Best certificate of deposit rates in Illinois (Top 3)
Below are the top 3 CD rates offered to the residents of Illinois. After researching several credit unions and local banks serving residents of the state, I found the highest yielding CD rates to come in the form of 2 year CDs, 3 year CDs, and 5 year CDs. As you probably know, a longer CD maturity will get you a higher interest rate, therefor I took the CD rates that beat the national average by the highest margins. The local banks/credit unions that topped the list for CD rates in Illinois may have additional membership requirements (rather than simply being an Illinois resident) so you may want to visit their eligibility page(s) for exact terms.
CD rates offered exclusively to this state are on par with the rates offered by some of the larger national banks. If you are simply after the highest interest rate then you may want to compare the local rates for Illinois residents (below) with the rates offered nationally. Compare nationally available CD rates.
Top 3 CD Rates (Illinois)
(clicking on the institution will bring you to their rates page)
ADM Credit Union: Decatur Illinois. 24 month CD yielding 2.75% APY with a minimum deposit amount of $500. This rate is good as of July 6, 2009. ADM Credit was organized in 1941 by the employees of Archer Daniels Midland Co to meet the financial needs of employees of the company. The credit union is member owned and is operated by a Board of Directors elected by the membership. Our membership is restricted to ADM employees, their immediate family, domiciled in the same home. While we provide a service to ADM employees, we are not a part of the ADM organization and do not come under their operational policies. We have grown, over the years to become a very safe and solvent credit union. We are not a bank and do not share the same philosophy as a bank. All deposits are insured by NCUA, which is backed by the US Government.
Credit Union 1: Springfield, Illinois. 36 month CD yielding 3.05% APY with a minimum deposit of $1,000. If you opt to invest $10,000 or more then you will recieve an interest rate of 3.15% APY. In 1958, Chanute Military Credit Union opened its doors on the Chanute Air Force Base in Rantoul, Illinois to serve military personnel and their families. With the government’s announcement of plans to close the Chanute Air Force Base, plans were made to expand the credit union in order to continue to serve those faithful military members. As a result, the field of membership was expanded and they changed their name to Credit Union 1 in 1982. In 1999, they combined forces with Paysaver Credit Union, headquartered in Lombard, Illinois. Today they serve over 87,000 members throughout the state of Illinois and Indiana, as well as worldwide.
First Bank of Highland Park: Northbrook, Illinois. 60 month CD yielding 3.50% APY with a minimum deposit of $5000. This CD rate is actually a “special offer” from First Bank of Highland Park and is only available for a limited time. The promotion began on 7/13. From its inception, First Bank of Highland Park has been focused on the community and meeting the needs of its neighbors. After 53 years of growth, and a few major lobby and annex building remodels later, the Bank continues to meet the needs of its customers and be a leader amongst community banks on Chicago’s North Shore.
If you live in Illinois and know of a local rate that is better than the ones listed above, please share by leaving a comment! All of the banks that we covered in this post are federally insured by either the NCUA or FDIC.
