Best CD Rates in Chicago, Illinois

To get the best authenticity in terms of Certificate of Deposit (CD) rates can be a golden opportunity for those in Chicago, Illinois. It helps to maximize the returns without taking on significant risk.

Whether you’re a seasoned investor or just starting to build your roots in this ground, the CDs offer a safe and reliable way to grow your savings over time.

With a variety of terms and rates available, finding the most competitive CD rates in this City can help ensure your money is working hard for you. For the most precise overview we are guiding you through the top CD rates available in Chicago.

Overall Best CD rates in Chicago, Illinois

No.	Bank Name	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	Patelco Credit Union	5.10%	18-month	302 Wilmot Rd Deerfield, IL 60015
8	ABC Bank	5.09%	6-month	1301 W Taylor St # 1305 Chicago, IL 60607
9	State Bank of India – Chicago Branch	5.05%	6-month	19 S La Salle St Chicago, IL 60603
10	Chicago Patrolmen’s Federal Credit Union	5.02%	6-month	6124 W 63rd St Chicago, IL 60638
11	MWRD Employees’ Credit Union	5.00%	6-month	100 E Erie St Chicago, IL 60611
12	Talmer Bank and Trust	5.00%	6-month	333 W Wacker Dr Chicago, IL 60606
13	Chicago Post Office Employees Credit Union	4.75%	6-month	10027 S Western Ave Chicago, IL 60643
14	Brickyard Bank	4.75%	18-month	7000 N McCormick Blvd Lincolnwood, IL 60712
15	Seaway Bank and Trust Company	4.60%	18-month	3501 S King Dr Chicago, IL 60653
16	Planites Credit Union	4.50%	6-month	300 E Randolph St Chicago, IL 60601
17	South Division Credit Union	4.50%	6-month	820 S Damen Ave Chicago, IL 60612
18	Community Savings Bank	4.50%	18-month	4824 W Belmont Ave Chicago, IL 60641
19	Navy Federal Credit Union	4.50%	18-month	525 Clark Ave Great Lakes, IL 60088
20	Evergreen Bank Group	4.43%	18-month	1515 W 22nd St Oak Brook, IL 60523
21	Liberty Bank for Savings	4.41%	18-month	1018 W Touhy Ave Park Ridge, IL 60068
22	American Community Bank & Trust	4.35%	18-month	10101 N IL Route 47 Huntley, IL 60142
23	Beal Bank USA	4.28%	18-month	3232 Lake Ave Wilmette, IL 60091
24	PrivateBank and Trust Company	4.18%	18-month	4007 W Touhy Ave Lincolnwood, IL 60712
25	BankFinancial, F.S.B.	4.16%	18-month	15w060 N Frontage Rd Burr Ridge, IL 60527
26	Highland Community Bank	4.00%	6-month	10537 S Halsted St Chicago, IL 60628
27	First American Bank	3.80%	6-month	643 N Fairbanks Ct Chicago, IL 60611
28	Acme Continental Credit Union	3.75%	6-month	55 E Jackson Blvd Chicago, IL 60604
29	https://www.chicagofirefighterscu.com/	3.50%	6-month	6230 S Central Ave Chicago, IL 60638
30	Chicago Municipal Employees Credit Union	3.50%	6-month	4909 W Division St Chicago, IL 60651
31	PenFed Credit Union	3%	6-month	Online
32	First Savings Bank of Hegewisch	3.00%	6-month	11601 S Avenue O Chicago, IL 60617
33	Kane County Teachers Credit Union	3.00%	18-month	111 S Hawthorne St Elgin, IL 60123
34	Associated Bank, National Association	2.50%	6-month	525 W Monroe St Chicago, IL 60661
35	Wells Fargo Bank, National Association	2.50%	6-month	10 S Wacker Dr Chicago, IL 60606
36	PrivateBank and Trust Company	2.25%	6-month	458 E Pershing Rd Chicago, IL 60653
37	FWBank	2.23%	6-month	1308 N Elston Ave Chicago, IL 60642
38	Tech Credit Union	2.02%	18-month	10951 Broadway Crown Point, IN 46307
39	Citibank, N.A.	1.98%	18-month	180 N Michigan Ave Chicago, IL 60601

Current CD Rates of Chicago, Illinois

Currently, finding the most competitive CD rates in Chicago, Illinois, is important as it optimizes their financial portfolios.

With fluctuating interest rates, securing a favorable CD rate can significantly impact the growth of your savings over time.

In Chicago’s dynamic financial landscape, these rates serve as a critical tool for individuals aiming to achieve a balance between risk and return. It provides a secure and predictable investment option for the ever-changing economic environment.

Best 6 Month CD Rates

For short-term investors in Chicago, the best 6-month CD rates offer an enticing blend of higher interest rates compared to savings accounts, without the long commitment.

1. First Internet Bank of Indiana

Minimum Amount: $100

APY / Rate: 5.33%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at First IB is $1,000.
• The term of a CD at First IB can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at First IB. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

2. Ally Bank

Minimum Amount:$1000

APY / Rate: 5.33% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at Ally Bank is $25.
• The term of a CD at Ally Bank can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at Ally Bank. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. BMO Harris Bank

Minimum Amount: $1000

APY / Rate: 5.15% APY

Pros:

• High interest rates: BOW offers competitive interest rates on CDs.
• No early withdrawal penalty: Some CDs at BOW have no early withdrawal penalty.
• FDIC insured: All CDs at BOW are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.
• Wide range of terms: BOW offers a wide range of terms for CDs, so you can find one that fits your needs.
• Easy to open an account: You can open a CD account online or at any BOW branch.

Rules:

• Minimum deposit: The minimum deposit for a CD at BOW is $1,000.
• Term: The term of a CD at BOW can range from 7 months to 60 months.
• Early withdrawal penalty: There is an early withdrawal penalty for CDs at BOW. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Best 1 Year CD Rates

If you are aiming for a slightly longer investment horizon with minimal risk, the best 1-year CD rates in Chicago present a golden opportunity to earn more on your savings.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 5.35%

Pros:

• FDIC insured
• No monthly maintenance fees
• The interest rate is compounded daily, so you earn interest on your interest.
• The Bread Savings website makes it easy for you to open a CD online.
• You can set up automatic transfers from your checking account to your CD.

Rules:

• There is a 180-day early withdrawal penalty if you withdraw your money before maturity.
• The interest rate is subject to change.

2. Ally Bank

Minimum Amount: $1000

APY / Rate: 5.30% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at Ally Bank is $25.
• The term of a CD at Ally Bank can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at Ally Bank. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. First Internet Bank of Indiana

Minimum Amount: $100

APY / Rate: 5.25%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at First IB is $1,000.
• The term of a CD at First IB can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at First IB. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Best 2 Year CD Rates

Stepping into the realm of mid-term saving, the best 2-year CD rates cater to those in Chicago who are willing to lock in their funds for a bit longer.

1. Purdue Federal Credit Union

Minimum Amount: $5000

APY / Rate: 5.60% APY

Pros:

• High interest rates: Purdue Fed’s CD rates are among the best in the industry.
• No monthly fees: There are no monthly fees for Purdue Fed CDs.
• Early withdrawal penalty: The early withdrawal penalty for Purdue Fed CDs is 6 months’ interest if the CD is withdrawn within the first 12 months.
• Member perks: Purdue Fed members can earn points through My Member Perks, which can be redeemed for discounts on fees, higher CD rates, and other benefits.

Rules:

• The interest rate you earn on your CD will depend on the term of the CD and your membership status.
• You must maintain the minimum balance in your CD account to earn the stated interest rate.
• If you withdraw your money from your CD before the maturity date, you will be subject to an early withdrawal penalty.

2. Ally Bank

Minimum Amount: $1000

APY / Rate: 5.50% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at Ally Bank is $25.
• The term of a CD at Ally Bank can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at Ally Bank. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. First Internet Bank of Indiana

Minimum Amount: $100

APY / Rate: 5.40%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at First IB is $1,000.
• The term of a CD at First IB can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at First IB. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Best 3 Year CD Rates

For investors in Chicago, the best 3-year CD rates offer a compelling option and provide a concise spot in terms of interest rates and access to funds.

1. CFG Bank

Minimum Amount: $1000

APY / Rate: 4.30%

Pros:

• A competitive APY of 5.25% is available from CFG Bank for deposits of $500 or more.
• The local bank provides individualized service along with a selection of financial goods and services.
• CFG Bank offers a variety of deposit products, including savings accounts, money market accounts, checking accounts, and certificates of deposit (CDs).

Rules:

• The 5.25% APY is only available for 12-month term deposits, and the minimum deposit needed to obtain the advertised APY is $500.
• Though early withdrawals from the account are permitted, there is a penalty of 180 days’ supply of interest on the amount taken out.

2. Discover

Minimum Amount: $2500

APY / Rate: 4.30%

Pros:

• Competitive interest rates: Discover Bank’s CD rates are competitive with other online banks.
• No minimum balance requirement: There is no minimum balance requirement to open a CD with Discover Bank.
• Easy to open and manage: CDs can be opened and managed online or through the Discover Bank mobile app.
• FDIC insured: Your money is FDIC insured up to $250,000.

Rules:

• The minimum deposit for a CD is $2,500.
• There is a penalty for early withdrawal. The penalty is six months of simple interest if you withdraw your money within one year of opening the CD. The penalty is three months of simple interest if you withdraw your money within two years of opening the CD.
• You must maintain a qualifying direct deposit to earn the full advertised interest rate. The qualifying direct deposit must be for at least $1,500 each month.

3. Quontic Bank

Minimum Amount: $500

APY / Rate: 4.40%

Pros:

• FDIC insured
• No monthly maintenance fees
• The interest rate is compounded daily, so you earn interest on your interest.
• Quontic Bank offers online CD openings.
• You can set up automatic transfers from your checking account to your CD.

Rules:

• There is a 90-day early withdrawal penalty if you withdraw your money before maturity.
• The interest rate is subject to change.

Best 5 Year CD Rates

The best 5-year CD rates in Chicago, promises the highest returns in exchange for a longer commitment to saving.

1. First Internet Bank of Indiana

Minimum Amount: $100

APY / Rate: 5.85%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at First IB is $1,000.
• The term of a CD at First IB can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at First IB. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

2. Ally Bank

Minimum Amount: $1000

APY / Rate: 5.75% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at Ally Bank is $25.
• The term of a CD at Ally Bank can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at Ally Bank. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. BMO Harris Bank

Minimum Amount: $1000

APY / Rate: 5.70% APY

Pros:

• High interest rates: BOW offers competitive interest rates on CDs.
• No early withdrawal penalty: Some CDs at BOW have no early withdrawal penalty.
• FDIC insured: All CDs at BOW are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.
• Wide range of terms: BOW offers a wide range of terms for CDs, so you can find one that fits your needs.
• Easy to open an account: You can open a CD account online or at any BOW branch.

Rules:

• Minimum deposit: The minimum deposit for a CD at BOW is $1,000.
• Term: The term of a CD at BOW can range from 7 months to 60 months.
• Early withdrawal penalty: There is an early withdrawal penalty for CDs at BOW. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Economic Statistics; Chicago, Illinois

In the vibrant economic landscape of Chicago, Illinois, understanding key statistics can offer valuable insights for investors. Especially when considering the best CD rates available in the area.

• With an estimated population of approximately 2.7 million people, Chicago stands as the third-most populous city in the United States, showcasing a diverse and dynamic economic environment.
• The average household income in Chicago is around $62,000, reflecting the city’s broad economic base that ranges from manufacturing to financial services, including a significant presence in the banking and investment sectors.

This economic diversity supports a variety of saving and investment opportunities, including competitive CD rates for those looking to grow their savings securely.

Key Statistics	Chicago, Illinois
Population	Approximately 2.7 million
Average Household Income	Around $62,000
Average Home Value	Approximately $275,000

Furthermore, the average home value in Chicago is approximately $275,000, indicating a relatively accessible real estate market compared to other major urban centers. It can influence the saving and investing strategies of residents, particularly in terms of real estate investments versus bank savings products like CDs.

For investors, these economic indicators highlight the importance of considering local economic conditions when making financial decisions. CD rates in Chicago, influenced by both national and local economic factors. It further offers a secure investment opportunity even in the fluctuating economic landscape of the city.

How to Get Best CD Rates in Chicago, Illinois

Getting the best CD rates in Chicago, Illinois, involves a combination of research, timing, and strategy. Here are some of the points stated next;

1.Start by comparing rates from a variety of financial institutions in Chicago, including banks, credit unions, and online banks. Credit unions often offer higher rates than traditional banks, but membership might be required.

2.Online banks typically have lower overhead costs than traditional brick-and-mortar institutions, allowing them to offer higher interest rates on CDs. Don’t overlook these digital options when searching for the best rates.

3.While supporting local banks is important, sometimes the best rates can be found at national or online institutions that serve Chicago residents. Expanding your search can uncover more competitive rates.

4.Interest rates fluctuate based on economic conditions. If rates are rising, you might opt for shorter-term CDs to take advantage of higher rates in the near future. Conversely, if rates are expected to fall, locking in a longer-term CD at a current higher rate can be beneficial.

Additionally keep on checking economic indicators and forecasts for interest rates. The Federal Reserve’s rate decisions can directly impact CD rates, so staying informed can help you time your investment more effectively.

CD Rates Methodology

Our methodology for reviewing CD rates involved a comprehensive analysis of offerings from 76 banks. It encompasses a wide range of financial institutions.

It basically ensures a thorough and diverse evaluation of the CD rates available to savers and investors.

Out of these, 40 banks made our list, selected based on their competitive interest rates, the variety of term options available, the flexibility of their terms and conditions, and overall customer satisfaction and financial stability.

This selection process was designed to not only highlight the highest CD rates but also to feature institutions that offer the best combination of value, security, and accessibility to potential investors.

Conclusion

As the economic climate evolves, the strategies and insights for choosing the best CD rate will continue to serve as valuable tools for those looking to make informed decisions about their savings and investments in the dynamic financial market of chicago.

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