Best CD Rates in Illinois
When it comes to saving money, finding the best CD rates is a smart strategy for anyone looking to secure a stable and profitable return on their investment.
In Illinois, where the financial landscape is as diverse as its vibrant communities, investors have a variety of options to choose from. In Illinois the banks and credit unions are competing to offer attractive CD rates that cater to both short-term savers and long-term investors.
With the right information, the Illinoisans can unlock the potential for earning higher interest rates. Let’s find out the appropriate facts in the section next;
Overall Best CD rates in Illinois
No. | Name of the Bank | APY % | Term Length | Address |
1 | American Airlines Federal Credit Union | 5.50% | 6-month | O’Hare Intl Airport Terminal 3 Concourse K PO Box 66065 Chicago, IL 60666 |
2 | Abri Credit Union | 5.50% | 18-month | MS #224 Batavia, IL 60510 |
3 | Bell West Community Credit Union | 5.30% | 18-month | 9930 Southwest Hwy Oak Lawn, IL 60453 |
4 | Flossmoor Credit Union | 5.30% | 18-month | 18141 Dixie Hwy Homewood, IL 60430 |
5 | McHenry County Federal Credit Union | 5.30% | 18-month | 327 E Jackson St Woodstock, IL 60098 |
6 | Phone-Co Credit Union | 5.30% | 18-month | 225 W Randolph St Chicago, IL 60606 |
7 | BankChampaign | 5.25% | 3-month | 2101 S Neil St Champaign, IL 61820 |
8 | Chicago Patrolmen’s Federal Credit Union | 5.13% | 3-month | 6124 W 63rd St Chicago, IL 60638 |
9 | Patelco Credit Union | 5.10% | 18-month | 302 Wilmot Rd Deerfield, IL 60015 |
10 | ABC Bank | 5.09% | 6-month | 1301 W Taylor St # 1305 Chicago, IL 60607 |
11 | State Bank of India – Chicago Branch | 5.05% | 6-month | 19 S La Salle St Chicago, IL 60603 |
12 | Chicago Patrolmen’s Federal Credit Union | 5.02% | 6-month | 6124 W 63rd St Chicago, IL 60638 |
13 | MWRD Employees’ Credit Union | 5.00% | 6-month | 100 E Erie St Chicago, IL 60611 |
14 | Talmer Bank and Trust | 5.00% | 6-month | 333 W Wacker Dr Chicago, IL 60606 |
15 | First National Bank | 5.00% | 3-month | 311 Banker Blvd Vandalia, IL 62471 |
16 | Beal Bank USA | 4.96% | 3-month | 3232 Lake Ave Wilmette, IL 60091 |
17 | Farmers State Bank of Sublette | 4.88% | 3-month | 3 E Woodhaven Dr Sublette, IL 61367 |
18 | NorthStar Credit Union | 4.88% | 3-month | 555 W 31st St Chicago, IL 60616 |
19 | NuMark Credit Union | 4.88% | 3-month | 8001 W 159th St Tinley Park, IL 60477 |
20 | Oak Trust Credit Union | 4.88% | 3-month | 444 N Eola Rd Aurora, IL 60502 |
21 | Pioneer State Bank | 4.88% | 3-month | 137 S Main St Earlville, IL 60518 |
22 | Chicago Post Office Employees Credit Union | 4.75% | 6-month | 10027 S Western Ave Chicago, IL 60643 |
23 | Brickyard Bank | 4.75% | 18-month | 7000 N McCormick Blvd Lincolnwood, IL 60712 |
24 | Seaway Bank and Trust Company | 4.60% | 18-month | 3501 S King Dr Chicago, IL 60653 |
25 | Planites Credit Union | 4.50% | 6-month | 300 E Randolph St Chicago, IL 60601 |
26 | South Division Credit Union | 4.50% | 6-month | 820 S Damen Ave Chicago, IL 60612 |
27 | Community Savings Bank | 4.50% | 18-month | 4824 W Belmont Ave Chicago, IL 60641 |
28 | Navy Federal Credit Union | 4.50% | 18-month | 525 Clark Ave Great Lakes, IL 60088 |
29 | Wells Fargo | 4.50% | 3-month | 400 Skokie Blvd Northbrook, IL 60062 |
30 | Evergreen Bank Group | 4.43% | 18-month | 1515 W 22nd St Oak Brook, IL 60523 |
31 | Liberty Bank for Savings | 4.41% | 18-month | 1018 W Touhy Ave Park Ridge, IL 60068 |
32 | American Community Bank & Trust | 4.35% | 18-month | 10101 N IL Route 47 Huntley, IL 60142 |
33 | Beal Bank USA | 4.28% | 18-month | 3232 Lake Ave Wilmette, IL 60091 |
34 | Great Lakes Credit Union | 4.25% | 3-month | 1509 N Milwaukee Ave Libertyville, IL 60048 |
35 | PrivateBank and Trust Company | 4.18% | 18-month | 4007 W Touhy Ave Lincolnwood, IL 60712 |
36 | BankFinancial, F.S.B. | 4.16% | 18-month | 15w060 N Frontage Rd Burr Ridge, IL 60527 |
37 | Highland Community Bank | 4.00% | 6-month | 10537 S Halsted St Chicago, IL 60628 |
38 | CEFCU | 4.00% | 3-month | 7900 N University St Peoria, IL 61615 |
39 | Alpine Bank & Trust Co. | 4.00% | 24-month | Online |
40 | Bank of America | 3.93% | 3-month | 4150 N Cicero Ave Chicago, IL 60641 |
41 | Scott Credit Union | 3.86% | 24-month | Online |
42 | First American Bank | 3.80% | 6-month | 643 N Fairbanks Ct Chicago, IL 60611 |
43 | Acme Continental Credit Union | 3.75% | 6-month | 55 E Jackson Blvd Chicago, IL 60604 |
44 | https://www.chicagofirefighterscu.com/ | 3.50% | 6-month | 6230 S Central Ave Chicago, IL 60638 |
45 | Chicago Municipal Employees Credit Union | 3.50% | 6-month | 4909 W Division St Chicago, IL 60651 |
46 | PenFed Credit Union | 3% | 6-month | Online |
47 | First Savings Bank of Hegewisch | 3.00% | 6-month | 11601 S Avenue O Chicago, IL 60617 |
48 | Kane County Teachers Credit Union | 3.00% | 18-month | 111 S Hawthorne St Elgin, IL 60123 |
49 | Dieterich Bank | 3.00% | 18-month | Online |
50 | DuPage Credit Union | 2.75% | 3-month | 790 Royal St George Dr Naperville, IL 60563 |
51 | Navy Federal Credit Union | 2.75% | 3-month | 3301 Indiana St Great Lakes, IL 60088 |
52 | Associated Bank, National Association | 2.50% | 6-month | 525 W Monroe St Chicago, IL 60661 |
53 | Wells Fargo Bank, National Association | 2.50% | 6-month | 10 S Wacker Dr Chicago, IL 60606 |
54 | PrivateBank and Trust Company | 2.25% | 6-month | 458 E Pershing Rd Chicago, IL 60653 |
55 | FWBank | 2.23% | 6-month | 1308 N Elston Ave Chicago, IL 60642 |
56 | The Federal Savings Bank | 2.06% | 12-month | 4000 W Diversey Ave, Chicago, Illinois 60639 |
57 | Morton Community Bank | 2.04% | 3-month | 3120 Robbins Rd Springfield, IL 62704 |
58 | Tech Credit Union | 2.02% | 18-month | 10951 Broadway Crown Point, IN 46307 |
59 | Associated Bank | 2.02% | 3-month | 2311 W Pioneer Pkwy Peoria, IL 61615 |
60 | First Busey Corporation | 2.01% | 12-month | Online |
61 | Kane County Teachers Credit Union | 1.99% | 3-month | 121 S Mclean Blvd South Elgin, IL 60177 |
62 | Citibank, N.A. | 1.98% | 18-month | 180 N Michigan Ave Chicago, IL 60601 |
63 | CNB Bank & Trust | 1.39% | 18-month | 450 W Side Sq, Carlinville, Illinois 62626 |
64 | BankFinancial | 1.00% | 60-month | Online |
65 | Inland Bank and Trust | 0.89% | 36-month | Online |
Current CD Rates of Illinois
Current CD rates in Illinois are working with the potential to secure interest rates. It generally outpaces those offers that are offered by traditional savings accounts.
These CDs offer a stable investment option, especially useful in scenarios where interest rates might decline during the term of the deposit. Additionally, the safety of these investments is underpinned by FDIC or NCUA insurance.
Best 6 Month CD Rates
For the best 6-month CD rates, consider options that offer a competitive edge in short-term savings and allow you to benefit from higher interest without a long commitment.
- 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.
- 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 1 Year CD Rates
The best 1-year CD rates cater to those looking for a balance between decent yields and the flexibility of a relatively short investment period.
- 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.
- CITIBank 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.
- 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 Year CD Rates
The best 3-year CD rates are designed for individuals who are looking to increase their earnings through a longer, yet manageable, time frame
- 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.
- Global Credit Union
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 Year CD Rates
The best 5-year CD rates reward long-term investors with the highest interest rates, making it ideal for those with a long-term savings goal in mind.
- 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.
- 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.
Illinois Economic Statistics
In Illinois, with a population of approximately 12.5 million, the median household income stands at $78,433, and the average per capita income is $43,198 for the period of 2018-2022.
Statistic | Value |
Population (2023) | ~12.5 million |
Median Household Income (2018-2022) | $78,433 |
Per Capita Income (2018-2022) | $43,198 |
Median Value of Owner-Occupied Housing Units (2018-2022) | $239,100 |
This median value of owner-occupied housing units during the same period is $239,100.These economic statistics provide a backdrop for investors who are looking at CD rates in Illinois.Furthermore, it highlights the state’s financial environment and potential for personal financial growth.
How to Get Best CD Rates in Illinois?
To secure the best CD rates in Illinois;
- Start by researching both online and local financial institutions, including banks and credit unions, as they often offer competitive rates.
- Consider leveraging any existing banking relationships for potential rate bonuses.
- Additionally, explore CD ladders as a strategy to maximize returns while maintaining some liquidity.
Always compare the APY (Annual Percentage Yield), fees, and penalties for early withdrawal to ensure that you are getting the best deal. Moreover, monitoring rate trends and acting swiftly when rates are favorable can also significantly impact your savings growth.
CD Rates Methodology
In the methodology for evaluating CD rates, 95 banks’ CD rates were reviewed, out of which 65 made the list.
This approach likely involved comparing the Annual Percentage Yields (APY), terms, and conditions of the CDs offered by these banks.
The selection criteria might have included the highest yields, lowest fees, and penalties for early withdrawal, ensuring that the chosen CDs offer the best combination of returns and flexibility for savers.
Conclusion
In conclusion, reviewing a significant number of banks, identifying those with the most favorable terms, and employing strategies such as CD ladders, savers can maximize their returns. This methodical approach is well defined for vigilance and strategic planning in personal finance, ensuring individuals can make the most of their savings through carefully selected CD investments.
FAQs
For the best CD rates in Illinois from a bank, BankChampaign offers a competitive rate of 5.25% for a 3-month CD
Regarding credit unions, American Airlines Federal Credit Union stands out with the best CD rates in Illinois, providing a 5.50% rate for a 6-month CD.