Illinois Banking Rates and News
Browse through the stories below to view current deals for Illinois banks or select an item from the menu bar above to view current rates in Illinois.
Earlier this week, Lisle Savings Bank (Illinois) raised the rate on its 42-month CD to a very competitive 1.76% APY. This CD requires a $2K minimum deposit to open and is also available as an IRA. Interest is compounded daily and credited monthly. The Early Withdrawal Penalty is 180 days' interest, whether earned or not.
Note: While there is no penalty on shorter length IRA certificates for withdrawals prior to maturity if the owner has reached age 59 1/2, penalties DO apply to the 42-month...Continue Reading
With school starting soon, it's a good time to review your college savings plan options. And if you say, "What college savings plan?", you may want to consider Citizens Bank's "CollegeSaver Account," as a starting point. The CollegeSaver Account pays a $1K bonus at the end of the deposit term. You will owe taxes on the interest, as the CollegeSaver Account is not a 529, but the funds saved and the $1K bonus do NOT have to be spent on educational costs.
To qualify for the...Continue Reading
It has been a long time since we have seen higher deposit rates at Alliant Credit Union. I’m happy to report that Alliant Credit Union finally raised its certificate rates. Most of the rate hikes were small, but there was one big rate hike. The rate of Alliant’s long-term CDs with terms of 48 to 60 months increased by 55 basis points to 2.10% APY. This new rate applies to both the standard and Jumbo CDs. It also applies to IRAs and Coverdell ESAs. Minimum deposit is $1,000. Thanks to...Continue Reading
Another large regional bank has come out with new CD specials. Fifth Third Bank has improved the CD specials that it started to offer in January. Its two best CD specials are a 2.00% APY 5-year CD and a 1.50% APY 44-month CD. There’s also a 28-month CD with a 1.00% APY. Minimum deposit is $5,000, and a new or existing checking account is required. These rates are listed in Fifth Third’s CD promotional page as of 7/8/2014.
It’s important to note that the early withdrawal penalty for CD terms...Continue Reading
Every now and then a large bank offers a decent rate on a promotional CD. The latest large bank to offer this type of deal is Regions Bank. It’s advertising two promotional CDs. The best one is a 70-month CD with a 2.00% APY. The other one is a 40-month CD with a 1.10% APY. Only the 40-month iCD is also available in an IRA. Minimum deposit is $10,000, and the maximum is $1 million. A checking account is required, and it must remain open during the entire term...Continue Reading
Republic Bank of Chicago is offering a special CD that it calls a 24-month Breakable CD. It has a 1.50% APY which is a very competitive rate for a 2-year term. The breakable feature allows the customer to break the CD anytime during the term. However, there’s a catch, and that is the customer won’t be allowed to just break the CD and withdraw the money from the bank. Instead the customer must move the money into another CD at the bank, and that CD must have a term of...Continue Reading
Flanagan State Bank has started to offer a high-interest reward checking account under the Kasasa brand. The account is called Kasasa Cash. Like many of the new reward checking accounts, its balance cap is disappointing. Nevertheless, it’s always nice to see a new reward checking account. The bank also offers a savings account, called Kasasa Saver, that links to this checking account. Below is an overview of these accounts. Flanagan State Bank currently doesn’t list these accounts on its website. However, they’re listed at this Kasasa.com page with the following...Continue Reading
Peoples National Bank has just started to offer Kasasa accounts, and one of those accounts is a high-yield reward checking account that’s called Kasasa Cash. There’s also a savings account called Kasasa Saver which links to the checking account, and there’s another type of reward checking account called Kasasa Cash Back. Instead of high interest rate, this checking account offers rewards in the form of 2% cash back on debit card purchases (up to $6 of cash back per month). The nice thing about Kasasa is that these are free...Continue Reading
Last year when I first reported on the reward checking account at Frontier Bank, the online application allowed residents of three states to apply. Its online application now allows residents of 12 midwestern states to apply. This gives many more people access to a very competitive reward checking account. The reward checking is under the Kasasa brand, and it’s called Kasasa Cash. As of 3/18/2014, the account has a 3.05% APY on balances up to $20K if typical reward checking monthly requirements are met. There’s also a Kasasa Saver account...Continue Reading
Consumers Credit Union made several changes to its Free Rewards Checking Account that many savers should appreciate. First, you can now earn 5.09% APY for balances up to $10,000. Before this change you could only earn 3.09% APY for balances up to $5,000. However, qualifying for the 5.09% APY is not easy. If you don’t qualify for 5.09%, you can still qualify for 4.09% or 3.09%. If existing members have been earning 3.09% before, they can continue to earn 3.09% with no additional work. In that case the only change...Continue Reading
Yesterday I reviewed the reward checking account at First American Bank. The bank has another checking account deal. This one is a checking account bonus that pays up to $160. The reward checking account doesn’t qualify. You have to open either its Optimal Checking or its Free Checking account. The promotion is scheduled to end on March 3, 2014. It does require quite a bit of work and time. The details are listed at this bank’s promotion page. Below is a summary of what’s required:
To earn the full $160, you’ll...Continue Reading
First American Bank has a reward checking account called Everyday Rewards Checking. According to a bank’s CSR, people from any state can apply for this account online or by phone. Thus, I’m labeling this account "nationally available". This isn’t a hot deal so new applications shouldn’t flood the bank. Hopefully it will remain nationally available. Thanks to the DA reader who emailed me news of this account.
The current rate and balance cap are respectable, but there are some nationally available reward checking accounts with higher rates and balance caps. Another...Continue Reading