It's hard to get excited about any CD rates these days when rates are so low, and this is especially true for short-term CDs which now rarely have yields over 1 percent. If you don't want to be locked into a low-rate long-term CD, a short-term CD is an option which might be worthwhile. The best short-term CD deal in the Chicago area is currently at Washington Federal Bank for Savings which is offering a 1.15% APY 9-month CD. Minimum deposit is $1,000. This is listed on the bank's online rate sheet as of 5/3/2011.
A branch visit is required. Branches are located in Chicago, Illinois at 2869 South Archer Avenue (773-254-3422) and at 1410 West Taylor Street (312-455-2940).
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 0% (excellent) based on December 2010 data. Please refer to our financial overview of Washington Federal Bank for Savings for more details. The bank has been a FDIC member since 1961 (FDIC Certificate # 30570).
How It Compares?
If you want a plain 9-month CD, you'll have a tough time finding a rate higher than 1.15%. As of 5/3/2011 one of the best nationwide 9-month CD rate is at Virtual Bank which has a rate of only 1.01% APY. As you can see in my latest weekly bank deals recap there are some better options than a plain 9-month CD such as Salem Five Direct's savings account promotion and Ally Bank's CDs.