American Eagle Bank, with operations in Chicago and Elgin Illinois, has a new CD promotion that offers bank customers an exceptional rate of return.  The current yield for this account promotion is 2.75% Annual Percentage Yield.  Unlike the CD rates that have been offered over the past few years in Illinois, bank customers don’t need to lock up their funds for multiple years to earn the high yield.  This CD promotion allows account holders to earn the outstanding rate of return by holding on to the account for a period or maturity of just 14 months.

The stated APYs on the American Eagle Bank CD does require a relationship checking account.  To earn the CD rate promotion, account holders must maintain a minimum $5,000.00 average monthly balance in either the bank’s FREEdom checking account, Platinum NOW account, or statement savings account.  If the minimum balance of $5,000.00 is not maintained, the APY promotion may revert to the standard rate in effect at the time the CD was opened or last renewed.

There is a $1,000 minimum opening account deposit and balance requirement for the certificate.  The 14-month term CD will automatically renew to a 12-month term after the account reaches maturity. Annual Percentage Yields (APYs) for all CD accounts marketed by the bank are subject to change without notice.

For savers who don’t make securing their funds for a moderate term, the interest rate on this CD rate promotion can be worth a look.  Compared to current CD rates, the American Eagle Bank CD rate promotion is more than six times the national average rate available on one-year term bank CD accounts (source: fdic.gov/regulations/resources/rate).

American Eagle Bank CD rate promotions are available to existing customers, residents of Kane and Cook County and non-institutional persons only.  Accounts must be opened with new money or with funds not currently on deposit with the bank.  A penalty may be imposed for early withdrawal. Fees may reduce earnings on the account.  For standard CDs at American Eagle Bank there is a penalty of 90 days simple interest on the amount withdrawn for CDs greater than 12 months term.

American Eagle Bank has operations in Chicago and the western suburb of Elgin.   While the bank function as one institution, the banks are actually two separate entities with separate FDIC insurance certificates.  More information about the bank and the bank CD rates in Illinois can be obtained by contacting a customer service representative at 847-742-7400 or 773-328-2350.

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