Cole Taylor Bank just made some big rate increases on its long-term CDs. Its 3-, 4- and 5-year CD rates are now very competitive. The standard 4-year and 5-year CD rate is 2.00% APY. The standard 3-year CD rate is 1.75% APY. Minimum deposit is $1,000. There's also a promotional 5-year CD rate of 2.00% APY. Minimum deposit is $10,000, and new money is required. It's strange that the standard 5-year rate is the same as the promo rate. Perhaps this promo rate will last longer. These rates are listed in the bank's CD rates page as of the morning of 9/5/2012.
Update 9/7/2012: The 2% 4-year CD is now available online for Illinois residents. This is now mentioned at the top of the bank's CD rates page. Also note that the 60-month promo CD has been removed. However, a standard 2% 5-year CD continues to be listed.
It appears that a branch visit is required to open these CDs. Cole Taylor Bank branches are located in Chicago and in several parts of the Chicago metro area.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 17.28% (average) based on June 2012 data. Please refer to our financial overview of Cole Taylor Bank for more details. The bank has been a FDIC member since 1978 (FDIC Certificate # 22599).
How These CD Rates Compare
The best 5-year CD rate at a bank (that's nationally available) is 1.90% APY at CIT Bank. BBVA Compass still offers a 2.00% APY 5-year CD, but this is only available in a few states where BBVA Compass has branches.
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.