Dedicated to Deposits: Deals, Data, and Discussion

2.50% Savings Account at Community First Bank Chicago - Local Only

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Community First Bank Chicago continues to offer a very competitive rate on its Statement and Passbook Savings Account. The rate is 2.50% APY for a minimum balance of $300. This rate is listed at the bank's rate table as of 4/28/09. Some important features of the Statements Savings include:
  • $50 minimum opening deposit
  • $5 monthly fee for balances under $300
  • $300 minimum balance to earn interest
  • Limit of 3 transfers/withdrawals per month
  • $2 per withdrawal over 3
  • Interest compounded quarterly
My last post on this savings account was in September 2008 when the rate was 4%, so the bank has been keeping the rates very competitive.

It appears that they may require a branch visit to open an account. The bank is located at 7555 N. Western Avenue, Chicago, IL 60645. It's a fairly new bank that was established in 2005. It's a member FDIC (FDIC Certificate # 57948). It's ratings for safety and soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 12/31/08 financial data.

Other High Interest Savings Accounts

Another option for those in Chicago is Alliant Credit Union which has a long history of a very competitive savings account. The rate is currently 2.75% APY but it's scheduled to fall to 2.50% APY in May. In addition to those residing in one of several Chicagoland communities, people from any state can qualify via a PTA membership (see post).

For other high yield savings accounts, please refer to my weekly rate summary.
  Tags: Illinois, Community First Bank - Chicago, savings account

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