Competitive Long-Term CD Rates at American Eagle Bank of Chicago - Local Only
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.95†% | $1k | - | American Eagle Bank | 60 Months CD | |
| 1.35†% | $1k | - | American Eagle Bank | 48 Months CD | |
| 1.20†% | $1k | - | American Eagle Bank | 36 Months CD |
I last mentioned the CD rates at American Eagle Bank of Chicago in January. The rates at the bank's Chicago branch have remained the same, but they have become a better deal as rates at other banks have fallen. The long-term CDs are the best deals. These include a 2.00% APY 5-year CD, 1.75% APY 4-year CD and a 1.50% APY 3-year CD. Minimum deposit is $1,000 for regular CDs and $500 for Education IRA CDs. Jumbo CD rates are 10 basis points higher. These regular CD rates are listed at the bank's rates pages for its Chicago branch. The CD rates at its South Elgin branch are 25 basis points lower. These rates are accurate as of the morning of 6/5/2012.
One nice feature to note of the bank's CDs is a mild early withdrawal penalty. According to the small print at the bottom of the bank's rate table, it's 90 days of interest for terms over 12 months.
Availability
Accounts can only be open at the Chicago branch by residents of the Chicago metro area. CDs at the South Elgin branch are only available to Kane County residents.
Bank Overview
The two branches are under the same bank holding company, Orchid Financial Bancorp, Inc., but each has its own FDIC charter. American Eagle Bank of Chicago's FDIC certificate number is 58514, and American Eagle Bank (in South Elgin) has a FDIC certificate number of 57359. The Chicago bank has improved its financial health since my last post. It now has a star rating at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 33.04% (below average). The South Elgin bank has a 3 star rating at DepositAccounts.com with a Texas Ratio of 18.43% (average). These ratings are based on March 2012 data.
How These CD Rates Compare
When I last reviewed these CD rates, Chicago residents could get rates close to these at Alliant Credit Union. However, Alliant has made several rate cuts since then. Its 5-year CD yield is now only 1.65%.
The highest 5-year CD rate that's nationally available is 2.20% APY at Justice Federal Credit Union. This requires a $100K minimum deposit. For a small deposit, the highest rate is 2.17% APY at Melrose Credit Union ($5K minimum deposit).
These rates are accurate as of 6/5/2012.
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.
