2.25% 7-Month CD at Pan American Bank in Chicago - Local Only

POSTED ON THURSDAY, SEPTEMBER 3, 2009 BY Ken Tumin

Pan American Bank is offering a special 2.25% APY 7-month CD. Minimum deposit is $500. The special isn't listed at the bank's website. A reader reported opening this special at one of the bank's branches. I just called and confirmed that it's still available as of today (9/03/09). The CSR didn't know how much longer it would last.

A branch visit is required to open an account. Branches are located in Chicago, Bellwood and Melrose Park, Illinois.

My last post on Pan American Bank was just over a year ago when it was offering a 4.80% 7-month CD. A reader mentioned the following in the comments of that post:

If you want to view the CD online, you must have a checking or savings account. You can't get online access with just a CD account. The Pan American Free Checking account has no monthly service charge and no minimum balance (after $50 minimum opening deposit). That seems to be the best option.

I didn't ask the CSR if this was still the case. If this has changed, please leave a comment. Another commenter mentioned being impressed with the bank's customer service:

I closed my checking and cd account on Saturday. Their service was remarkable. The branch manager offered the best customer service i've seen at a bank. I've opened over 15 accounts the past year and this was by far the best experience. If I didn't need the money, I would have renewed my CD. They will def. be my first choice next time I'm opening a CD.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1995 (FDIC Certificate # 34108).

Thanks to the reader who emailed me news of this special CD.

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