Based on the weekly survey of banks in the Illinois area by SelectCDrates.com, CD rates for the week ending June 19, 2009 on average fell by a slight sum. The average for the best six month CD rates in Illinois managed to produce a gain in yield for the week, moving from an average of 2.22% to 2.26%. One year CD rates in Illinois were not as fortunate. The average for the top one year CD rates moved down by three basis points or 3/100 of a percent to 2.56% to end the week. Two year CD rates followed the downward action with a tad more vigor. Two year CD rates in Illinois were down by four basis points to close the week with an average yield of 2.83%. Illinois CD rates with a five year term moved in the opposite direction, squeaking out a small increase in yield, moving from 3.68% to 3.89%.
The top six month CD rates remain well ahead of the national averages. The best six month CD rate in Illinois is at STC Capital on their limited deposit CD that has an interest rate of 2.75%. This bank CD account is limited to amounts not exceeding $25,000.00. The next best six month CD rate in Illinois drops considerably to 2.25%. This CD rate can be found in a few Illinois banks including; BankChampaign, First Bank of Highland Park and International Bank of Chicago.
One year CD rates are also beating the national rates, with the lowest one year CD rate on the list surpassing even the best national rate. The highest one year CD rate in Illinois is at Builders Bank which offers the CD with a rate of 2.60%. The best bank rate within the category is at First Bank of Highland Park on their 17 month CD that yields 2.75%. Several Illinois banks market one year CDs at 2.50% including; Town Community Bank & Trust, Western Springs National Bank & Trust, Elk Grove Village Bank & Trust and BankChampaign.
Two year CD rates in Illinois remain bountiful even with the low drop in the average rates. The best two year CD rate is now at 3.00% and comes from International Bank of Chicago. Town Community Bank & Trust falls 15 basis points back with a two year CD rate of 2.85%. Only one basis point beneath that rate is a two year CD at State Bank of India which has an interest rate of 2.84% and is also on the best national rate list.
Five year CD rates in Illinois also offer plenty of opportunities. The best five year CD rate stands at 4.00% for the second week in a row on the 59 month term CD from US Bank. Two Illinois banks, All American Bank and First Bank of Highland Park offer five year CD rates at 3.75%. The top three rates in Illinois within the five year term category includes Liberty Bank with an interest rate if 3.60% on an extended, 66 month term.
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