Dedicated to Deposits: Deals, Data, and Discussion

10.00% 3-Month CD at an Illinois Bank - $25K Max (Bridgeview)

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Bridgeview Bank is offering a special 10% APY 3-month certificate of deposit. The minimum is $2,500, and the maximum is $25,000 per household. A qualified checking account is required with direct deposit or auto debit service. The offer is scheduled to end on 8/25/07.

At first I thought you may be able to open this online since they have online account opening service. The online application did specify that you must be a resident of Illinois, Indiana, or Wisconsin. However, this special CD was not offered as a selection. So I called the bank, and the rep said that you had to visit a branch to open this special CD. The rep also said that a qualifying checking account includes Preferred, Premimum or Prime Checking. The Prime Checking is the best deal, but it's only available to those over 50. The next best one is the Preferred Checking which only has a $500 minimum to avoid a monthly fee. Please see this bank's page for a comparison of these checking accounts. The checking account must remain open for 6 months to avoid a $25 closing fee.

The $25K is the highest deposit cap that I've seen with a yield of 10%. Usually a special 10% CD has a max deposit of $5K or less. The short 3-month term, however, cuts down on the gain. With a $25K deposit, you'll earn about $312 over what you would earn in a 5% account during those 3 months.

Branches are located in Chicago and several other cities in northeastern Illinois. The bank is FDIC insured (FDIC Certificate # 21122).

Thanks to FW member dpid who posted this special in the FW CD thread.
  Tags: Illinois, CD rates

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Was unable to get to any part of their website 8/18/07 7:51 AM Central. Website down? Too many people trying to access it, perhaps from the mention in Bank Deals? Anyone know?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Yup, it still seems to be down as of Saturday morning. The website was rather professionally done and it's a good size bank, so I doubt bankdeals' traffic could have done it.

1
Comment #3 by Anonymous posted on
Anonymous
The site came back up Saturday afternoon.

1
Comment #4 by jamnik (anonymous) posted on
jamnik
Does anyone have info on a supposed 10.47% 12 mo. cd in mich. This info was on bankingmyway.com Also has a 10 mo. IL. cd ?

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
I posted on that one in April. I guess it's still available. It's hard to tell since it's not posted on the website. Here's the link to that 10.47% CD post. It has small $1K deposit cap.

1
Comment #6 by Anonymous posted on
Anonymous
At least 1 of their CSRs seems incompetent and/or misinformed. On 8/20/07 1:23 PM Central time I called and spoke to a “Personal Banker” who told me that “all of their accounts must be started in person, at the branches”. I pointed out that their own website contradicted this by stating that several accounts (the ones I’m interested in are checking) can be started on-line. He claimed he didn’t know anything about this.

1