Dedicated to Deposits: Deals, Data, and Discussion

4.50% 7-Month CD at a Chicago Bank - plus 4.60% 3-Month Checking Special (American Eagle).


American Eagle Bank
Update 2/23/08: The special rates have gone down. Please check the bank's website for the latest rates.

American Eagle Bank Chicago has two decent promotions. The first is a 4.50% APY 7-month CD special. The minimum deposit is $1,000. The second promotion is a guaranteed rate of 4.60% APY for 3 months in the Platinum NOW Checking. Direct deposit is required. The checking account has a minimum balance of $500 to avoid a $10 fee.

The bank's standard rates are also competitive with a 4.10% APY 12-month CD and a 4.00% APY 60-month CD. Another plus is that the early withdrawal penalties are below average: 30 days of interest for terms of 12 months or less and 90 days of interest for terms over 12 months.

These rates may not seem that great, but after the recent Fed rate cuts they're near the top. As a comparison, the best 12-month CD rate listed at Bankrate is 3.80% APY at State Farm Bank.

This bank had offered many good deals last year. My last report was in September 2007 when it was offering a 5.50% 12-month CD.

Accounts can only be open by residents of the Chicago metro area. The branch is located at 2129 N. Western Ave, Chicago. The bank was just established in April 2007. It's FDIC insured (Certificate # 58514).

  Tags: American Eagle Bank, Illinois, CD rates, checking account

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