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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.]
CDs up to 3.00% at International Bank of Chicago
International Bank of Chicago has a few nice short-term to mid-term CD rates:
- 6-month CD: 2.25% APY
- 1-year CD: 2.50% APY
- 18-month CD: 2.75% APY
- 2-year CD: 3.00% APY
The CDs all have a minimum deposit of $10,000.
International Bank of Chicago has four branches: Two in Chicago (including one in Chinatown) and one each in Stone Park and Bellwood.
Rates 3.00% and above at Access Credit Union
Access Credit Union has a number of very good CD rates up to 3.25% APY:
- 6-month CD: 2.15% APY
- 12-month CD: 2.41% APY
- 18-month CD: 2.55% APY
- 24-month CD: 2.65% APY
- 30-month CD: 2.91% APY
- 36-month CD: 3.00% APY
- 48-month CD: 3.15% APY
- 60-month CD: 3.40% APY
These CDs all have $10,000 minimums. They are also available with $500 minimums, but 15-17 basis points lower than the $10,000-minimum CDs. The CDs are also all available as IRA CDs.
Membership is available for a relatively large geographical area: Anyone who lives or works in Bellwood, Berkeley, Berwyn, Broadview, Brookfield, Cicero, Elmhurst, Forest Park, Hillside, Hinsdale, Lagrange, Lagrange Park, Maywood, Melrose Park, Northlake, North Riverside, Oak Brook, Oak Park, River Forest, Riverside, Stone Park, and Westchester. Membership is also available to anyone who lives or works in Chicago zip code 60616 or in the area bordered by Lake Michigan on the East, California Ave on the West, Garfield Ave/55th Street on the South and Harrison Street on the North.
Access Credit Union has two locations: One in Chicago and one in Westchester.
CDs up to 3.75% at First Bank of Highland Park
First Bank of Highland Park has a number of nice CDs available:
- 9-month CD: 2.25% APY
- 17-month CD: 2.75% APY
- 5-year CD: 3.75% APY
These CDs have a minimum deposit of $5000, although that drops to $1000 if the CD is opened as an IRA CD.
First Bank of Highland Park has two locations: 1835 First Street in Highland Park and 633 Skokie Blvd., 3rd Floor, in Northbrook.
(Thanks to the reader who e-mailed me this deal.)
12- and 18-month, 2.60% CDs at Builders Bank
Builders Bank has two competitive CDs: Their 12-month CD and their 18-month CD are both yielding 2.60% APY. Both CDs have a minimum deposit of $2500, although the minimum drops to $500 if you open the CD as an IRA CD. The rates are scheduled to be good through tomorrow (June 18th), although Builders Bank could change them at any time.
Builders Bank has two branches, both on North LaSalle Street in Chicago.
16-month, 2.46% CD at Mutual Bank
Mutual Bank has a pretty high CD available in today’s CD environment: Their 16-month CD is yielding 2.46% APY. This CD has a minimum deposit of $2500 and a maximum of $95,000. Mutual Bank is also offering a 3-year CD 2.63% APY, a 4-year CD at 2.99% APY, and a 5-year CD at 3.26% APY. The 3-year CD has the same minimum, but the 4- and 5-year CDs have a minimum of only $1000. All have the same maximum. All the CDs are also available as IRA CDs.
Mutual Bank has nine branches in the Chicago area: Two in Naperville, and one each in Aurora, Carol Stream, Chicago, Downers Grove, Harvey, Roselle, and Villa Park.
25-month, 2.65% CD at Central Federal Savings
Central Federal Savings has a reasonably competitive CD offering: Their 25-month CD is yielding 2.65% APY. This rate has a $2500 and requires having a checking account with Central Federal. Without a checking account with the bank, the rate drops to 2.40% APY. Central Federal is also offering a 1-year IRA CD that’s yielding 2.00% APY. This rate also has a $2500 minimum but does not have the checking account requirement.
Central Federal Savings has two locations: 5953 W. Cermak Road in Cicero and 6940 W. Ogden Avenue in Berwyn.
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.
2.90%/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.)
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.
