Best CD Rates in Illinois
Vikram Singh
Best 6-Month CD Rates in Illinois

Bank or Credit Union Name: Capital One
Minimum Amount: $0
APY / Rate: 5.00%
Pros:
- No minimum balance required
- Interest is paid end of the term, monthly,, or annually
- 5-minutes easy account opening process
- FDIC-insured investment options
Rules:
- A CD account can be opened online by accessing the website if you are already a member of Capital One bank.
- Interest is accrued daily but paid and compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.

Bank or Credit Union Name: My Banking Direct
Minimum Amount: $2500.00
APY / Rate: 4.50% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- Strong customer support system
- $0 Monthly maintenance fee
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- Less than six months: 30 days’ simple interest on the principal amount withdrawn
- 6 months up to and including 11 months: 90 days’ simple interest on the principal amount withdrawn
- 12 months up to and including 35 months: 180 days’ daily compound interest on the principal amount withdrawn.
- The interest on the CD is compounded monthly.
Best 12 Month CD Rates in Illinois

Bank or Credit Union Name: CIT Bank
Minimum Amount: $1000.00
APY / Rate: 4.65% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- No monthly fees
- Best savings APY
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- You’ll need to provide your address, phone, email and social security number (or other taxpayer ID).
- Minimum of $1,000 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.
- CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.

Bank or Credit Union Name: Alliant Credit Union
Minimum Amount: $1000
APY Rate: 4.65% APY
Pros:
- Funds are insured up to $250,000 by NCUA
- Low minimum deposit of only $1,000; no maximum
- Great dividend rates
Rules:
- Dividends compounded every month and at maturity.
- Incur an early withdrawal penalty
Best 3 Years CD Rates in Illinois

Bank or Credit Union Name: America First Credit Union
Minimum Amount: $500.00
APY / Rate: 4.75% APY
Pros:
- Low minimum deposits and high yields
- Automatic renewals
- NCUA insured up to $250,000
- Terms from three months to five years
Rules:
- To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
- AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
- AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.
- If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 365 days of interest.
- Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.

Bank or Credit Union Name: Alaska USA FCU
Minimum Amount: $500
APY / Rate: 4.55% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- Strong customer support system
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
- The interest on the CD is compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.
Best 5 Years CD Rates in Illinois

Bank or Credit Union Name: GTE Financial Credit Union
Minimum Amount: $500
APY / Rate: 4.54% APY
Pros:
- Open with as little as $500
- Some of the best rates in the nation
- Variety of term options
- Open online in minutes
- Federally Insured by NCUA
Rules:
- No early withdrawals may be made during the first 60 days from opening the Share Certificate.
- Early withdrawals will be penalized anywhere from 90 to 180 days of earned dividends. Please review your Certificate disclosure for more details.
- There are no penalties for monthly dividend withdrawals. Early withdrawal penalties will apply if the certificate is closed before the maturity date.
- You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.
- Any monthly withdrawals or transfers reduce earnings.

Bank or Credit Union Name: CFG Community Bank
Minimum Amount: $500.00
APY / Rate: 4.50% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- Strong customer support system
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
- The interest on the CD is compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.