Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
The National Republic Bank of Chicago1.41%$1k$100k5 Year CD
Accounts mentioned in this post. Rates as of July 11, 2014

Top 5-Year CD Rate at The National Republic Bank of Chicago - Nationally Available

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The National Republic Bank of Chicago

When I last covered The National Republic Bank of Chicago you had to visit a branch to open an account. However, that has changed. The bank now has an online application, and on its first page it states "We welcome all residents of the United States to apply." It's always nice to see another bank accepting deposits nationwide, and it's especially nice now since the bank is offering some competitive CD rates. The best is the 5-year CD with a 1.81% APY. Minimum deposit is $1,000. This rate is listed on the bank's rates page as of 5/17/2012.

CD Details

The bank has several CD details in its CD FAQ page. According to the FAQs, you can fund the CD with an ACH transfer, by mailing a check or by a wire transfer. Instructions for each are provided in the FAQ. There were a few things not mentioned in the FAQs. To get the answers to these, I used the bank's online chat service. Here are some details I learned from the CSR via online chat:

  • Rates are usually changed weekly on Tuesdays
  • The early withdrawal penalty is 6 months of interest for terms of 1 year and over
  • CD rate locks when you open the account as long as the bank receives the funds within 5 days
  • At CD maturity if you decide not to renew, you receive the funds based on how you funded the CD (i.e. if an ACH transfer was used, the funds will be sent to the originating bank)

Bank Overview

The bank only has two branches in Chicago, but it's not a small bank with $1.14 billion in deposits as of December 2011.

The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 38.37% (below average) based on December 2011 data. Please refer to our financial overview of The National Republic Bank of Chicago for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 916).

How This CD Rate Compares

This bank now has the top spot for the best 5-year CD rate at a bank that's nationally available. Last Friday State Bank of India had this spot with a 1.91% APY, but its yield has fallen to 1.71%. Jacksonville Bank is close with a 1.80% APY. This can be increased to 2.05% APY with an active checking account with direct deposit.

The best 5-year CD rates are at credit unions. There are several all-access credit unions with 5-year CD rates over 2.00%. The best 5-year CD rate is 2.25% APY at Astera Credit Union.

These rates are accurate as of 5/17/2012.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

  Tags: The National Republic Bank of Chicago, CD rates, Illinois

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Comments
19 comments.
Comment #1 by mak1118 posted on
mak1118
1.81% 5 year CD.... this is getting sad. The stock market is weak, 10 year bond rate is dropping.....doesn't look good for rates.

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Comment #2 by Anonymous posted on
Anonymous
The 10 year note closed today at 1.70%, and not that long ago it was 2.25%. Absolutely unbeliviable. Still, I can not bring myself to go 5 years at 1.81%. I can just about live as well on 1.00% on a savings account as I can a 5 year CD at 1.81%, and thats not saying a whole lot. I agree with mak1118, this is a sad and sorry state of affairs. As long as the national debt remains as is, or increases, don't look for things to improve a whole lot. So far, the savers are taking it on the chin while the public employees, present and retired, and the public trough types in general, are living quite well.

6
Comment #3 by Grace (anonymous) posted on
Grace
When my 5% CD's mature this year you can be sure that I will not be going out to eat, spending much in stores, buying a new car, traveling, etc.  I fail to see how this policy can help the economy. 

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Comment #4 by Anonymous posted on
Anonymous
Low interest rates aren't because of national debt. It's because the housing market imploded due to policies in effect over the last 10 years by adminstrations from both parties -- and as much as it pains me as a saver myself, no president of either political party would dare raise interest rates at this point. Doing so would throw this country into full recession mode by putting millions of more Americans with adjustable rate mortages out on the streets. There's no easy answer, and it's easy to want to find a scapegoat or policy to blame. But if the national debt was down to zero, interest rates would still be where they are with the housing crisis the way it is. Housing is the elephant in the room that no one wants to mention, and one of the major reasons interest rates are at near zero. There's no easy solution to the mess we're currently in, and anyone who proports to have an easy answer, well, feel free to buy a bridge from them.

 

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Comment #5 by Anonymous posted on
Anonymous
Anonymous - 4:

So basically what your saying is that we, the people who saved our entire life, need to continue sacrificing even longer so the debt ridden home owners can live out of their means.  We need to continue subsidizing the luxurious wants not the needs of the ones who can't develop a budget and live within it. As for the adustable rate mortages I say so what.  Why didn't they get a fixed rate?  Again, not living within their means..

 




4
Comment #6 by I hate Fort knox CU (anonymous) posted on
I hate Fort knox CU
FYI, presidents can't raise or lower interest rates.

1
Comment #7 by Anonymous posted on
Anonymous
Also, the adjsutable rate mortgages in existence have almost nothing to do with Federal reserve interst rate policy...why don't you take a Economics 101 college course to learn about how and why Federal Reserve sets interest rates rather than making stuff up in your head?

1
Comment #8 by Anonymous posted on
Anonymous
Anonymous 7:  Seems like something hit home by your comments.  BTW, what are your Academic Credentials?

3
Comment #9 by benno posted on
benno
ARM loans generally follow the Federal Funds Rate or CD rates, both of which are absolutely influenced by the Fed's rates.

The bottom line is this, we have become a country of many debtors and few savers, so low interest rates are a more popular policy among the public than high interest rates.

The fact that the government itself owes trillions of dollars in floating rate debt puts it on the "debtor" side as well.

Nobody with any real money or power is advocating for high interest rates. Those that are truly wealthy have global investments and will be eating well whether rates are at 1% or 3%.

Them's the facts, get used to them.

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Comment #10 by Barbara (anonymous) posted on
Barbara
Re #9: time to buy rental real estate, which will rise with inflation as rents rise and demand increases.  Tax law also favors real estate in many ways.  No real estate investor, even the least capable or knowledgeable, would buy a property and accept 1.00%-2.00% for a long-term investment like CD buyers do.

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Comment #11 by Anonymous posted on
Anonymous
To Barbara #10 above,

Barbara, wrong conclusion.
Real estate cost money to own it, maintain it, cost of all kinds of insurances, property taxes, and so on.
Plus the cost of the mortgage payments, plus not receiving money on your down payment, plus dealing with dead beats not paying on time, cost of eviction, attorney costs, the house stays empty without tenants and so on.
I have been through all of that above and believe me, I lost twice as much money than I invested in it.
When I sold it at a loss I had to pay all of the closing costs and real estate commissions.

Barbara, it can happen to you and most of us who think renting is piece of cake.

9
Comment #12 by Anonymous posted on
Anonymous
General rule in life: the louder you talk, the less people listen...

 

1
Comment #13 by Barbara (anonymous) posted on
Barbara
To Anonymous #11:  Don't be so quick in calling someone "Wrong."  Didn't you learn that back in 2nd grade?  There are success stories and failures in real estate.  Your experiences must have fallen in the latter category.  We are in our early 60s and live in a university town.  It is very dependable to get a 5% to 8% on a small two or three family rental home.  That is AFTER deducting taxes, insurance, maintenance, etc.  Our friends and colleague and I do not have mortgage payments, which you refer to.  We buy these properties for the cost of a jumbo CD.  And instead of getting 1% or 2%, we get 5-8% and some tax write-offs.  We are not mechanically talented, we hire a handyman to make any needed repairs.  And we still get good returns, and meet some very nice people.  Certainly not "a piece of cake," or for all folks (like my 90-year old parents), but this investment for PART of one's assets should not be routinely dismissed like you did in your post.

2
Comment #14 by Anonymous posted on
Anonymous
Barbara you live in fantasy land, listen to #11, I agree with him/her.
You never get 100% occupancy rate on your investment and you will never get 5-8% return.
If you hire property management company to care for your investment, will cost you 10-20 percent of your rent in fees and maintenance per month.
It is even worse investment if you pay in full with your cash up front. I did the math myself and always comes negative at the end of the year.
Don’t forget to deduct 2-3% of your ficticious number of return on equity, since your money loses the potential of not earning the guaranteed CD rates at other guaranteed investments.

7
Comment #15 by Barbara (anonymous) posted on
Barbara
Anonymous #14:

Your post is insulting and demeaning, plus plain wrong.  We get 90%-100% occuupancy on our investment homes.  There is no expense for property managment companies -- these are two or three family homes, very simple properties.  The tenants mail us monthly checks, we sometimes do not even speak with them for months at a time.  We typically purchase these properties (we, meaning my husband and I, relatives, friends and neighbors) for $100,000-$150,000.  They typically gross $12,000 to $14,000 a year ($500-$700 month rents per apt.).  After taxes, ins. and upkeep, we net about $6,000 a year on the smaller properties and $8,000-$9,200 on the larger.  Do the math.  We are netting at least 5% on each, not counting some tax write-offs such as depreciation.  You are obviously narrow-minded and ill-informed.  Your dismissive tone is also highly insulting and inappropriate for his website.  Ken?

1
Comment #16 by Anonymous posted on
Anonymous
Barbara, #14 did not say anything bad about you, why are you so upset?
I like to add to the comment of #11 and #14, you are right on the money in your observations and estimates.
Barbara, just wait when time comes to evict some of your tenants or someone gets injured on your rental property, years and years of profits will vanish from your bank savings accounts overnight. Furthermore, if renting is so profitable as you claim, there will be no abandonment of properties and people will rent them out and pay the mortgage out of the rent money and keep the property, however, we all know that is not true and there is no substitution for passive investing in CD,  bonds, dividends and corporate debt.
It is less risky to invest in anything but real estate rentals, why, your capital is locked in for long haul  and if interest rates start to rise, you will be left with a hot potatoes.

4
Comment #17 by Gilbert (anonymous) posted on
Gilbert
The problem with "passive investing" is the 1% and 2% rates of return.  May be worth some "active" investing to get the 5% or 6%.  Some risk taking may be the way to go now.

2
Comment #18 by Anonymous posted on
Anonymous
To Gilbert (anonymous) - #17, you must be Barbara's husband. No go for me, I'll stick with CDs for now.

2
Comment #19 by Anonymous posted on
Anonymous
#18 - Good catch but, actually -

Barbara = Gilbert and Gilbert  = Barbara


 Just check the avitar of both for the telltale sign. lol

 

 

 

2
Comment #20 by Anonymous posted on
Anonymous
Anonymous -18 and 19:  Actually, I believe the avitar is based on the IP address asigned to the PC.

Ken:  What are you using our IP address for ??????

1