Dedicated to Deposits: Deals, Data, and Discussion

4.00% 39-Month CD and 3.50% 10-Month CD at Amcore Bank in IL and WI

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Amcore Bank is having a CD promotion with two competitive rates: 4% APY for 39 months and 3.50% APY for 10 months. Without checking and direct deposit, a minimum of $25,000 is required. With checking and direct deposit, the minimum is only $10,000. This rate doesn't seem to be listed at Amcore's website. A reader commented on this promotion, and I just called for additional details. According to the CSR, their rates typically only change on Thursdays, so this special should last at least until Thursday 1/22/09.

A branch visit is required to open an account. Branches are located in the several Illinois cities including Chicago, Belvidere, Princeton, Schaumburg, Wheaton, Elgin, Aurora, Peru, Lincolnshire, Dixon, Oregon, Freeport, Sterling, Joliet and Rockford, and in several Wisconsin cities including Portage, Madison, Monroe, Darlington, Wauwatosa and Baraboo.

Amcore Bank's ratings for soundness are a little weak: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The bank's holding company, Amcore Financial is listed on the NASDAQ, and like many bank stocks, it has been trading far below its highs. It's currently trading at $2.71 share. Last year at this time it was trading around $20 a share.

It's always best to stay under the FDIC limits. Amcore Bank is FDIC insured (FDIC Certificate # 3735).

Thanks to the reader who commented on this in the Daily Deals & News post.

  Tags: Illinois, Wisconsin, CD rates

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