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.

1.  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.

2. 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.

1. 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.

2. 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

1. 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.

2. 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.

1.  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.

2. 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.

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