Competitive 29-Month CD Rate at American Eagle Bank of Chicago - Local Only

American Eagle Bank of Chicago continues to offer a competitive 29-month CD special with a 2.50% APY. It had been 2.75% last year. Minimum deposit is $1,000. The bank also has a promotion for its Platinum NOW Checking account with a 1.75% APY guaranteed for 3 months. Direct deposit is required. Minimum balance is $500 to obtain APY and to avoid a $10 fee. These rates are listed in the bank's Chicago promotions page as of 2/2/2010.

One nice feature to note of the bank's CDs is a mild early withdrawal penalty. According to the small print at the bottom of the bank's rate table, it's 90 days of interest for terms over 12 months.

Accounts can only be open by residents of the Chicago metro area and current customers.

This promotion appears to only be available in Chicago. The bank's other branch in South Elgin doesn't list these promotions.

American Eagle Bank of Chicago's ratings for safety and soundness remain the same as I reported last year: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 2007 (FDIC Certificate # 58514).