Dedicated to Deposits: Deals, Data, and Discussion

5.00% 39-Month / 4.00% 19-Month CD at an IL/WI Bank (Amcore)

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Update 7/19/08: The 39-month CD special yield has gone back to 5.00% APY. It had dropped to 4.75% last week.

Amcore Bank has a Manager's CD Special with a 5.00% APY 39-month CD and a 4.00% APY 19-month CD. The minimum deposit is $20,000, and the maximum deposit is $1,000,000.

I just called the bank, and the CSR said that this special has no other requirements such a checking account. She wasn't able to describe the early withdrawal penalty. It wasn't a simple 3 or 6-month penalty. Apparently, it can vary based on when you make the withdrawal. I asked about how long this special might last. The CSR wasn't sure, but she said rates are usually updated on Thursdays. Hopefully, they won't change tomorrow.

According to the CSR, a branch visit is required to open the CD. Branches are located in Illinois and Wisconsin. Some of the cities include Chicago, Belvidere, Wheaton, Elgin, Peru, Dixon, Oregon, Rockford, Portage, Madison and Monroe.

The bank has been FDIC insured since 1934 (FDIC Certificate # 3735). The bank has a 3 star rating (adequate) at BauerFinancial based on 3/31/08 data. According to this Chicago Business News article, Amcore Financial Inc has been suffering with late construction loans. As I recommend with any bank, make sure you stay below the FDIC limits (see my FDIC post).

Credit for this find goes FW member dimsumkid who posted it on this FW CD thread.

  Tags: Illinois, Wisconsin, CD rates

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