5% 24-Month CD in a North Chicago Bank

First Bank of Highland Park has two CD specials. The first is a 2-year CD with a rate of 5.00% APY. The second is a 12-month CD with a rate of 4.75% APY. Both have a minimum balance requirement of $5K and are for new accounts only.

The interest rates are low for this bank's standard CDs and accounts. So it might not be a bank that you would want to use for the long term. It does have a Prime Savings Account that pays 4.59% on money above $50K and 4.33% above $25K. However, money below $25K earns only 1.01%. Even if you have over $50K to invest, it's not as good as it first appears. Only the amount over $50K earns 4.59%. The balance between $25K and $50K only earns 4.33% and most importantly the balance up to $25K only earns 1.01%. So the blended APY on $100K is only 3.62%.

First Bank of Highland Park has two branches in the north part of Chicago.