First Nations Bank recently raised the rate on its 24-month CD Special (2.55% APY). The minimum opening deposit is $10k of new money, with no stated balance cap.
The 24-month CD Special was added to the product line in May 2017, with an initial 1.50% APY. The addition of 105 bps in late April was the CD’s first rate change.
According to CSR, the Early Withdrawal Penalty is twelve months of interest.
Headquartered in Chicago, First Nations Bank’s market area is the Chicago metropolitan area, known as Chicagoland.
Opening any type of account, including the CD Special, with First Nations Bank requires an in-person to any of three full-service Illinois branches located in Chicago (2) and Wheaton.
First Nations Bank’s online platform is currently limited to account management and bill payment services.
First Nations Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 3.14% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $17.32 million, an excellent annual growth rate of 6.88%. Please refer to our financial overview of First Nations Bank (FDIC Certificate # 22282) for more details.
Established in 1976 as Butterfield National Bank, the Bank changed its name in less than a year to First National Bank of Wheaton (FNBW). In 1991, FNBW was acquired by the Illinois State Bancorp, Inc., which is also the holding company for The Bank of Bourbonnais. Two more name changes followed in 1999 (First Nations Bank of Wheaton) and 2004 (First Nations Bank). According to the President’s Message on the Bank’s “About Us” page,
First Nations Bank and Bank of Bourbonnais are sister banks maintaining separate charters. Accounts at the sister bank can readily be opened at any branch. Through our commitment to the community, our banks’ assets are upwards of $350 million today.
How the CD Special Compares
When compared to the 353 similar length-of-term CDs tracked by DepositAccounts.com requiring a minimum deposit of $10k or less, and available within the Bank’s market area, First Nations Bank’s 24-month CD Special APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.80% APY||24-Month CD||Greenwood Credit Union|
|2.70% APY||24-Month Investment CD||Bank5 Connect|
|2.55% APY||24-Month CD Special||First Nations Bank|
The above rates are accurate as of 5/3/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.