the CDs with a $1000 minimum, but with a 0.15% drop in APY. These CDs are all available as Traditional IRAs, Roth IRAs, SEP IRAs, and Coverdell ESAs. Alliant CU also has a very competitive savings account that’s yielding 3.25% and a checking account that yields 3.00% (with some restrictions).

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.

2-year, 4.60% APY CD at First Savings Bank of Hegewisch

First Savings Bank of Hegewisch has a very competitive mid-term CD: a 2-year CD that yields 4.60% APY. If you’re looking for a slightly shorter CD, FSB of Hegewisch has a 20-month CD yielding 4.50% APY. Both CDs have a $5000 minimum. The CDs area also available as traditional and Roth IRAs and Coverdell ESAs with an amazingly low $10 minimum.

First Savings Bank of Hegewisch has eight locations: Two in Chicago, and Calumet City, Frankfort, Lansing, Lynwood, Tinley Park, and Dyer, Ind.

(Hat tip to Bank Deals Blog.)

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.

Chicago CD Rates

the highest cd rates and money market rates in the chicago area

CDs up to 3.00% at Alliant Credit Union

3-year, 3.38% CD at Chicago Patrolmen’s CU

Coverdell ESA rates up to 4.00% at First Northern Credit Union

5.00% Coverdell ESA Savings Account at Selfreliance Ukranian American FCU

CD Rates up to 4.00% at Alliant Credit Union

2-year 3.04% CD, 3-year 3.30% CD at Corporate America FCU

3-year, 4.08% CD (4.60% IRA/ESA) at Chicago Patrolmen’s Credit Union

CDs up to 4.60% at Navy Federal

CDs up to 4.50% at Alliant Credit Union

2-year, 4.60% APY CD at First Savings Bank of Hegewisch

4.11% IRA Savings Accounts at CMECU

Rates up to 4.75% at Credit Union 1

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