Dedicated to Deposits: Deals, Data, and Discussion

6.00% 6-Month Money Market Promo or CD at a Chicago Bank (American Eagle).

POSTED ON BY

American Eagle Bank
Update 8/19/07: The 6% promo has ended. The best rate now is 5.50% APY for 6 and 12mo CD.

American Eagle Bank Chicago has added to its CD promotion that I reported on in April with a 6.00% APY 6-month certificate of deposit. Instead of the CD, you can choose a 6% APY guaranteed for 6 months in the money market account. The minimum deposit is $1,000. The standard money market rates are 5.50% APY for balances over $50K, 4.50% APY for balances between $15K and $50K and 2.50% APY for balances between $1K and $15K. A balance of $1K is required to avoid fees.

The bank also continues to offer the CD promotions that I reported on in April. These include a 5.50% APY 12-month CD and a 5.35% APY 18-month CD.

This promotion only seems available at their Chicago branch. Their branch in Elgin, Illinois has a different CD promotion (5.30% APY 19-month CD). The American Eagle Bank of Chicago just became FDIC insured in April (FDIC Certificate # 58514). The American Eagle Bank in South Elgin has been FDIC insured since 2002 (FDIC Certificate # 57359).

Update: Please note, all new accounts need to be opened in person at the Chicago location.

  Tags: American Eagle Bank, Illinois, CD rates

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Comments
12 Comments.
Comment #1 by Anonymous posted on
Anonymous
In order to open any type of account at american eagle bank of chicago you MUST go in person to the location. No EXCEPTIONS!!

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated the post with this note.

1
Comment #3 by Anonymous posted on
Anonymous
Without question a superb deal if not for the in-person opening requirement. Pity. If I can find an excuse for a Chicago trip, I'm going!

:-)

To be honest I've always wondered what a local bank like this would do if a (way) out-of-towner showed up, in person, and wanted to open such an account. I wonder if the "in person" requirement translates to "you must live in our area". Or perhaps merely showing up in person really is sufficient, regardless where you reside.

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Comment #4 by Anonymous posted on
Anonymous
I just opened both the money market and CD (each at 6%). They are indeed super deals! I think the in-person rule is because of bank's conservative process or lack of online sophistication for ascertaining identity of account holder(s), as they must do per federal requirements.

The bank associate who helped me expressed surprise at amount of interest they are getting considering promo is unadvertised. He said many callers indicated they heard about promo through "blog," presumably this one. Way to go, Banking Guy!

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Comment #5 by Anonymous posted on
Anonymous
Agreed. Banking Guy has without question become the 1000 pound gorilla in this arena. It's because he takes the time to ferret out the really good deals, like this one, the deals other services ignore. I fully expect to see Banking Guy on national TV one day soon. This work might or might not make him wealthy . . but it already is making him quite famous.

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Comment #6 by Danny (anonymous) posted on
Danny
Ken,

Thanks so much for all your hard work on the blog. I recommend your blog to all my friends and rest assured I'll be doing all my Amazon shopping through you! I've been looking for a better return than my Emigrant Direct account provides, and I was dying to find a Chicago bank offering anything around 5.3%. I almost gave up and was about to open a GMAC money market account when I saw your post about American Eagle.

I opened the 6% money market today and so far, so good. The woman who helped me was very nice (and VERY talkative), but couldn't tell me for sure if I could do electronic transfers from my checking account at another bank. The manager said absolutely, so I'll keep my fingers crossed. Their online banking seems very low tech. (You fill out a form online and then one of the reps has to take the info and enter it into their system.)

One quick question to the person a few comments up who said he opened the CD and the money market, I'm curious why you bothered with the CD when the money market is already guaranteed to stay at 6% for 6 months.

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Comment #7 by Anonymous posted on
Anonymous
I opened both the CD and money market accounts because of the low $$ requirement (it doesn't take much to maintain optimal flexibility), leaving all but $1K in the CD. Ideally, if the offer expiration dates were known, I would have waited on the CD. As it turned out, I learned interest on the 6 month CD is not paid until the end of the term.

For those deliberating between the two accounts and interested in deferring income to 2008, this might be a consideration. At my insistence, the bank associate confirmed 1099 for CD interest would not be issued until 2008 tax year, coincident with year of CD maturity.

I agree their process for obtaining online access to account info is bush league, redundant and unnecessarily onerous. I had to add yet another account, a simple checking one, just to be eligible for online access. After jumping through all the hoops, once online, I found their system similar to Corus Bank's.

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Comment #8 by Anonymous posted on
Anonymous
I signed up for the CD this past weekend. I was in Chicago, so, I made the trip to the bank.

As a side bonus? A Hot Latin girl working the desk.

A win all the way around!

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Comment #9 by Anonymous posted on
Anonymous
Purchased a 97k CD Aug 4th. Associate indicated that they intend to continue to offer various competitive specials. Thanks for the tip.

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Comment #10 by Anonymous posted on
Anonymous
Bank website promo page states:

All rates and promotions are available to residents of the Greater Chicagoland Metropolitan Statistical Area and current customers.

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Comment #11 by Anonymous posted on
Anonymous
The promo is over. Best rate now is 5.5% for 6 & 12 month CDs or w/$50K in money market. The 6% was great while it lasted!

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Comment #12 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. I've updated the post with the info.

1