3.65% 30-Month CD at Prospect Federal Savings Bank in Chicago

Prospect Federal Savings Bank is listing several competitive CD rates. The most competitive CDs have terms from 15 to 60 months. Rates range from 3.15% APY for 15 months to 4.00% APY for 60 months. I consider the 30-month term to be the most competitive with an APY of 3.65%. Minimum deposit is $1,000. Jumbo CDs with a $100K minimum are available for some of the terms with slightly higher yields. CDs are also available as IRAs. These rates are listed in the bank's rate table as of 1/23/2009. The table has an effective date of 1/20/09, and are subject to change at any time.

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

The bank has some strong ratings for soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1937 (FDIC Certificate # 27993)

Tags: Illinois, Prospect Federal Savings Bank, CD rates, IRA rates