Byline Bank (IL/WI) 11-Month Promo CD Is Now A Rate-Leader

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Deal Summary: 11-month Promo CD, 5.25% APY, $5k minimum deposit, new money.

Availability: Online market area includes Illinois and Wisconsin.

Chicago-based Byline Bank has raised the rate on its 11-month Promo CD to 5.25% APY. The minimum opening deposit is $5k of new money, with no stated balance cap. “New money” is defined simply as “funds not currently on deposit with Byline Bank.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00%$5k-Byline BankOnline 11 Month Promo CD - New Money
Rates as of May 25, 2024.

In the past seven months, the 11-month Promo CD has gained 450 bps in a series of five rate increases, including last week’s bump of 55 bps.

According to the fine print on the Personal Accounts page, the Early Withdrawal Penalty reads as follows (emphasis is mine):

You may not withdraw any principal from this Certificate before mature without our consent, which may be withheld; if we permit such a withdrawal, you may have to pay a penalty as follows:

Where the original maturity of the account is one year or less, the penalty will be forfeiture of 90 days interest on the amount withdrawn, at the nominal (simple interest) rate in effect during the term.

Availability and Account Opening

Headquartered in Chicago, Byline Bank has a brick-and-mortar presence in the greater Chicago metropolitan area (aka Chicagoland) and the Milwaukee (WI) metropolitan area.

Most of Byline Bank’s product line can now be opened online and is available to the residents of Illinois and Wisconsin.

The “Important Information for Consumer Applicants” (attached to the online application) reads,

Byline deposit accounts can be opened online by consumers who reside in Illinois and Wisconsin and by existing customers with accounts other than the Premium 1-Year CD.

The Premium 1-Year CD is only available online to consumers and existing customers
with accounts, both primary and joint account owners, who reside in the state of Indiana.

Opening an 11-month Promo CD can be done online, or at the single Wisconsin branch in Brookfield, or at any of 42 full-service Illinois branches, 19 of which are located in the city of Chicago. FYI – Byline Bank has more branches in Chicago than “any other lender except market leader JPMorgan Chase and Bank of America."

Funding and Other Details

The following information was obtained from the Byline Bank website and a conversation with CSR.

  • Funding – ACH or Plaid.
  • Ownership – Individual or joint online; trust must be opened in-person.
  • Interest – Compounded daily/credited quarterly and “may be paid by check or transferred to another account at your option.”
  • Maturing Funds – Cashier’s check to address on file or internal transfer to a Byline Bank account.
  • Beneficiaries – Unlimited, percentages can be assigned; Social Security number or DOB required for all beneficiaries.
  • Grace Period – 10 calendar days before automatic renewal as a 1-year CD.
  • Credit Check – ChexSystems.

Bank Overview

Byline Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.15% (excellent) based on December 31, 2022 data. In the past year, Byline Bank has increased its total non-brokered deposits by $55.74 million, an above average annual growth rate of 1.09%. Please refer to our financial overview of Byline Bank (FDIC Certificate # 20624) for more details.

Founded in 1972 as the North Community State Bank, the Byline Bank brand name first appeared in 2015, which, according to Crain’s Chicago Business, was

merely a rebranding exercise—taking the area's second-largest privately held bank group, which used to do business under several different bank names (North Community, Archer, Metrobank, Plaza Bank) and giving them a single identity.

In a letter to Byline Bank customers, CEO Alberto Paracchini explained that “The new name means authorship. For us, it means putting our name behind everything we do.”

Byline Bank is currently the eighth largest bank headquartered in Illinois, with assets in excess of $7.3 billion and more than 130,000 customer accounts. According to a December 2022 press release,

Byline Bank is proud to announce it topped the charts for SBA lending in four categories at the close of the Small Business Administration’s (SBA) 2022 fiscal year. Byline Bank was named No. 1 SBA 7(a) lender in Illinois by dollar volume by the Illinois District Office of the SBA, a ranking Byline has held for 13 straight years. Byline Bank’s Illinois SBA-backed loans totaled $106.2 million in FY2022. Nationally, Byline Bank ranked fifth for SBA 7(a) loan dollar volume in FY2022, with loans totaling $422.6 million.

How the 11-Month Promo CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Byline Bank 11-Month Promo CD. The following table compares the 11-Month Promo CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 5/16/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Chicago CD rates, Milwaukee CD rates, 1-year CD rates

Byline Bank (IL/WI) Boosts Online Money Market Rate
Deal Summary: Online Money Market, 2.20% APY on balances up to $500k, $5k minimum opening deposit, new customers.

Availability: Online market area is Illinois and Wisconsin.

Chicago-based Byline Bank has increased the rate on its Online Money Market to 2.20% APY up to $500k. While there is no minimum balance requirement to earn the stated APY, the Online Money Market does require a $5k minimum opening deposit.

As stated in the fine print on Rates page,

There is also a $25 Early Account Closure Fee for accounts closed...

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Byline Bank (IL/WI) Offers Up To $300 In Checking/Savings Bonuses
Deal Summary: $150 Freedom Checking bonus; $150 Statement Savings bonus.

Availability: Online market area Illinois and Wisconsin.

Chicago-based Byline Bank continues to offer bonuses up to $300 when opening new Freedom Personal Checking (non-interest bearing) and Statement Savings (0.05% APY) accounts. As stated on the bonus landing page,

There is a limit of three bonus payments, one per qualifying statement cycle per account, for a maximum of $150 total bonus. (Qualifying statement cycles include the 2nd, 3rd and 4th statement cycles following the online account opening.) Each...

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Byline Bank (IL/WI) Unveils Online Advantage Money Market
Deal Summary: Advantage Money Market, 0.65% APY on balances up to $500k, $25k minimum opening deposit.

Availability: Online market area Illinois and Wisconsin.

Chicago-based Byline Bank recently introduced its Advantage Money Market, which is available only online.

Earning 0.65% APY on balances up to $500k, the Advantage Money Market requires a $25k minimum opening deposit. As stated in the fine print on Rates page,

While all balances less than $500k earn the stated APY, if the daily balance falls below $25k, a $25 monthly service will be...

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Byline Bank (IL/WI) Ups 17-Month Promo CD Rate
Deal Summary: 17-month Promo CD, 2.55% APY, minimum $5k deposit.

Availability: Market area includes greater Chicago metro area and the Milwaukee metro area.

Chicago-based Byline Bank has raised the rate on its 17-month Promo CD (2.55% APY). The minimum deposit is $5k, with no stated balance cap.

The Promo CD is also offered as an IRA (Traditional and Roth), earning the same APY with same funding requirements.

The 17-month Promo CD was added to the product line in February 2015, with an initial 1.00% APY. Last week’s...

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