First Nations Bank (IL) Ups 24-Month CD Special, 2.55% APY

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Deal Summary: 24-month CD Special, 2.55% APY, $10k minimum deposit, new money.

Availability: Chicago metropolitan area

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.55%$10k-First Nations Bank24 Month CD Special - New Money
Rates as of April 22, 2018.

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.

Availability

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.

Bank Overview

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 RateCD Length of TermCredit Union/Bank
2.80% APY24-Month CDGreenwood Credit Union
2.70% APY24-Month Investment CDBank5 Connect
2.55% APY24-Month CD SpecialFirst 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.

Related Pages: Chicago CD rates, 5-year CD rates

Comments
Savings Account with 3.50% Guaranteed to 3/31/09 at a Chicago Bank (First Nations)
First Nations Bank is having a pre-opening branch special with a 3.50% APY passbook savings account. The 3.50% yield is guaranteed to 3/31/2009. The minimum opening deposit is $500, and it must be opened by May 1, 2008 with funds not on deposit with First Nations Bank.

This special isn't listed at the bank's website. A reader sent me a scan of the newspaper ad. The scan of the ad is available here. One important detail in the ad is the statement "Limited Time Offer For Our Neighbors in the Gladstone...

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