-
[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.]
4% Money Market at First Bank
First Bank has a very nice money market promotion going on right now: Their Performance Money Market Account has a 4.00% APY, and the rate is guaranteed for the next five months. There is a minimum deposit of $10,000, and you must have or open a First Bank checking account to be eligible for the deal. The deal doesn’t seem to be listed on their website, but you can see an ad for it here for the next few days.
First Bank has more than 25 locations in the Chicago area. You can find one near you here.
4.11% IRA Savings Accounts at CMECU
CMECU (Chicago Municipal Employees Credit Union) has a fantastic rate on their IRA Savings Accounts: 4.01% APY for accounts holding $500 to $9,999, and 4.11% APY for accounts holding $10,000 or more. These accounts are also available for Coverdell ESAs (formerly known as Educational IRAs).
Membership in CMECU is available to people who work for the City of Chicago, the Chicago Public Schools, or any sister agency to the City of Chicago such as the Chicago Housing Authority, Chicago Park District, or Public Building Commission. Members and employees of the Municipal Employees’ Annuity and Benefit Fund of Chicago or the Laborers and Retirement Board are also eligible to join, as well as those who live, work or worship in the Austin/West Garfield community. CMECU has two offices, both in Chicago: one at 33 N. LaSalle St. and one at 4909 W. Division St.
4.00% Savings Account/5.15% Health Savings Account at Alliant Credit Union
We last mentioned both these a couple months ago, but since they still hold we thought we’d bring them up again. First, Alliant Credit Union’s savings account, which only has a $100 minimum to earn interest, is currently earning 4.00% APY — the best of any local savings account. Second, and even better, Alliant also has a Health Savings Account (HSA) that’s currently earning a whopping 5.15% APY with a minimum of $100. Contact them to see if you’re eligible for a HSA.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 in Elk Grove Township, and one in O’Hare Airport.
Highest Money Market Accounts and Savings Accounts in Chicagoland
Right now, these seem to be the highest local money market and savings account rates:
- Corus Bank’s Money Market: 4.00% APY ($10,000 minimum)
- Countywide Bank’s SavingsLink: 4.00% APY ($10,000 minimum)
- Alliant Credit Union’s Regular Savings: 4.00% APY ($5 minimum)
Ravingswood Bank‘s Classic Passbook Savings, which was the leader last time we mentioned this topic, is now down to 3.03% APY.
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.
(Thanks to Savings Account Interest for helping us with national savings account and money market rates.)
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.
CDs up to 4.25% at Pan American Bank
Pan American Bank has a number of good-to-very-good CDs available right now:
- 5-year CDs earning 4.25% APY
- 2-year, 3-year, and 4-year CDs earning 3.80% APY
- 1-year CDs earning 3.50% APY
These CDs all have quite low minimums — only $500. Pan American also has a Statement Savings Account earning a decent 3.00% APY, although that account has a minimum of $5000.
Their website has some broken links, including the “About Us” page, but it seems as though they have two branches, both in Chicago: at 2627 West Cermak and 6232 North Pulaski.
Chicagoland’s Two Best Savings Accounts: Ravenswood Bank and Alliant Credit Union
Ravenswood Bank has the best savings account rate we’ve seen recently at any local bank: Their “Classic Passbook Savings” is currently earning 4.25% APY. This account has a $1000 opening deposit and a $1000 minimum balance to earn interest on the account. There is a $3 fee per “excessive transaction”; you’ll have to ask them what specifically that means.
Even better, if you’re eligible, is Alliant Credit Union‘s savings account, which is currently earning 4.35% APY. There’s a $5 minimum on the account (which is automatically opened for you when you join Alliant CU), and interest is earned with a minimum of $100. Alliant also has a Health Savings Account (HSA) that’s currently earning a whopping 5.15% APY with a minimum of $100 — contact them to see if you’re eligible.
Ravenswood Bank has two locations, both in Chicago: one in Ravenswood and one in Wicker Park.
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 in Elk Grove Township, and one in O’Hare Airport.
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.)
5.00% CDs of numerous terms at Credit Union 1
Credit Union 1 has a surprising number of CD terms where they are offering 5.00% APY:
- 6 months ($10,000 min.)
- 1 year ($10,000 min.)
- 18 months ($1000 min.)
- 2 years ($1000 min.)
- 3 years ($1000 min.)
- 4 years ($1000 min.)
The 18-month CD is also available as an IRA certificate. Credit Union 1 also has a money market that’s earning some very competitive rates at high balances:
- 4.25% ($10,000 min.)
- 4.41% ($25,000 min.)
- 4.61% ($50,000 min.)
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.
7% and 8% deals (with low maximums) at Patelco CU
Patelco Credit Union has a couple deals with fantastic interest rates, but low maximums, that some of you might find useful. First, Patelco has a 12-month, 7.00% New Member CD. Both the minimum and maximum deposit on this CD is $1000, and the CD is only available to new Patelco members. (And no, you can’t open up more than one.)
Second, Patelco CU has 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.” Again, only one account per member, but gr8 r8 Savings doesn’t require you being new to Patelco.
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.
(Thanks to reader PG for pointing out this deal.)
5.25% Money Market at Selfreliance Ukranian American FCU
Selfreliance Ukranian American Federal Credit Union has one of the best money market rates I’ve seen in the Chicago market recently: 5.25% APY for amounts $25,000 and up (capped at $500,000). Below $25,000, the money market drops to a respectable 4.50% APY with a $1000 minimum. Selfreliance Ukranian American FCU also has a Coverdell Educational Savings Account that earns a nice 5.00%.
Selfreliance Ukranian American Federal Credit Union does not seem to list their membership reqiurements online. Instead, they write this: “For more information on becoming a member, please call 1(888)222-8571 or email us at ukr1@selfreliance.com.” Selfreliance Ukranian American FCU has nine locations, six of which are in the Chicago area: Two in Chicago, and one each in Bloomingdale, Palatine, Palos Park, and Munster, Indiana. Many of the branches have unusual hours of operations, so check online or call before visiting.
5.31% 6-month CD/5.10% Money Market at Corus Bank
Earlier this month, Corus Bank had a good CD deal: 5.10% APY CDs for 6 and 12 months. Surprisingly, while they’ve dropped the rate on their 12-month CD, their 6-month CDs are now even better: 5.31% APY. That’s among the highest available at any term in the Chicago area right now. There is a minimum of $10k deposit to open the CD, but no other restrictions.
Corus Bank also has one of the highest money markets or savings accounts in the Chicago area right now: Their Ultimate Money Market Account and IRA Money Market Account are both earning 5.10% APY. Like the above CD, there is a $10,000 minimum to earn the listed APY.
Corus Bank has 11 branches, all in the Chicago area: Six in the city of Chicago, two in Calumet City, and one each in Niles, River Forest, and Wheeling.
