Dedicated to Deposits: Deals, Data, and Discussion

3.00% 10-Month CD & 3.75% 39-Month CD at AMCORE Bank in IL & WI

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Update 3/13/09: The term for the 3% CD has changed to 14 months.

AMCORE Bank is offering two attractive CD specials: a 3.00% APY 10-month CD and a 3.75% APY 39-month CD. Minimum deposit is $10,000, and the maximum deposit is $1 million. It requires opening a checking account with direct deposit or with aggregate deposit balance of at least $25,000 or be an Ambassador Club Membership. To qualify for Ambassador Club membership you must be at least 55 years old and maintain at least $10,000 on deposit. This promotion is listed on the bank's home page and in this promotional page as of 2/25/09.

It appears a branch visit is required to open an account. Branches are located in several cities of Illinois and Wisconsin including Chicago, Belvidere, Princeton, Wheaton, Elgin, Peru, Rockford, Madison, Monroe and Portage.

AMCORE Bank ratings for safety and soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/08 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1934 (FDIC Certificate # 3735).

Credit for this find goes to Chicago CD Rates blog.
  Tags: Illinois, Wisconsin, CD rates

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Term has changed on 3.0% from 10 month to 14. The 39-month rate remains 3.75%. https://www.amcore.com/index.aspx

1
Comment #2 by Anonymous posted on
Anonymous
Still 2.9% for 14 months as of Apr 4

1