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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.]
3-year, 2% “Kids CD” at BCU
BCU (Baxter Credit Union) has a unique CD offering: a 3-year “kids CD” that’s yielding 2.00% APY. Of course, being a special certificate, there are some restrictions: The person who is first on the account must be 18 years old or younger, and their social security number must be the one on the account. And after 3 years, the CD will renew into a normal 3-year certificate unless you tell them otherwise. The CD also has a maximum deposit of only $25,000 per child, although on the plus side, the minimum deposit is only $50.
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 Schaumburg, or Kenosha County in Wisconsin. The best that I can tell, there are six area branches of BCU, listed below for your convenience:
- 415 South Main, Crystal Lake
- Lake Cook Road and Saunders Road, Deerfield
- 400 North Field Drive, Lake Forest
- 1485 Waukegan Road, McGaw Park
- West Belvidere Road and North Wilson Road, Round Lake
- 340 North Milwaukee Avenue, Vernon Hills
1.56% Health Savings Accounts at Corporate America Family Credit Union
Corporate America Family Credit Union (CAFCU) has a very nice rate on their Health Savings Accounts (HSAs): 1.56% APY on balances over $10,000. Balances over $5000 still make a competitive 1.31% APY, and balances over $1000 return 1.05%. Corporate American Family CU also has reasonably competitive 3-year CDs available: 1.87% APY on deposits over $10,000. IRA certificates are also available with that CD.
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 8 branches in the greater Chicago area: in Burbank, Chicago, Crystal Lake, Elgin, Oak Brook, Rosemont, Streamwood, and Warrenville.
13-month, 1.05% and 25-month, 1.25% CDs at Bank of Pontiac
If you’re in the far southwest suburbs of Chicago, these competitive rates might be worth considering: Bank of Pontiac has a 13-month CD yielding 1.05% APY and a 25-month CD returning 1.25% APY. These CDs both have a minimum deposit of $500. The 13-month CD has a 3-month penalty for closing the account early, and the 25-month CD has a 6-month penalty. If you are a “FunTimer” (age 50 or older; have an “Interest/FunTimer checking” account; maintain a combined deposit relationship of at least $2,500 at Bank of Pontiac), those rates go up by .10%
Bank of Pontiac has five locations: Two in Pontiac, two in Dwight, and one in Odell.
Competitive CDs in various terms at AA Credit Union
AA (American Airlines) Credit Union has a number of extremely competitive mid-term and long-term CDs:
- 1-year CD: 1.26% APY
- 2-year CD: 1.76% APY
- 30-month CD: 2.02% APY
- 3-year CD: 2.27% APY
- 4-year CD: 2.42% APY
- 5-year CD: 2.88% APY
These CDs all have a $10,000 minimum, although they’re also available with a $1000 minimum if you’re willing to take 0.05%-0.10% off of the rate. Their penalty for early withdrawal is 6 months’ interest on 1-to-3-year CDs, and 1 year’s interest on 4- and 5-year CDs. AACU tends to change their rates only once a month, so these rates may be good through all of March; no promises, however.
AA Credit Union is open to anyone who works directly with the air transportation industry — not just American Airlines employees. This includes airline employees, TSA and FAA employees, baggage handlers, those who deal with airline food services, and others. It also is open to those who are retired from the air transportation industry.
The four local branches of AA Credit Union are all located on the grounds of O’Hare Airport — in Terminal 3, Concourse K; in Terminal 3, Concourse G; in the West Mezzanine Level, Terminal 3; and at 9950 W. Lawrence Ave., Suite 219.
CDs up to 2.50% at Mutual Federal Bank
Mutual Federal Bank has a number of competitive CDs available:
- 3-year certificate: 2.00% APY
- 4-year certificate: 2.25% APY
- 5-year certificate: 2.50% APY
The CDs have a minimum deposit of $500 and a maximum deposit of $90,000. The CDs are also available as traditional IRA or Roth IRA CDs at the same rates.
Mutual Federal Bank has two branches: 2212 W. Cermak in Chicago and 2695 Forgue Dr. in Naperville. The Naperville branch is called Great American Bank.
1-year, 1.20% CD at State Bank of India
State Bank of India has a few good CDs rates available, at least in today’s low-rate environment. Their 1-year CDs are yielding 1.20% APY, their 2-year CDs have a yield of 1.40% APY, and their 3-year CDs are returning 1.71% APY. All the CDs have a minimum deposit of $2500, and the rate is good through at least tomorrow (November 23). At State Bank of India’s New York branch, they explicitly state that they are only offering CDs in single and joint names, not “in-trust for,” “POD,” and “trust” accounts, so that may very well apply to the Chicago branch as well. While State Bank of India is technically a branch of a foreign bank, all deposits at its U.S. banks are FDIC insured.
State Bank of India has branches in New York, LA, Washington D.C., and Chicago. Its Chicago branch is at 19 South La Salle Street, Suite 200.
5-year, 2.80% CD at USA One Credit Union
USA One Credit Union has a number of competitive rates on longer-term CDs, the highest of which is a 2.80% APY on a 5-year CD. Other rates include a 3-year CD at 2.30% APY, a 3½-year CD at 2.40% APY, and a 4-year CD at 2.50% APY. If you’re looking really long-term, USA One is also offering a 10-year CD at 3.10% APY. These CDs all have a $250 minimum deposit, and according to their website it’s possible that even higher rates are available for deposits greater than $10,000.
USA One Credit Union is open to people who work within a 12 -mile radius of Matteson, as well as people who live or work in Addison, Bensenville, Berwyn, Chicago, Cicero, Elk Grove Village, Elmhurst, Glen Ellyn, Hometown, Itasca, Lombard, Oakbrook Terrace, Villa Park, Whiting and Wood Dale. USA One has two locations: 4749 Lincoln Mall Dr. in Matteson and 729 N. Route 83 in Bensenville.
Competitive CDs across terms at National Republic Bank of Chicago
National Republic Bank of Chicago has a number of CDs that are at competitive rates:
- 1-year CD: 1.26% APY
- 18-month CD: 1.41% APY
- 2-year CD: 1.66% APY
- 30-month CD: 2.02% APY
- 3-year CD: 2.12% APY
- 5-year CD: 2.27% APY
These CDs all have a minimum balance requirement of $1000 and a maximum deposit of $98,999. According to the website, however, the minimum deposit requirement is waved for senior citizen accounts. The rates are accurate as of November 9th.
National Republic Bank has two locations, both in Chicago: 1201 W. Harrison and 2615 W. Devon.
CDs up to 2.75% at Mutual Federal Bank
Mutual Federal Bank has a number of competitive CDs available:
- 30-month and 3-year CDs: 2.00% APY
- 4-year CDs: 2.25% APY
- 5-year CDs: 2.75% APY
Mutual Federal doesn’t list any minimum deposit for these accounts, but the CDs do have a maximum deposit of $90,000. The rates were accurate as of November 5th.
Mutual Federal Bank has two branches: 2212 W. Cermak in Chicago and 2695 Forgue Dr. in Naperville. The Naperville branch is called Great American Bank.
3-year, 2.02% CD at Liberty Bank
Liberty Bank has a decent mid-term CD available: a 3-year CD yielding 2.02% APY. This CD has a minimum deposit of $1000, and the same rate is available in a 4-year or 5-year CD. Liberty Bank also has a couple somewhat-competitive shorter CDs available: a 1-year CD at 1.00% APY, and a 2-year CD at 1.26% APY. Those CDs have the same $1000 minimum.
Liberty Bank has five locations: Three in Chicago, one in Lincolnwood, and one in Park Ridge.
CDs up to 2.75% at Evergreen Private Bank
Evergreen Private Bank has a few competitive-rate CDs available:
- 2-year CD: 1.70% APY
- 30-month CD: 1.90% APY
- 3-year CD: 2.10% APY
- 4-year CD: 2.30% APY
- 5-year CD: 2.75% APY
These CDs all have a minumum deposit of $1000. Evergreen Bank Group also offers the CDARS Program, which provides FDIC insurance for Certificates of Deposit for up to $50,000,000; contact them for more information on that.
Evergreen Private Bank has one location: 1515 West 22nd Street, Suite 100W in Oak Brook — right next to Oakbrook Mall.
CDs up to 2.75% at Alliant Credit Union
Our apologies for the lack of posting recently. It should start picking up again.
Alliant Credit Union has a number of competitive CD rates available:
- 12-to-23-month CDs: 1.60% APY
- 24-to-35-month CDs: 1.85% APY
- 36-to-47-month CDs: 2.10% APY
- 48-to-60-month CDs: 2.75% APY
These CDs have a $25,000 minimum, but the CDs are also available with a $1000 minimum with only a .10% rate drop. These rates are also available as traditional IRA CDs, Roth IRA CDs, SEP IRA CDs, and Coverdell ESAs.
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 at United World Headquarters in Mt. Prospect (United World Headquarters employees only), and one in O’Hare Airport.
