4.70% 38-Month CD & 4.18% 13-Month CD at Bank of Shorewood in Illinois


Bank of Shorewood is offering a certificate of deposit and IRA promotion with three competitive rates. These include a 4.70% APY 38-month CD, a 4.30% APY 25-month CD and a 4.18% APY 13-month CD. Minimum deposit is $1,000. This promotion is listed at the top of the bank's rates table as of 12/01/08.

Several details of the CDs are listed in the bank's CD page. Important details regarding the CDs with maturities of 1 year and longer include: interest compounded monthly, early withdrawal penalty of 180 days interest and grace period is 10 calendar days.

It appears a branch visit may be required to open an account. Branches are located in the Illinois cities of Shorewood, Plainfield and Elwood. These cities are about 20 miles southwest of Chicago.

The bank's financial ratings for soundness are mixed: 3.5 stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/08 data. Bank of Shorewood has been FDIC insured since 1978 (FDIC certificate # 22637)
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