Best CD Rates in Chicago, IL area: Top 3

December 19, 2012 No Comments »
Best CD Rates in Chicago, IL area: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents in the greater Chicago, IL area. The banks and credit unions listed in our survey this month are all either based out of Chicago or have a major presence there as far as branch locations and offices go.

The featured products are 6 month CDs, 12 month CDs and 60 month CDs. After surveying the interest rates of local community banks and credit unions in the greater Chicago area, we found that you will be able to receive slightly better rates with online banks (scroll down for current online CD rates) than with the local ones.

How did we compile this list? After conducting our survey we’ve only listed the rates that beat the national average by the highest margins. All of the banks are federally insured by either the FDIC or the NCUA. Rest assured, no depositor has ever lost money on a deposit insured by either of those two governing institutions.

Highest yielding CD rates in greater Chicago, IL Area:

Institution
Product
APY
Min. Deposit
Contact
National Republic Bank of Chicago 6 month CD 0.75% $1,000 (312) 738-4900
Credit Union 1 6 month CD 0.45% $10,000 (312) 782-7929
Mutual Federal Bank 12 month CD 0.80% $500 (773) 847-7747
Builders Bank 12 month CD 0.70% $2,500 (312) 750-9300
American Eagle Bank of Chicago 60 month CD 1.75% $1,000 (773) 328-2350
Metropolitan Capital Bank 60 month CD 1.75% $5,000 (312) 640-2300

All of the above institutions are federally insured by either the FDIC or NCUA. If you live in the city of Chicago, IL and know of a better interest rate offered through your local bank or credit union, please share by leaving a comment.
CD Rate Outlook:
After a couple years of the FED beating the same drum – that interest rates (and therefor CD rates) wont rise until at least 2015 – they have since changed their tone slightly. As of late 2012, they are tying the rise of interest rates with an unemployment rate of between 6.0% and 6.5%. This is the first time the FED has ever tied interest rates to a general economic metric such as unemployment.

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