These special CDs have a no-penalty early withdrawal feature, but it has a serious limitation. The bank will permit withdrawal of the entire amount of the deposit if the depositor wishes to reinvest no less than the original principal amount in another CD, with a term of greater than or equal to 12 months. So this break feature is more like a bump-up feature except that you'll have to lock into another CD term.
It appears that a branch visit is required to open an account. Branches are located through out Chicago and its suburbs.
It was just announced on Friday that Republic Bank has purchased all deposits of Bank of Lincolnwood which was closed by regulators on Friday (see post). You would think that the FDIC would choose a strong bank to assume deposits of a failed bank, but Republic Bank doesn't have the best ratings for safety and soundness: 2 stars (below peer group) at Bankrate.com and 3 stars (adequate) at BauerFinancial. Both ratings are based on 12/31/08 financial data. Republic Bank has been FDIC insured since 1964 (FDIC Certificate # 19333).
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.