CD rates in Illinois slipped a few basis points on average for the week ending May 22, 2009.  While the average for the best CD rates lost ground the highest CD rates for each term remained in tact with the exception of the one year CD.  The best one year CD rate in Illinois dropped to 2.71% from 2.75% the previous week.  This is the only term in which Illinois bank rates are below the best national CD rates.  Fortunately, the depth of CD rates in this category is fairly vast.  Corus Bank offers the top rate at 2.71%, the next best one year CD rate is only one basis point or 1/100 of a percent lower at 2.70% with Park National Bank’s offer at 2.70%.  Three banks, Parkway Bank, Bank of Pontiac and St. Charles Bank,  promote CDs with interest rates of 2.60% or greater.

The best six month CD rate in Illinois was unaltered, with the six month CD of STC Capital Bank at 2.75%.  This rate towers over the best national rates as well as most of the local bank rates.  Rates drop immediately to 2.25% with more closely matches the national rates.  A rate of 2.25% can be found at First Bank of Highland Park as well as International Bank of Chicago.

The highest CD rates for the two year CDs and five year CDs were steadfast for the week.  The best two year CD rate comes form International Bank of Chicago with a two year CD rate of 3.00%.  Last week, three banks were offering that same rate.  The next best two year CD rate now is the product of Evergreen Bank Group at 2.85%.  With the five year CDs, the best five year CD rate belongs to All American Bank and Sterling Federal Bank with CDs at both institutions yielding 3.75%.  The lowest rate offered on the list remains at a fairly high 3.50%.

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