Allstate Bank CD Rates and Review

Allstate, otherwise known as the “good hands” company, has managed to work its way to the top of the insurance industry. The company is the second-largest personal lines insurer in the US, just behind rival State Farm. Its Allstate Protection segment sells auto, homeowners, property/casualty, and life insurance products to consumers in both Canada and the United States. Allstate Financial provides life insurance through subsidiaries Allstate Life, American Heritage Life, and Lincoln Benefit Life. It also provides investment products, targeting affluent and middle-income consumers. Allstate Motor Club provides emergency road service and, adding to its repertoire, the company also offers the nationwide online Allstate Bank – which offers competitive CD (certificate of deposit) rates, money market accounts and high yield savings accounts. AllState Bank is federally insured by the FDIC and headquartered in Illinois.

Opening an Allstate Bank Certificate of Deposit:

You may open a deposit account with Allstate using one of 4 different methods. You can open an account through participating “STAR” atm’s which accept deposits, you can transfer money electronically via ACH wire transfer, you can make a direct deposit using Allstate Bank’s ABA routing number or you can simply mail them a check.

Current CD rates offered through Allstate Bank:

- 30 day CD rate of 0.20% APY with minimum deposit of $1,000 required.

- 90 day CD rate of 0.40% APY with minimum deposit of $1,000 required.

- 6 month CD rate of 0.60% APY with minimum deposit of $1,000 required.

- 1 year CD rate of 1.10% APY with minimum deposit of $1,000 required.

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

- 3 year CD rate of 1.60% APY with minimum deposit of $1,000 required.

- 5 year CD rate of 2.30% APY with minimum deposit of $1,000 required.

Additional Terms and Conditions:

Annual Percentage Yield (APY), effective on 6/7/2010. Initial deposit of $1,000 required for Certificates of Deposit ($10,000 for non-personal accounts). A penalty will be imposed for early withdrawal on CDs. Rates subject to change daily. Minimum monthly average daily balance of $250 required to avoid a $4 monthly fee on High Yield Savings. Minimum monthly average daily balance of $2,000 required to avoid an $11 monthly fee on Checking Plus Interest. Minimum monthly average daily balance of $250 required to avoid an $8 monthly fee on Insured Money Market accounts. Rates on Checking Plus Interest, Insured Money Market and High Yield Savings accounts subject to change daily after account is opened. Fees may reduce earnings on accounts.

Harris Bank CD Rates and Review

Harris Bank, based out of Chicago, Illinois was first established in 1882 as NW Harris and Co. Today they control more than $376 billion in assets and have locations (branch or affiliate branches) in 12 states. They operate in several banking verticals including wealth management, small business, middle market, institutional markets as well as personal financial services. Within the personal financial services sector they offer checking, savings, money market accounts, certificates of deposit, mortgages and loans.

Their CD rates are tiered based on the minimum deposits invested. Below are their current rates along with the associated minimum deposit required to earn that rate (interest rates accurte as of May 28, 2010).

Harris Bank CD Rates:

Terms and Conditions:

- Maximum opening deposit of $100,000 per CD applied for online.
- The CD must be funded within 10 business days of online application.
- Funds from CDs applied for online may not be withdrawn for the first 11 days after funding.
- CDs applied for online can only be in individual or joint ownership.

- Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor.

Promotions through Harris Bank:

$150 bonus with new Harris Bank checking account

Bank of Kampsville offering exceptional CD rates

The Bank of Kampsville, based out of Pleasant Hill, Illinois, is currently offering some short term CD rates that are beating the national average by a fairly substantial margin. Unfortunately for most of us, these products will be off limits as the bank is a small regional bank that accepts local funds. However, if you do live in Illinois and are in the market for a short term CD, you may want to stop by one of their branches. They have 4 locations within the state of Illinois – Kampsville, Brussels, Pleasant Hill, and Hardin.

Current CD Rates offered by The Bank of Kampsville:
3 Month Certificate of Deposit               1.26
6 Month Certificate of Deposit 1.51 – current national average sits at just 0.80% APY
12 Month Certificate of Deposit 2.02 – current national average sits at just 1.17% APY
18 Month Certificate of Deposit              2.02
24 Month Certificate of Deposit              2.02
30 Month Certificate of Deposit             2.27
36 Month Certificate of Deposit 2.27 – current national average sits at 1.98% APY
48 Month Certificate of Deposit              2.52
60 Month Certificate of Deposit              3.03

Terms and Conditions:
- $1,000 minimum deposit required
- penalties for early withdrawal
- rates accurate as of March 5, 2010

The margin in which The Bank of Kampsville’s CD rates beat the national average tapers off a bit as the duration of the product increases. In other words, when compared to the national average you are receiving a much better offer if you opt for the short term products (6 month – 36 month) then you would if you signed up for a long term CD (4-5 years). Their 5 year CD rate is pretty much on par with the national average for that given duration.

If you live in the midwest and are in the market for a bank CD, you may want to compare The Bank of Kampsville’s CD rates with other CD rates in Illinois, CD rates in Missouri or CD rates in Oklahoma.

Best CD Rates in Chicago, IL area: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Chicago, IL. The banks and credit unions serving this are also cover the following cities: Des Plaines, Northbrook, Bloomington, Forest Park, Mount Prospect, Lisle, West Chicago, Naperville, North Chicago, and Elmhurst, IL. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Chicago as well as the state of Illinois, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Chicago, Illinois:

• Access Credit Union has a 6 month CD yielding 1.91% APY with a minimum deposit of $10,000 required. They have locations throughout the city with primary branches in Cicero, IL.
• United Trust Bank has a 6 month CD and a 9 month CD yielding 1.76% APY with a minimum deposit of $1,000 required. They have branch locations in Chicago and Bridgewater, IL.
• Beverly Bank and Trust Company, National Association has a 6 month CD yielding 1.75% APY with a minimum deposit of $1,000 required. They are based out of Chicago.

Best 12 month CD rates in Chicago, Illinois:

• Access Credit Union also has 12 month CD yielding 2.15% APY with a minimum deposit of $10k required.
• Quorum Federal Credit Union has a 12 month CD and a 15 month CD yielding 2.15% APY with a minimum deposit of $1,000 required. They have locations (either branch or ATM) in Chicago.
• Park National Bank has a 12 month CD yielding 2.10% APY with a minimum deposit of $1,000 required.

Best 24 month CD rates in Chicago, Illinois:

• Seaway Bank and Trust Company (Chicago branch) has a 24 month CD yielding 2.52% APY with a minimum deposit of $5000 required.
• First Suburban National Bank has a 24 month CD yielding 2.37% APY with a minimum deposit of $500 required. They have locations in Chicago and Crestwood, IL.
• Banco Popular North America has a 24 month CD yielding 2.35% APY with a minimum deposit of $10,000 required. They have locations primarily in Cicero, IL.

Best money market account rates in Illinois

Below are the highest yielding money marekt account rates available to residents of the state of Illinois.

Currently, the large national banks are offering similar money market rates when compared to the rates offered by local banks and credit unions. In Illinois, there are a few local institutions which have higher yields on their money market accounts, but they have fairly strict membership eligibility requirements.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Illinois which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top Money Market Account Rates in Illinois:

First Federal Savings Bank of Mascoutah: New Baden, IL. Money Market Account yielding between 1.76% APY and 2.26% APY depending on minimum balance. If you maintain a minimum balance of $1,000 – $4,999 you will earn 1.76% APY, if you maintain a minimum balance of $5,000 – $10,000 you will earn 2.01% APY and if you maintain a balance of above $10k you will earn the 2.26% APY. First Federal Savings Bank of Mascoutah was founded on August 1913 as the Mascoutah Building and Loan Association.  At the time there was an influx of new citizens with virtually no rental properties available.  To help solve this problem, a group of local businessmen invested to found the Building and Loan Association.  Unlike banks of the time, the building and loan could make long time loans repayable in small periodical payments.  This enabled a growing number of citizens with lower incomes to secure home mortgages and not have the problems associated with a short time mortgage.

City National Bank of Metropolis: Metropolis, IL. Money market account yielding 2.27% APY with a minimum balance of $2,500. They call this account the “cash management account” and it allows you to make transfers from a cash management account to another account or to third parties by pre-authorized, automatic, telephone or computer transfer are limited to six per statement cycle with no more than three by check or similar order to third parties. City National Bank of Metropolis has been serving southern Illinois for over 100 years.

Both of the above institutions are federally insured by the FDIC – your deposits are secure up to $250,000. If you live in Illinois and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

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.

STC Capital Bank’s 6 month certificate of deposit: 2.50% APY

Thanks to BankVibe reader Sean for tipping us off on a phenomenal rate coming from a local Illinois bank. Currently STC Capital Bank has a 6 month certificate of deposit which is yielding 2.50% APY. The average yield for 6 month CD’s sits at roughly 1.30% APY. Unfortunately for most of us, this product is not available. STC Capital Bank only has two branches and both are in St. Charles, Illinois. This product is only available to customers in the area.

The six month CD offered by STC Capital Bank became available on the first of this month and they accept deposits up to $25,000. You may also start with less than $25,000 and add to your deposit throughout the life of the CD. If you aren’t one of the lucky ones who are able to take advantage of this offer great, you may want to compare 6 month CD rates nationwide.

STC Bank was founded by a group of investors with a “passion for excellence within the banking industry.” STC is an abbreviation for their core values. S stands for Service, T stands for Trust, and C stands for Commitment.

Main Office
460 South 1st Street
St Charles, IL 60174
phone: (630) 377-1555

15 month CD special by Fort Financial Credit Union

…So here is the latest in BankVibe’s quest for 3.0% APY FDIC insured investments: Fort Financial Credit Union out of North Carolina is offering customers using new money a 15 month CD yielding 3.05% APY (if you are already banking with them and cannot fund this account with new money they will still offer you a respectable 2.75% for the same 15 month duration.)

It’s a bit discouraging to say the least that we can’t get over this 3.0% APY hump that seems to be in place for shorter term deposits, but local credit unions and banks are constantly running CD rate promotions that will at least crush the current national averages.

To sign up for Fort Financial Credit Union’s “Spring Savings Special” CD rates you must first become a member. Like many credit unions there are geographical restrictions in place for membership.

If you live in the following cities you may be eligible for membership:

Corinth, Mississippi
Fort Wayne, Indiana
Gastonia, North Carolina
Janesville, Wisconsin
Marion, Indiana
Morganton, North Carolina
South Beloit, Illinois

See more details on who can join.

If you know of a short term deposit (6 – 18 months) yielding 3.0% PLUS please let us know about it by leaving a comment!

Corus Bank’s 12 month CD – highest yielding rate

Corus Bank recently took over GMAC’s spot as the bank with the highest yielding APY for 12 month CDs. Corus Bank, while headquartered in Chicago Illinois, is a national bank with it’s certificates of deposit, savings accounts, and money market accounts available to consumers nationwide.

> Corus Bank Review

Corus Bank’s Certificate of Deposit features

• Minimum balance required to open is $10,000
• Maturities from three months to five years (their best CD rate is the 1 year CD)
• fixed rate for entire term of the certificate of deposit
• Automatically renews at end of maturity (see terms and conditions for grace period)
• all Corus Bank CD’s are FDIC insured

> Compare Best CD Rates

Current CD Rates

Corus Bank has a 6 month CD yielding a rate of 2.44% APY.

12 month CD yielding a rate of 2.93% APY.

2 year CD with a rate of 2.58% APY.

3 year CD with rate of 2.58% APY.

5 year CD with rate of 2.73% APY.

CD rate with a 4% APY through Alliant Credit Union

We have officially hit the point in our recession where a 48 month term certificate of deposit yielding a 4.00% APY is actually competitive. With the Down down to 7500, a growing unemployment rate, failing banks (already 9 in 2009) and fears of inflation, you get a fairly stagnant savings rate – which most consumers simply hope stays above the rate of inflation.

Currently Alliant Credit Union of Illinois, has some of the highest CD rates currently available if you are willing to commit your savings to longer maturities.

Current CD Rates through Alliant Credit Union

Certificate of Deposit with minimum balance of $1,000 and maturity period of 12-17 months yields between 3.00% – 3.15% APY (depending on deposit amount).

CD with minimum balance of $1,000 and maturity period of 24-35 months yields between 3.15% – 3.30% APY (depending on deposit amount).

Bank CD’s (Certificate of Deposits) with minimum balance of $1,000 and maturity period of 36-47 months yields between 3.60% – 3.75% APY (depending on deposit amount).

Alliant Credit Union Certificate of Deposits with minimum balance of $1,000 and maturity period of 48-60 months yields between 3.85% – 4.00% APY (depending on deposit amount).

About Alliant Credit Union

Alliant Credit Union provides exclusive, lifetime benefit to employees and retirees of United Airlines and select business affiliates, employee groups, qualifying communities, family members and domestic partners. They have more than 234,000 members and nearly $5.8 billion in assets and are the eighth largest U.S. credit union out of nearly 10,000 based on asset size.

They primarily serve the people of the Chicago, Illinois surrounding area, and are fairly exclusive as far as membership goes.