Chicago, IL Bank CD: Best Rates for a 5 Year Term

February 11, 2011 No Comments »

We’ve reported on several of the best CD rates in Illinois throughout the course of 2010 (and 2011), however, most of the products were only available outside of the Chicago area in smaller credit unions and banks serving rural Illinois.

Today we were forwarded a pretty noteworthy 5 year CD rate from a credit union with branches in Chicago. Great Lakes Credit Union has a 60 month “President’s Club CD” yielding 2.75% APY with a minimum deposit of $1,000 required. Great Lakes CU occupies one location in the middle of Chicago (on LaSalle Street) and have 7 locations north of Chicago. If you happen to live in Chicago or north Illinois and are in the market for a bank CD you may want to stop by a local GLCU branch.

Membership Eligibility:

If you live in Lake County, McHenry County, or Kenosha County, Illinois or if you happen to work for one of their selected employers you will likely be eligible for membership. Also, if you have a family member who is already a member you will likely be eligible to join as well. You will need to fill out an online application on their website for approval.

CD Rates at GLCU:

- 3-5 month CD yielding 0.45% APY with a minimum deposit of $1,000 required.

- 6-11 month CD yielding 0.65% APY with a minimum deposit of $1,000 required.

- 1 year CD yielding 0.95% APY with a minimum deposit of $1,000 required.

- 2 year CD yielding 1.25% APY with a minimum deposit of $1,000 required.

- 3 year CD yielding 1.55% APY with a minimum deposit of $1,000 required.

- 5 year CD yielding 2.75% APY with a minimum deposit of $1,000 required.

Compare the rates above with the best CD rates in Chicago.

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