Sometimes a bank becomes a rate leader when it raises its rates above its competitors. However, sometimes it becomes a rate leader when it is the only one that doesn't lower its rates. That is currently the case at International Bank of Chicago which has been offering four CD specials over the last year. The most competitive one is the bank's 2-year CD which has a 1.50% APY. The other ones include a 1.25% APY 18-month CD, 1.00% APY 1-year CD and a 0.75% APY 6-month CD. Minimum deposit is $10,000. These rates are listed in the bank's rates page as of 10/18/2011.
In the past I've been told that this bank requires a branch visit to open an account. International Bank of Chicago has four branches in Chicago, Stone Park and Bellwood.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 15.77% (average) based on June 2011 data. Please refer to our financial overview of International Bank of Chicago for more details. The bank has been a FDIC member since 1992 (FDIC Certificate # 33708).
How These CD Rates Compare
These 2-year and 18-month CD rates are very competitive compared to what's nationally available at banks. The best bank 18-month CD rate is 1.30% APY at First Trade Union Savings and the best bank 2-year CD rate is 1.35% APY at CNB Bank Direct. Higher rates are available at all-access credit unions. The best one for these terms is Alliant Credit Union which offers a 1.55% APY 18-month CD and a 1.70% APY 2-year CD ($25K minimum). Alliant Credit Union also has branches in Chicago.
These rates are accurate as of 10/18/2011.