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 addition of 155 bps was the first rate change for the 17-month Promo CD since it was introduced.
According to the fine print on the CD Rates page, the Early Withdrawal Penalty reads as follows:
You may not withdraw any principle from this Certificate before maturity 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maturity of the account is more than one year, the penalty will be forfeiture of 180 days interest on the amount withdrawn at the nominal (simple interest) rate in effect during the term.
Headquartered in Chicago, Byline Bank’s market area includes the Chicago metropolitan area, aka Chicagoland, and the Milwaukee (WI) metro area.
Opening a Promo CD can be done at the single Wisconsin branch in Brookfield, or at any of 66 full-service Illinois branches, the majority of which (37) are located in the city of Chicago. Byline Bank has more branches in Chicago than “any other lender except market leader JPMorgan Chase and Bank of America."
Byline Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.03% (excellent) based on March 31, 2018 data. Byline Bank has an excellent annual capitalization level (13.50%), the result of holding $3.46 billion in assets with $467.06 million in equity. Please refer to our financial overview of Byline Bank (FDIC Certificate # 20624) for more details.
Founded in 1972 as the North Community State Bank, Byline Bank is the 13th largest bank in Illinois. The Byline Bank moniker 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 was recently honored by the Small Business Administration as the 1028 SBA Export Lender of the Year for small lending institutions. Byline Bank was recognized for “providing international trade financing to small businesses with $16.1 million in export loans in fiscal year 2017."
How the CD Promo Compares
When compared to the 274 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Byline Bank’s 17-Month CD Promo APY currently ranks second.
The above rates are accurate as of 6/12/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.