Update 3/29/08: The 12-month CD yield has fallen again. It's now 4.25% APY.
Update 3/21/08: The 12-month CD yield has fallen again. The new 12-month yield is 4.45% APY.
Update 3/15/08: The 12-month CD yield has fallen from 4.80% to 4.70% APY.
Credit Union 1 is offering very competitive certificate rates. The yields range from 4.75% APY for a 6-month term to 5.10% APY for a 60-month term. These require a $10,000 minimum deposit. The yields for a $1,000 minimum are 10 basis points less. All terms are also available in IRA certificates and the rates are 10 basis points higher.
I called the credit union yesterday, and I was told they typically update the rates on Wednesday. The rates didn't change today so perhaps they'll last for at least another week.
Membership is open to active and retired military and employees of several select employee groups including State of Illinois, Cook County and University of Illinois at Chicago. Please refer to their Membership page for more details. Membership requires a minimum deposit of $5 in the primary savings account.
The credit union has 17 branches in Illinois with several in Chicago and two branches in Indianapolis, Indiana.
Note, this credit union is not federally insured by the NCUA. It's only privately insured by American Share Insurance (ASI). You can view their financial information from this ASI page. It has a 4 out of 5 star rating (sound) at Bankrate based on 9/30/07 data.
Credit for this find goes to Chicago CD Rates blog.