5.55% 36-Month CD at an Illinois CU (First Northern).

Update 12/31/07: The CD rates have fallen. Please check the credit union's website for the latest rates.

First Northern Credit Union is offering a 5.55% APY 36-month share certificate (see rate table). The minimum deposit is $50,000. Yields of 5.35% APY and 5.25% APY are available for minimum deposits of $25K and $2.5K. The credit union also has some high rates for Coverdell Education Savings Account Certificates with yields as high as 6.25% APY for a 36-month term. These rates have been listed since last year, so I gave the credit union a call today and confirmed that these rates are still available. When rates are falling, credit unions are often slow to change. This can give you a chance to lock in a decent rate.

Membership is available to anyone who lives or works in the following counties in Illinois: Boone, DeKalb, DuPage, Grundy, Kane, Kendall, Lee, McHenry, Ogle, Stephenson, Will and Winnebago. There are also several Select Employee Groups. Please refer to the credit union's Who-is-eligible page for more details. Membership requires a minimum deposit of $5 into your share savings account.

Branches are located in Chicago, Evanston and Rockford, IL. The credit union is federally insured by the NCUA (Charter # 66359). It has $231.9 million in assets and 25,438 members.

Tags: Illinois, CD rates, First Northern Credit Union