Dedicated to Deposits: Deals, Data, and Discussion

5.00% 14-Month CD at Second Federal Savings In Chicago


Update 10/17/08: The 5% CD has ended. The current CD specials now include a 4% APY 4-month CD and a 4.20% APY 13-month CD. Please check with the bank for the current rates and specials.

Second Federal Savings is offering a special 14-month CD with a yield of 5.00% APY. The minimum deposit is $5,000.

It appears that a branch visit is required to open an account. Branches are located in Chicago and in Cicero, Illinois.

The bank has some decent financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at It has been FDIC insured since 1934 (FDIC Certificate # 27986).

  Tags: Illinois, CD rates

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Comment #1 by Anonymous posted on
Stay away from this bank. They play bait and switch games and they will treat you like crap.

Second Federal ran an ad for a 14 month CD for 5%. I called this morning at 10am to see if the CD offer was still good. The lady on the phone said yes, so I left work early to open a 5% CD at Second Federal. It took me an hour to drive from Wrigleyville to their office in Little Village. When I got there the banker told me they discontinued the offer at 11am. I asked to speak to the manager Gonzalo (yes, that's really his name). I told him that I called in the morning and that a banker on the phone said the offer was still good, but Gonzalo refused to honor the offer. However, I could have a CD at a lower rate if I wanted. And no apology for my inconvenience.

After driving an hour each way to get to Second Federal, and being treated like crap by the manager, I am really ****ed. When I closed 2 different CDs that matured recently at 2 other banks, those bankers were falling over themselves to keep my business. They were even willing to increase the rate slightly.

Finally, when I got home I looked Second Federal up on the Better Business bureau site and they have an UNSATISFACTORY rating.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for sharing your experience. Sorry to read about the bad customer service. I'll be sure to note this in future posts on this bank.