Bank of Chestnut was formed as a private bank in 1902 and is located in central Illinois.  The bank has maintained the same location for over 100 years in the Village of Chestnut, Illinois.  Bank of Chestnut offers several savings products including; bank CDs, money market accounts, savings accounts and NOW accounts.

A minimum deposit is $1,000.00 is required to open any of the bank certificates of deposit.  These CD accounts are fixed rate and fixed term interest bearing deposits. CD interest rates are fixed until the maturity date of the certificate.  Interest is compounded daily and credited annually, semiannually, quarterly or monthly based on the actual term of the certificate of deposit the consumer may choose.  The bank employs the daily balance method to calculate the interest on the bank CDs.  This method applies a daily periodic rate to the principal in the account each day.

Current CD rates and terms:

91 day CD rate is 1.31% APY
182 day CD yields a rate of 1.77% APY
One year CD rate is 1.92% APY
18 month CD has a rate of 2.33% APY
Two year CD rate is 2.43% APY
Three year CD yields an interest rate of 2.74% APY
Four year CD has a rate of 2.84% APY
Five year CD rate is 3.15% APY
Bank CDs can be either single maturity or automatically renewable certificates.  If a bank CD is a single maturity certificate, it can be presented promptly at maturity, as no interest is payable after the maturity date. If a certificate of deposit is automatically renewable, the CD account holder will have a grace period of 10 days from maturity date to present this certificate for payment without penalty.  If the certificate of deposit automatically renews, it will be renewed at the current CD rate in effect at the date of maturity

The bank also offers a competitive rate on their money market account.  The money market account currently earns an interest rate of .75% APY for balances greater than $2,500 and the money market account yields an interest rate of 1.01% APY for balances over $50,000.

At the bank’s discretion, they may change the interest rate on the money market account.  The interest rate earned may change as often as every day.  Interest will be compounded every month and will be credited to the money market account every month.  There is a minimum deposit of $2,500 to open the money market account.  A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for that cycle falls below $2,500.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.  The money market account allows for no more than 6 withdrawals or transfers from your account each statement cycle, only three withdrawals can be by check.  A fee of $5.00 per item will be assessed if these limits are exceeded.

These bank rates are the latest rates available.  These rates are subject to change on a daily basis.  You may call the bank directly at 217-796-3305 for current bank rates including CD rates.  Additional disclosures effecting the bank CD interest rates or frequency of interest rate changes are available on the bank website located at

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