Dedicated to Deposits: Deals, Data, and Discussion

3.00% 9-Month CD at BankFinancial - Chicago Area Only

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BankFinancial is again offering a competitive rate on a Spectrum Express CD. It's advertising a 3.00% APY for a 9-month term. Minimum deposit is $10,000, and the maximum is $250,000. New money is required. This rate doesn't appear to be listed at the bank's website. It was advertised in the 5/8/09 edition of the Suburban Life newspaper. The ad is available online here.

Before my last post on this bank, I called and was told that they update rates every Thursday so this rate should last at least through Wednesday 5/13/09.

The ad also lists a Spectrum Express Money Market Account with a 2.25% APY for balances over $10K. The bank's rate table shows the rate as 2.00% APY so I'm not sure if the rate has already gone down or if there's a special rate associated with this advertisement.

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 Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 12/31/08 financial data. BankFinancial has been FDIC insured since 1935 (FDIC Certificate # 28808).

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: money market accounts, Illinois, CD rates

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