2.00% 6-Month Jumbo CD at Mutual Federal Bank in Chicago - Local Only

Update 1/09/2010: The Jumbo 6-month CD rate has fallen to 1.75% APY.

Mutual Federal Bank is offering very competitive 6-month CD rates. Its Jumbo 6-month CD has a 2.00% APY. This requires a $100,000 minimum deposit. Its 6-month CD rate for a $1,000 minimum is also competitive with a 1.75% APY. Other notable non-Jumbo rates include a 2.00% APY for 12 months, 1.85% APY for 9 months and 1.50% APY for 3 months. These rates are listed at the bank's CD rate tables as of 12/15/09. Since there was an old date at the bottom of the rate table, I emailed the bank to make sure the rates were up-to-date. I just received a reply, and according to the CSR, these are up-to-date.

It appears that a branch visit is required to open an account. It's a small bank with one office located at 2212 West Cermak Road, Chicago, IL.

The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com (based on 6/30/09 data) and 3½ stars (good) at BauerFinancial (based on 9/30/09 data). The bank has been a FDIC member since 1935 (FDIC Certificate # 28302).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

Tags: Illinois, Mutual Federal Bank, CD rates