American Eagle Bank of Chicago is offering some competitive long-term CD rates. Another perk with these CDs is a mild early withdrawal penalty. Jumbo CDs have the most competitive rates. These include a 2.10% APY 5-year CD, a 1.85% APY 4-year CD and a 1.60% APY 3-year CD. Regular CDs with a $1,000 minimum deposit have rates 10 basis points lower. These regular CD rates are listed at the bank's rates pages for both its Chicago branch and South Elgin branch as of 1/10/2012.
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 at the Chicago branch by residents of the Chicago metro area. CDs at the South Elgin branch are only available to Kane County residents.
The two branches are under the same bank holding company, Orchid Financial Bancorp, Inc., but each has its own FDIC charter. American Eagle Bank of Chicago's FDIC certificate number is 58514, and American Eagle Bank (in South Elgin) has a FDIC certificate number of 57359. The Chicago bank has weaker financial numbers with a 2 star rating (out of 5) at DepositAccounts.com with a Texas Ratio of 31.25% (below average). The South Elgin bank has a 4 star rating at DepositAccounts.com with a Texas Ratio of 9.25% (above average). These ratings are based on September 2011 data.
How These CD Rates Compare
The best nationally available 5-year CD rate is 2.68% APY at Melrose Credit Union. For a bank, the best rate is 2.25% APY (59-month CD special) at US Bank. These rates are accurate as of 1/10/2012.
It should be noted that both Melrose Credit Union and US Bank have harsh early withdrawal penalties. I have more details on the EWP at Melrose in this post and at US Bank in this post.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.