Dedicated to Deposits: Deals, Data, and Discussion

3.00% 24-Month CD & Other Competitive CD Rates at International Bank of Chicago

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International Bank of Chicago
International Bank of Chicago is listing four competitive CD rates: a 2.25% APY 6-month CD, a 2.50% APY 12-month CD, a 2.75% APY 18-month CD and a 3.00% APY 24-month CD. Minimum deposit is $10,000. These rates are listed at the bank's rate table as of 5/18/09.

A reader who mentioned these rates noted that the bank tends to change their CD rates very infrequently. So as rates at other banks drop, these rates get more and more competitive.

The bank has an deposit application form with instructions for opening an account by mail. The application allows for the account to be opened with multiple beneficiaries, and it appears to allow for both formal and informal revocable trusts. There's also an initial deposit form in which you must specify that the deposit will be done by either personal check or by wire transfer. A wire transfer is a better option since they state below the rate table that "the rate you receive is determined by the date we receive your deposit." I wasn't able to get more info by calling this morning. I've sent an email to confirm that they accept out-of-state deposits and for further CD details.

Branches are located in Chicago and its suburbs of Stone Park and Bellwood.

The bank has solid ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has FDIC insured since 1992 (FDIC Certificate # 33708).

Thanks to reader who emailed me news of these CD rates.

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.
  Tags: International Bank of Chicago, Illinois, CD rates

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Comments
4 comments.
Comment #1 by mr.frugality (anonymous) posted on
mr.frugality
Rate table indicates "The above deposits rates are accurate as of 4/7/09" even though they are still posted as of 05/18/09. Seems rather "historical" (maybe true about them not changing rates very often) so let's hope they are still accurate when you find out from them.

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Comment #2 by Anonymous posted on
Anonymous
Around April 1 I checked their site and saw really good rates that were dated as effective mid-December (!). They were rates that would have been decent for mid-December but great for early April. I called and was surprised when they said those rates were indeed still effective. Almost opened an 18-month 3.25% APY CD, but just then Center Bank came out with an even better deal. International finally lowered their rates the next day, to what they still show now. I kind of doubt these rates will last for almost four months again, especially if this post generates a lot of deposits. But that's a guess.

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Comment #3 by Anonymous posted on
Anonymous
Not that it has any relevance to the current topic, but for the record I should have said that I *learned of* of the Center Bank deal just before opening the International CD.

1
Comment #4 by Anonymous posted on
Anonymous
Is this nationally available?

1