In June, Albany Bank and Trust Company N.A. (Albany Bank) raised the rates on its Your Choice CD Promos: 15-month (1.50% APY) and 36-month (2.00% APY). Of the two, the 36-month is the more competitive CD. The minimum deposit is $5k, with no stated balance cap.
These CD Promos were added to the product line in late May with fairly unimpressive APYs. Less than a month after being unveiled, 35 bps were added to each APY, making the rates competitive.
Both Your Choice CD Promos are available as IRAs (Traditional, Roth, Educational), earning the same APYs with the same funding requirements.
As stated in the Account Disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
If you withdraw any Principal amount from this account before the Maturity Date, an Early Withdrawal Penalty equal to ninety (90) days of Interest may be charged to your account.
Headquartered in Chicago, Albany Bank and Trust Company’s market area is primarily the north side of Chicago and the near northern suburbs, but all Chicagoland residents are welcome to open an account.
The Your Choice CD Promos can be opened at any of the four Illinois branches located in Chicago (3) and Skokie.
Albany Bank’s online platform is currently devoted to account management and bill payment services, including PopMoney.
Albany Bank and Trust Company, N.A. has an overall health grade of "A" rating at DepositAccounts.com, with a Texas Ratio of 2.90% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $10.35 million, an excellent annual growth rate of 2.17%. Please refer to our financial overview of Albany Bank and Trust Company, N.A. (FDIC Certificate # 17230) for more details.
Established in 1953 as the National Bank of Albany Park in Chicago, Albany Bank and Trust Company’s original target audience was business owners, real estate operators/developers, and professionals in Chicago. As the Bank grew, the customer base expanded and diversified, with individual consumers, colleges and universities, and non-profits adding to the mix. Albany Bank and Trust Company is currently Illinois’ 72nd largest bank with assets in excess of $592 million.
How the CD Promo Compares
When compared to the 342 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Albany Bank’s 36-Months Your Choice CD Promo APY currently shares the top spot with CDs issued by Connexus Credit Union, TIAA Direct, and EverBank.
The above rates are accurate as of 7/4/2017.