American Eagle Bank of Chicago (AEBC) recently added a 14-month New Money Step CD earning 2.75% APY. The Bank is also offering a 39-month New Money Step CD (3.00% APY), which was added to the product line in February. The minimum opening deposit for either CD is $1k of new money. The maximum deposit is $225k.
The 39-month Step CD’s 3.00% APY is actually a blended APY and is structured as follows:
Interest rate of 2.00% for the first 13 months,
then resets to 3.00% for the next 13 months and
then resets to 4.00% for the last 13 months.
According to the fine print on the Promotions page,
New Money CDs and New Money Step CDs apply to any newly opened CDs
with funds not currently on deposit with us; or for any maturing CDs for which the
renewal balance is increased by 25% with funds not currently on deposit with us.
The stated APYs include a Relationship Bonus, based on maintaining a minimum $5k average monthly balance in a FREEdom Checking Account, Platinum NOW, or Statement Savings account. If the $5k balance is not maintained, “the APY may revert to the Standard rate in effect at the time the CD was opened or last renewed." Although not stated on the Promotion page, the Standard rate is 15 bps lower than the Promotional rate, resulting in a potential 2.60% APY and 2.85% APY for the 14- and 39-month CDs, respectively.
As stated on the Promotions page, the Early Withdrawal Penalty reads as follows:
30 days simple interest on the amount withdrawn for CDs of 12 months or less,
90 days simple interest on the amount withdrawn for CDs greater than 12 months term.
American Eagle Bank of Chicago and its sister bank, American Eagle Bank (AEB) located in South Elgin, are now sharing a website, even though the two Banks have separate FDIC Certificates. This week, AEBC’s new digital platform is being unveiled, with AEB’s being activated next week.
The New Money Step CD Specials can be opened in-branch by existing Bank customers and residents of Kane and Cook Counties at the sole Chicago branch, located on Western Avenue in the Bucktown neighborhood. AEB has a single branch in South Elgin, about 35 miles from Chicago.
There is an “Open an Account” link on the drop menu on the website homepage, but it leads to,
The ability to open accounts online is coming soon! In the interim, please download
our Consumer new account application and fax the completed form to 847-742-7824.
The application is incredibly basic, collecting the barest minimum of personal information.
American Eagle Bank of Chicago has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.99% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $9.34 million, an excellent annual growth rate of 14.4%. Please refer to our financial overview of American Eagle Bank of Chicago (FDIC Certificate # 58514) for more details.
How the Step CD Specials Compare
When compared to the 359 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum and available within the Bank’s market area, American Eagle Bank of Chicago’s 14-month Step CD Special APY currently ranks first.
When compared to the 351 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum and available within the Bank’s market area, American Eagle Bank of Chicago’s 39-month Step CD Special APY (blended) currently ranks second.
The above rates are accurate as of 6/20/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.