4%+ 12-month CDs and IRA CDs at Patelco Credit Union
Patelco Credit Union has a couple very good CDs available:
- a 12-month CD that earns 4.07% APY
- a 12-month IRA CD that earns 4.07% APY
- a 24-to-35-month IRA CD that earns 4.00% APY
The traditional CDs have a minimum of $1000, and the IRA CDs have a minimum of only $500.
Patelco also has two deals that are continuing from earlier this year. They have a 12-month, 7.00% New Member CD, although the minimum and maximum deposit on this CD is $1000, and the CD is only available to new Patelco members. And they have what they call their gr8 r8 Savings Account: A savings account for anyone under the age of 21 that earns 8.00% APY up to $1000. The 8.00% rate will be earned through the end of 2008, at which point the “[a]ccount will transfer to regular share account, effective 01/01/09, and this account will be closed.”
Patelco CU is one of the nation’s largest credit unions, and although almost all their branches are in California, they do have one branch in Illinois at 108 Wilmot Rd., Suite 100 in Deerfield (just east of the I-294/Lake Cook Road interchange). Patelco Credit Union is open to everyone through a free membership in the California Association for Older Americans — contact Patelco for details.
4.00% 2- to 5-year IRA CDs at Home State Bank
Home State Bank has a nice IRA deal for those trying to fund one before Tax Day: Their IRA CDs of 24, 30, 36, 48, and 60 months are all earning 4.00% APY. The IRA CDs have a minimum deposit of $4000. You must have a Home State Bank checking account (or open one) to be eligible for this deal. The offer isn’t mentioned on their website, but you can see an ad for it here through April 13th. The ad implies that the rate will last through April 15th, although it does say that the rate can change at any time.
Home State Bank has eight branches: Three in Crystal Lake, two in Lake of the Hills, two in McHenry, and one in Woodstock.
4.20% 12-month CD at Countrywide
Good ol’ Countrywide Bank has consistently had among the best short-term CD rates for the entire time we’ve been running this blog. (Whether that will continue after they get eaten up by Bank of America is an interesting question.) And again, they have one of the few short-term CDs above 4% in Chicagoland: a 12-month CD earning 4.20% APY. As usual, this CD has a minimum of $10,000 (or $2500 for an IRA CD). And as usual, we want to remind you that since Countrywide is having financial problems, it’s prudent to keep your total deposits with them under FDIC insurance limits.
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.
Long-term CDs up to 4.50% at CenTrust Bank
CenTrust Bank has a number of very nice long-term CDs:
- 3.75% APY CD for 36 months
- 4.00% APY CD for 48 months
- 4.25% APY CD for 60 months
There’s a number of good things about these CDs. First, they only have a minimum of $500. Second, if you deposit over $100,000 in the CD, the rate goes up 5 basis points. Third, if you have a “Charter Account” with them, the rate goes up another 20 basis points. What’s a Charter Account? “Open either a Checking Account with no minimum balance or a NOW Account with a $750 minimum balance and have a minimum of 2 transactions per month in the opened account. In addition, open and maintain a Savings or Money Market account of $5,000 or more.” The Charter Account requirements are a bit restrictive, but it could be worth it for some people. The CDs are also available as IRA CDs.
CenTrust Bank has one location: 400 Lake Cook Road, Suite 202 in Deerfield.
59-month 4.25% CD at U.S. Bank
U.S. Bank has one of the best long-term CDs we’re seeing at a Chicagoland bank: a 4.25% APY 59-month CD. (For those who can’t do the math that quickly, the CD is one month shy of five years.) Also nice about this CD is its low minimum: only $1000. The CD also seems to be available as an IRA CD.
U.S. Bank has numerous branches in the Chicago area. You can find one near you here.
4.05%, 7-month IRA CD at McHenry Savings Bank
[Note: This CD is for IRA deposits only. Thanks to the anonymous reader who figured this out.]
McHenry Savings Bank has a nice CD deal brought to my attention by an anonymous reader (thanks!) on our finding deals thread: a 4.05% APY 7-month CD. According to the commenter, the CD has a $2,500 minimum and expires on April 15. This CD deal doesn’t seem to be listed on McHenry Savings Bank’s website, but you can call them at (815) 385-3063 or email them at customerservice@mchenrysavings.com to get more information about this special rate.
McHenry Savings Bank has five locations: Three in McHenry, and one each in Huntley and Richmond.
4.90% 12- to 17-month CDs at Alliant Credit Union
Alliant Credit Union has some very good rates on mid-term CDs: Their CDs from 12-17 months are earning 4.90% APY, and their CDs from 18-24 months are earning 4.65% APY. These rates have a $25,000 minimum, and the CDs drop .40% if you only make a $1000 minimum deposit. On the plus side, the CDs are available as traditional IRAs, Roth IRAs, SEP IRAs, and Coverdell ESA CDs.
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 elgible, as well as 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. If you don’t meet any of these criteria, you can join the National PTA for $25 to take advantage of this deal.
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.
Up to 5.20% CDs and IRA CDs at Credit Union 1
Credit Union 1 has some shockingly high CD rates in today’s dropping-rate market:
- 6 months: 4.75% APY
- 12 months: 4.80% APY
- 18 months: 4.825% APY
- 24 months: 4.85% APY
- 30 months: 4.90% APY
- 36 months: 5.00% APY
- 48 months: 5.05% APY
- 60 months: 5.10% 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 IRA CD. (The only exception is the 30-month CD, which only has a 5-basis-point increase.)
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. 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.
CD Rates up to 4.85% at Access Credit Union
Access Credit Union has a number of very good CD rates up to 4.85% APY:
- 12-month CD: 4.51% APY
- 18-month CD: 4.55% APY
- 24-month CD: 4.66% APY
- 30-month CD: 4.71% APY
- 36-month CD: 4.76% APY
- 48-month CD: 4.80% APY
- 60-month CD: 4.85% APY
These CDs all have $10,000 minimums. They are also available with $500 minimums, but 15 or 16 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.
(Thanks to the reader who e-mailed me this deal.)
5.00% 6-month CD and 4.75% savings account at Countrywide Bank
We mentioned last week that Countrywide Bank had a 3-month CD that was earning 5.05% APY. That CD is still available, albeit with a slightly lower rate (5.00% APY), but they’ve also added another great CD: a 6-month CD that earns 5.00%. The minimum on this CD is $10,000, although IRA CDs are also available with a minimum of $2500. Both CDs need to be opened in a Countrywide financial center; the rate drops to 4.90% APY if opened online.
Countrywide also has a savings account, SavingsLink, that is earning 4.75% APY — a drop from 5.00% last week, but still very competitive in today’s market. SavingsLink must be opened online, but once opened you can use any of the financial centers to deposit or withdraw money from the account (as well as online banking).
Countrywide has 13 financial centers in the Chicago area, located in Chicago, Crystal Lake, Elmhurst, Glenview, Highland Park, Joliet, Libertyville, Naperville, Oak Lawn, Orland Park, Plainfield, Schaumburg, and Wheaton.
(Thanks to reader trinidon2k who posted this deal here.)
CDs up to 4.92% at Corporate America Family CU
(This deal is no longer available.)
Corporate America Family Credit Union, one of the most open credit unions in the Chicago area, has a number of very competitive CDs available for various terms:
- 6-month CD: 4.50% APY
- 12-month CD: 4.76% APY
- 24-month CD: 4.81% APY
- 36-month CD: 4.92% APY
The CDs all have a $10,000 minimum, although you can get the CDs with a $1000 minimum if you’re willing to take a drop of 16 basis points. The CDs are also available as traditional IRA or Roth IRA CDs.
As I mentioned earlier, 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.
5.05% 60-to-84-month CD at Navy Federal Credit Union
Navy Federal Credit Union has a good long-term CD deal for those looking to lock in some money: a 5.05% CD that can be opened from 60 months to 84 months. Unfortunately, this CD requires a $100,000 minimum; the rate drops between 10 and 30 basis points for lower deposits, depending on the amount and term of the CD. On the plus side, the CD is available as an IRA certificate.
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.”
