5.25% 5-year CD at Cole Taylor Bank
Cole Taylor Bank has the highest CD rate we’ve seen in a few months, although it does require locking up your money for quite a while: Their 5-year CDs are earning 5.25% APY. This CD has a minimum of $10,000, and the rate sheet explicitly says that the CD must be new money to the bank and that no IRA CDs are allowed. Cole Taylor has some other nice CDs, also with the same minimum and same restrictions: an 11-month CD earning 4.00% APY, a 15-month CD earning 4.10% APY, a 2-year CD earning 4.50% APY, and a 3-year CD earning 4.75% APY.
Cole Taylor Bank has 10 locations, all in Chicagoland: Four in Chicago, two in Skokie, and one each in Burbank, Lombard, Rosemont, and Wheeling.
3% Checking and good CD rates at Wheatland Bank
Wheatland Bank has one of the best checking account rates we’ve seen recently: Their “Personal Checking with Interest” is currently paying 3.00% for balances over $2500. Below $2500, the interest goes to 0%. Wheatland also has a number of very competitive CDs:
- 3-month, 6-month, 1-year and 18-month CDs: 4.00% APY
- 2-year and 3-year CDs: 4.50% APY
- 4-year and 5-year CDs: 5.00% APY
The CDs also have a minimum deposit of $2500, and the CDs can be opened as IRA CDs and business CDs.
Wheatland Bank has one branch: 2244 95th Street in Naperville.
(Thanks to the reader who e-mailed me this deal.)
(Note: This is Chicago CD Rates’ 200th post — thanks for visiting us in the past year!)
5.05% CD at National City Bank
In Sunday’s Chicago Tribune, National City was advertising a new CD special: A 5.05% APY CD for of 43 to 54 months. Like many of NatCity’s CD specials, this requires an existing checking or savings account or a new checking (except Free checking) or money market account with a $1,500 minimum initial deposit. The CD has a minimum of $10,000 and a maximum of $500,000.
National City has many branches throughout Chicagoland.
CDs up to 4.96% at Discover Bank
Discover Bank (i.e. the bank wing of Discover Card) doesn’t have any local branches — their one and only branch is in Delaware — but since they’re headquarted in Riverwoods, I thought I’d mention their CD rates, which are pretty competitive across terms:
- 1-year CDs: 3.76% APY
- 18-month CDs: 4.02% APY
- 2-year CDs: 4.23% APY
- 30-month CDs: 4.34% APY
- 3-year CDs: 4.44% APY
- 4-year CDs: 4.70% APY
- 5-year CDs: 4.96% APY
The CDs have a minimum of $2500. They can be opened online at discoverbank.com or by calling 800-347-7000.
(Thanks to the reader who e-mailed this to me.)
5% 7-year CDs at Navy FCU
If you’re looking to lock in your money for the very long term, Navy Federal has a good rate for 7-year CDs: 5.00% APY. This CD has a minumum of $20,000, although with a minumum of $1000, you could get the same CD with a slightly lower 4.85% APY. Navy FCU also has some decent 5-year CDs: 4.40% APY with $100,000, 4.25% APY with $20,000, and 4.10% APY with $1000.
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.”
CDs still up to 4.5% at Countrywide Bank
We’ve mentioned this the past couple months, but since it’s available, and it’s of the best deals available to everyone in Chicagoland, we’ll mention it again:
Countrywide Bank has some very good rates at terms up to 5 years:
- 6-month CD at 3.65% APY
- 1-year CD at 3.95% APY
- 2-year CD at 4.25% APY
- 3-, 4-, and 5-year CDs at 4.50% APY
These CDs all have $10,000 minimums and can be opened either online or at a Countrywide Financial Center. The CDs are also available as IRA CDs with a $2500 minimum.
Countrywide has 14 financial centers in Chicagoland, located in Chicago, Crystal Lake, Elgin, Elmhurst, Glenview, Highland Park, Joliet, Libertyville, Naperville, Oak Lawn, Orland Park, Plainfield, Schaumburg, and Wheaton.
4.25% 5-year CD at Liberty Bank for Savings
Liberty Bank for Savings has a pretty good 5-year CD available: 4.25% APY. This CD requires a minimum of $2500 to open. Unfortunately, the APY goes down a full percent if the CD is opened as an IRA CD.
Liberty Bank has five locations: Three in Chicago, one in Lincolnwood, and one in Park Ridge.
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.
CD Rates up to 4.50% at Wheatland Bank
Wheatland Bank has a number of very good CD rates, including some nice shorter-term CDs. Their 12-month, 18-month, 24-month, and 36-month CDs are earning 4.00% APY, and their 48-month and 60-month CDs are earning 4.50% APY. The CDs have a minimum deposit of $2500. Wheatland Bank also has a pretty good money market account that earns 3.50% for balances above $2500 and a very nice interest checking account that earns 3.00% for balances above $2500.
Wheatland Bank has one location: 2244 W. 95th St. in Naperville.
(Thanks to Bank Deals Blog.)
CD rates up to 5% at U.S. Bank
It’s been awhile since we’ve been able to write these words, but I’m pleased we once again can: 5% CDs are available at a Chicago-area bank without any major restrictions! U.S. Bank is now offering a 5.00% APY 59-month CD, as well as a 4.50% 43-month CD. Both CDs have low minimums: only $1000. Thes CD also seem to be available as IRA CDs.
U.S. Bank has numerous branches in the Chicago area. You can find one near you here.
