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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.]
5% 5-year CD at Liberty Bank
Liberty Bank for Savings has a competitive long-term CD available for those worried about the banking volatility we’re seeing right now: Their 5-year CD is yielding 5.00% APY. This CD has a minimum of $2500. Liberty Bank also has a 42-month CD that’s yielding 4.50% APY and a 3-year “bump-up” CD (where you can adjust the rate once during the term, up to 2% higher) that’s yielding 3.90% APY. The rates for IRA CDs are lower.
Liberty Bank has five locations: Three in Chicago, one in Lincolnwood, and one in Park Ridge.
A fun(!) CD from Midwest Bank
Midwest Bank has a competitive CD that has a bit of a fun side to it: Open up a 9-month CD with them at a 3.50% APY. If either the Cubs or the White Sox (or both) make the playoffs, the rate goes up to 3.75% APY. If either the Cubs or the White Sox (or both) make the World Series, the rate tops out at 4.00% APY. The CD has a minimum of $10,000. The deal doesn’t seem to be listed on Midwest Bank’s website, but you can see an ad for it here for a few days.
Midwest Bank has 28 branches throughout the Chicago area: four in Chicago and one each in Addison, Algonquin, Bensenville, Bloomingdale, Buffalo Grove, Des Plaines, Downers Grove, Elgin, Elmwood Park, Franklin Park, Glenview, Hinsdale, Inverness, Island Lake, Lakemoor, Lake Zurich, Long Grove, Melrose Park, Mt. Prospect, Naperville, Norridge, North Barrington, Roselle, and Union.
4-year, 4.00% Bump-Up CD at State Bank of Countryside
State Bank of Countryside has what might be a good deal for those who think rates might go up over the next few years: a 4-year CD earning 4.00% APY with a “bump-up option.” The CD has a minimum of $10,000. Unfortunately, the website doesn’t have the specifics of how the bump-up option works (how many times you’re allowed to raise the CD rate, etc.). On the plus side, you can add another 10 basis points on the CD if you “maintain an active personal checking or NOW account and have a combined (of all SBC accounts) personal deposit balance of $50,000 or higher.”
State Bank of Countryside has six locations: one each in Burbank, Chicago, Countryside, Darien, Homer Glen, and Orland Park.
Bump-Up CDs up to 4.50% at M&I Bank
M&I Bank has three good bump-up CDs available right now, all with a minimum of $2500:
- 20-month bump-up CD at 3.50% APY
- 40-month bump-up CD at 4.00% APY
- 60-month bump-up CD at 4.50% APY
How the bump-up option works: “The Smart Saver CD allows you to make a one-time rate change after the account has been open for 6 months. When you make the rate change, you can also make an additional deposit to the CD.”
M&I has numerous locations in the Midwest (as well as some southern states) but only two in Illinois: One in Chicago and one in Belleville.
Bump-Up CDs up to 3.60% at Libertyville Bank & Trust (and its branches with other names)
For those of you who believe that rates will eventually be going up again, there may be a two good deals at Libertyville Bank & Trust: A 3-year bump-up CD at 3.40% APY, and a 5-year bump-up CD at 3.60% APY. After the first 12 months, you can lock in a new, higher rate on the CDs, and you can relock it every 12 months after any previous lock. To get these rates, you need to be a founders club member at Libertyville B&T (or one of their associated banks — more on that further down), or you need to open a checking account at the same time you open the CD. If you don’t open up the checking account, the rates drop by 0.25%. The CDs have a minimum of $1000.
Libertyville Bank & Trust has three branches named Libertyville Bank & Trust, all which are in Libertyville. However, it also has seven other branches that are named after the city the branch is located in:
- Gurnee Community Bank
- Island Lake Community Bank
- Lake Villa Community Bank
- Mundelein Community Bank
- Vernon Hills Bank & Trust (not yet opened)
- Wauconda Community Bank (two branches)
