Dedicated to Deposits: Deals, Data, and Discussion

4.00% 4-Month CD & 4.20% 13-Month CD at Second Federal Savings Bank in Chicago

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Update: The CD rates have changed. Please check with the bank for the latest rates.

Second Federal Savings continues to offer a special 4.00% APY 4-month CD and a 4.20% APY 13-month CD. Minimum deposit for the 4-month CD is $2,500, and the minimum for the 13-month CD is $5,000. These rates are listed at the bank's promotion page as of 12/07/08.

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

In my last post on this bank, a commenter described some poor customer service he experienced when he tried to open a CD at this bank. He called to confirm the special CD rate before visiting the branch. After driving an hour to reach the branch, he was told that the CD had been discontinued at 11:00am, and the branch manager refused to honor the rate even though they had quoted the rate to him earlier in the day. As listed on 12/07/08 at the Better Business Bureau website, this bank has a "unsatisfactory record with the BBB due to a failure to respond to a complaint."

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

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Comments
Comment #1 by Anonymous posted on
Anonymous
I once worked for a bank in California. Whenever we received a BBB complaint, we resolved it completely and promptly. I cannot imagine a Bank not wanting to keep a clean record with the BBB. Based upon their BBB record, I would not spend the time placing any deposits at this institution, and you may want to avoid it also.

OC Steve

1