Illinois Banking Rates and News

AnchorBank is offering up to $150 for opening any new personal checking account and performing certain activities. This is a nice upgrade from last year's promotion which had just a $100 bonus. This offer is listed in the bank's promotion page. It's scheduled to end on 4/15/2012.

The required activities include:

• $50 for opening a checking account
• $50 for setting up direct deposit
• $50 for making three debit card purchases

The direct deposit and debit card purchases must be completed within 60 days of account opening. Existing checking account customers are not eligible for the bonus. Another important note...

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...

I just confirmed that Alliant Credit Union will be keeping its savings and checking rates the same for December. Alliant Savings Account has a 1.15% APY on balances of $100 or more. Its High Rate Checking has a 1.10% APY on all balances. This checking rate requires monthly electronic deposits and e-statements.

With these rates holding through December, Alliant has become the only institution that has kept its savings account rate unchanged for all of 2011. It was back in December 17, 2010 that we learned that Alliant was going to cut its 1.35% APY to the...

MB Financial Bank is offering a checking account bonus in which you can earn up to $200. You do have to be careful to avoid monthly fees on the checking accounts. Three checking accounts qualify for the bonus, and they all have monthly service fees. However, there are several ways to avoid the fees. In addition, one of the checking accounts is a reward checking account (MB Red Checking).

Details of the checking promotion is listed at MBchecking.com. It's scheduled to expire on January 31, 2012. Here are the details from the site:

Qualifying for your...

Great Lakes Credit Union has an interesting high-yield reward checking account called Ultimate Checking. It offers a nice rate, but unlike the vast majority of reward checking accounts, there's a potential monthly fee. If certain monthly requirements are met, the account has the following rates and features (as of 11/02/2011):

• 4.00% APY up to $15,000
• 0.05% for over $15,000 (standard savings dividend rate)
• Up to $5 ATM rebate per month
• Free overdraft transfers
• No monthly fee or minimum balance requirement

The monthly requirements include:

• 10 signature-based debit card purchases
• $250 Direct Deposit
• eStatements
• Mobile banking or bill pay

To avoid a $5 monthly fee, members will have to make a...

On Friday US Bank did something that's rare these days. It raised the rate of its competitive long-term CD. The rate of the 59-month CD special increased from 2.00% to 2.25% APY. The two other special CDs with shorter terms are not nearly as competitive. One is a 1.25% APY 37-month CD and the other is a 1.01% APY 19-month CD. Minimum deposit is $1,000, and the maximum is $249,999. These rates are listed in US Bank's CD page as of 10/31/2011. Rates could change at any time, but they typically change on Friday mornings.

With all the favorable opinions from many readers for Alliant Credit Union, I thought it was time for another post. There's not much new. However, I did just confirm that Alliant will be keeping its savings and checking rates the same for November. Alliant Savings Account has a 1.15% APY on balances of $100 or more. Its High Rate Checking has a 1.10% APY on all balances. This checking rate requires monthly electronic deposits and e-statements.

Alliant has a long history of keeping these rates very competitive. In addition to competitive rates, Alliant has several nice banking features...

Consumers Credit Union has added a rate guarantee to its free reward checking account. It's guaranteeing 4.09% APY until June 30, 2012. This is listed on the credit union's rates page:

Tired of big-bank “bait and switch” teaser rates? Try CCU’s FREE Rewards Checking account, GUARANTEED 4.09% Annual Percent Yield (APY) rate through June 30, 2012!

It's important to note that this 4.09% APY is only for balances up to $10,000. The portion of the balance between $10,000 and $25,000 only earns 0.56% APY, and the portion above $25,000 earns only 0.35% APY. If you don't meet the...

Sometimes a bank becomes a rate leader when it raises its rates above its competitors. However, sometimes it becomes a rate leader when it is the only one that doesn't lower its rates. That is currently the case at International Bank of Chicago which has been offering four CD specials over the last year. The most competitive one is the bank's 2-year CD which has a 1.50% APY. The other ones include a 1.25% APY 18-month CD, 1.00% APY 1-year CD and a 0.75% APY 6-month CD. Minimum deposit is $10,000. These rates are listed in the

Banks sometimes offer higher rates on IRA CDs than regular CDs. That's the case with United Central Bank which is offering IRA CD rates that are 25 basis points higher than its regular CD rates. The most competitive IRA CD rates are 1.51% APY for 18 months and 1.56% APY for 2 years. Even though the 18-month regular CD rate is 25 basis points lower, this still makes for a competitive CD with a 1.26% APY. Minimum deposit is $1,000 for regular CDs and $500 for IRA CDs. These rates are listed in the bank's rates...

Cole Taylor Bank is offering a checking account called Wealth Builders Interest Checking with competitive rates. It's a little like a reward checking account in that there are some requirements to qualify for the premium rate, but the requirements are much less. Also, the balance cap is much higher. The downside is the premium rate is much lower. However, it's still very competitive as compared to internet savings accounts.

The account details are listed at the bank's special Wealth Builder page. The premium rate is 1.15% APY for balances up to $500K as of 9/13/2011....

Urban Partnership Bank is offering competitive rates on three of its CD specials: 2.42% APY 5-year CD, 1.46% APY 30-month CD and 1.16% APY 18-month CD. Mimimum deposit is $1,000, and the maximum balance is $99,999. These rates are listed in the bank's featured products page as of 9/7/2011. Update 9/20/11: These specials are no longer listed in the featured products page, but they are still listed in the bank's deposit rates page.

CD Application Details

According to the bank's CSR, these CDs are available nationwide. However, you'll have to mail the application and check....