Dedicated to Deposits: Deals, Data, and Discussion

3.10% 21-Month CD & 2.90% 14-Month CD at BankFinancial - Chicago Area Only


BankFinancial is offering some competitive rates on its Spectrum Express CDs. The rates include 3.10% APY for 21 months, 2.90% APY for 14 months and 2.60% APY for 9 months. Minimum deposit is $10,000 and the maximum is $250,000. These rates don't seem to be listed at the bank's website. The 21-month CD was advertised in today's (3/13/09) Suburban Life newspaper. The ad is available online here. I learned of the other rates by calling 800-894-6900. According to the CSR, they update rates every Thursday, so these current rates should last at least through next Wednesday (3/18/09).

The ad also lists a Spectrum Express Money Market Account with a 2.60% APY for balances over $10K and a Spectrum Express Checking with a 1.50% APY for balances over $10K.

These Spectrum Express products are only available at one of the bank's three Express Branches. These are located in the Chicago suburbs of Skokie, Addison and New Lenox. These express branches are suppose to be completely automated. Opening accounts are done by a Virtual Client Representative via a 42-inch monitor. It'll be interesting to see how convenient these branches are.

The bank has fair ratings for safety and soundness: 3 stars (performing) at (based on 9/30/08 data) and 4 stars (excellent) at BauerFinancial (based on 12/31/08 data). BankFinancial has been FDIC insured since 1935 (FDIC Certificate # 28808).

  Tags: Illinois, CD rates

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Comment #1 by Max (anonymous) posted on
Appreciate this lead. I opened up a CD and a MMF at the Addison Express office. Bank folks were friendly and offered cookies and small sandwiches around lunchtime. Best thing (besides food) was I didn't have to open a checking acct.