The best CD rates in Illinois declined for the week ending April 24, 2009. The majority of the decline was due to the expiration of several bank CD promotional rate that are now not available. While the averages have declined, opportunities still abound especially in the longer term, two year and five year CD rates.
The best six month CD rate in Illinois is offered by the bank with the top national rate as well. Corus Bank is a perennial leader in the best six month and one year CD rate divisions. Presently, Corus Bank has a six month CD rate of 2.32%. Second place belongs to International Bank of Chicago with a six month CD that has an interest rate of 2.25%. International Bank of Chicago is a full service bank headquartered in Chicago with four bank branches. The bank is well capitalized and earned a profit to end the fiscal year of 2008. First Bank of Highland Park is up next with a seven month promotional CD that is five basis points back. The First Bank of Highland Park CD has an interest rate of 2.15%.
The best one year CD rate in Illinois lost a little ground with the loss of some of the promotional CD rates around this term during the past weeks. The highest CD rate is again a product of Corus Bank. The bank has a one year CD that earns a rate of 2.76% that leads the one year CD rates in Illinois and places second on the best national one year CD rates. AMCORE Bank and International Bank of Chicago are in second position for this term with CD rates at 2.75%. The AMCORE Bank rate is based on a 14 month term while the International Bank of Chicago rate is based on an 18 month term. Two banks share the next best CD rate as well, Park National Bank and Broadway Bank, with CD rates of 2.70%.
The rate for the best two year CDs in Illinois do not change for the week. The best two year CD rate of 3.00% is being offered by three different banks. International Bank of Chicago offers the rate on a two year term CD. Broadway Bank promotes the 3.00% CD rate on a 25 month term. First Bank of Highland Park markets the 3.00% CD rate on a longer, 30 month term. Evergreen Bank Group dropped their rate by five basis points for the week to have a two year CD with a rate of 2.85%. Citizens National Bank and State Bank of India round out the list with CD rates of 2.82% and 2.84%.
The highest five year CD rate in Illinois was unchanged for the week. Broadway Bank continues to lead the list with a five year term CD that earns a rate of 4.00%. Broadway Bank is headquartered in Chicago and has four bank branches in and around the Chicago metropolitan region. US Bank and All American Bank are in the second spot, 25 basis points back, with five year CD rates of 3.75%. The remaining banks with the best five year CD rates all offer rates at 3.50%.
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