Gateway Community Bank (Gateway) has recently raised the rates on three of its longer term CDs: 36-month CD (2.02% APY), 48-month CD (2.17% APY), and 60-month CD (2.27% APY). The minimum opening deposit for any of these CDs is $1K, with no maximum balance cap.
The CDs are also available as IRAs (Traditional and Roth), earning the same APYs and with the same funding requirements.
Last week, Gateway had a promotion about these CDs on its home page:
Football season is here and there are cooler temperatures creeping into the forecast, but Gateway Community Bank has three hot new special CD offers that are sure to warm you up! For a limited time you can take advantage of these GREAT CD Rates!
That promotional blurb has been removed from the website, but according to CSR the CD Specials are still available. The very helpful CSR also stated that the Early Withdrawal Penalty is 1 year’s interest for all the 3 CD Specials.
Headquartered in Roscoe, Illinois, Gateway Community Bank’s market area straddles the Illinois/Wisconsin border, including the Illinois communities of Loves Park, Machesney Park, Rockton, Roscoe, South Beloit, and the Wisconsin communities of Beloit, Clinton, and Janesville.
Opening a CD, or any other account, with Gateway Community Bank requires an in-person visit to either the Roscoe, Illinois branch or the Beloit, Wisconsin branch.
At this time, Gateway Community Bank’s online banking platform is dedicated to account management and bill payment services.
Gateway Community Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 23.10% (average), based on June 30, 2015 data. In the past year, Gateway Community Bank increased its total deposits by $2.92 Million, an excellent annual growth rate of 3.68%. Please refer to our financial overview of Gateway Community Bank for more details.
Gateway Community Bank (FDIC Certificate # 57275) is a young bank, having just celebrated its 13th anniversary last month. The Bank’s formation was the result of local business people’s desire to have a community bank to serve the community. A temporary location in Roscoe, Illinois, served as the Bank’s first home and within less than five months, Gateway Community Bank had a permanent location in Roscoe’s Main Street Square. Today, Gateway has assets of $94+ Million and continues to grow.
How the CDs Compare
When compared to the 483 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Illinois and/or Wisconsin residents, Gateway Community Bank's 36-month CD currently ranks first.
When compared to the 396 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Illinois and/or Wisconsin residents, Gateway Community Bank's 48-month CD currently ranks first.
When compared to the 413 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Illinois and/or Wisconsin residents, Gateway Community Bank's 60-month CD currently ranks third.
The above rates are accurate as of 11/9/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.