Dedicated to Deposits: Deals, Data, and Discussion

4.10% 15-Month / 5.10% 60-Month CD at a Chicago Bank (Cole Taylor)

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Cole Taylor Bank
Update 7/19/08: The CD rates for the 15 and 60-month terms have increased by 10 basis points. The title has been modified to reflect this change.

Cole Taylor Bank is offering some competitive CD rates. There are 5 special CDs with the most competitive being a 3.75% APY 11-month CD, a 4.00% APY 15-month CD and a 4.10% APY 24-month CD. The other two include a 3.30% APY 7-month CD and a 4.25% APY 36-month CD. The minimum deposit is $10,000, and new money is required. There's also a standard 60-month CD with a yield of 5.00% APY. This has a minimum deposit of only $1,000 and is available in an IRA.

My last report on this bank was in March when the 60-month CD rate was only 4.30%. Later that month it had fallen to 4.05%. The bank also had a 4.00% 15-month CD which dropped to 3.85%. So you can see the long-term rates have increased the most in the last few months.

It appears a branch visit is required to open an account. Branches are located in Chicago, Illinois and its suburbs. The bank has been FDIC insured since 1978 (FDIC Certificate # 22599). It has a 3 star rating (adequate) at BauerFinancial based on 3/31/08 data.

Other High Yield Certificate of Deposit Rates

The best national CD deal continues to be from Wachovia with rates ranging from 4.00% APY 7-month and 4.25% APY 12-month to 5.25% APY 60-month. Please refer to this post for more details. Indymac Bank also has 4.25% APY 12-month CD (see post). The best deal at a nationally available credit union is 4.00% APY for a 15-month term at Digital Credit Union (see post).

For more high CD rates, please refer to my Nationwide CD rate summary. Note, I update this on Saturdays so some rates may have changed.
  Tags: Illinois, CD rates, IRA rates, Cole Taylor Bank

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