The CDs can be opened online, but these may appeal more to those in the Chicago area who prefer to bank locally. Last year I reviewed this bank's online application and the CD details.
The bank has two branches in Chicago, but it's not a small bank with $1.08 billion in deposits as of September 2012.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 40.37% (below average) based on September 2012 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 1-Year CD Rate Compares
The best nationally available 1-year CD rate is 1.25% APY at PenFed. For internet banks, the highest rate is 1.05% APY. Several internet banks are offering 1.05%. They include CIT Bank, Sallie Mae Bank and Colorado Federal Savings Bank. These rates are accurate as of 1/30/2013.
Those in Chicagoland who prefer to bank locally may still prefer the 1-year CD at The National Republic Bank of Chicago. In that case, a 1-year CD can make more sense than a local money market account with rates far below 1%. If you don't mind banking online, it's hard to justify a 1% CD when there are many internet savings and money market accounts that pay around 1%.
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.