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.
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)
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.