2.50% 15-Month CD at Second Federal Savings in Chicago - Local Only

Second Federal Savings is offering a 2.50% APY 15-month CD special. Minimum deposit is $500. This special is not listed at the bank's website. I saw an online ad for a 2.75% CD, and I called to confirm. According to the CSR, they just reduced the rate to 2.50% today (8/10/09). It's not as good as 2.75%, but 2.50% is still competitive for a 15-month term.

I last posted on this bank in December 2008 when the bank was offering 4% short-term CDs. In that post I described a customer service issue that a commenter had mentioned. It appears they've improved their BBB standing since then, but it's something to consider.

A branch visit is required to open an account. Branches are located in Chicago and in Cicero, Illinois.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. It has been a FDIC member since 1934 (FDIC Certificate # 27986).

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Tags: Illinois, CD rates