2.50% Savings Account at Community First Bank Chicago - Local Only

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Community First Bank Chicago continues to offer a very competitive rate on its Statement and Passbook Savings Account. The rate is 2.50% APY for a minimum balance of $300. This rate is listed at the bank's rate table as of 4/28/09. Some important features of the Statements Savings include:
  • $50 minimum opening deposit
  • $5 monthly fee for balances under $300
  • $300 minimum balance to earn interest
  • Limit of 3 transfers/withdrawals per month
  • $2 per withdrawal over 3
  • Interest compounded quarterly
My last post on this savings account was in September 2008 when the rate was 4%, so the bank has been keeping the rates very competitive.

It appears that they may require a branch visit to open an account. The bank is located at 7555 N. Western Avenue, Chicago, IL 60645. It's a fairly new bank that was established in 2005. It's a member FDIC (FDIC Certificate # 57948). It's ratings for safety and soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 12/31/08 financial data.

Other High Interest Savings Accounts

Another option for those in Chicago is Alliant Credit Union which has a long history of a very competitive savings account. The rate is currently 2.75% APY but it's scheduled to fall to 2.50% APY in May. In addition to those residing in one of several Chicagoland communities, people from any state can qualify via a PTA membership (see post).

For other high yield savings accounts, please refer to my weekly rate summary.
Comments
4.00% Savings Account at Community First Bank Chicago
Community First Bank Chicago is offering 4.00% APY on its savings accounts. The minimum opening deposit is $50. The minimum balance to earn interest and to avoid $5 monthly fee is $300. There's a limit of 3 withdrawals per month. Each withdrawal over three costs $2.

I don't see any guarantees about how long this 4% will last. I've reported on this bank a few times since 2007. My last report was in March 2008 when the bank was offering a 4% 9-month CD. So this bank does have a record...

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4.00% 9-Month CD at Community First Bank Chicago.
Community First Bank Chicago is offering a 4.00% APY 9-month CD. The minimum deposit is $5,000. This special CD doesn't seem to be listed at the bank's website. A reader left a comment on this CD. Also, he mentioned that it's scheduled to end on Wednesday April 2, 2008.

I wasn't able to call the bank before it closed for the day. So I wasn't able to verify this rate, but since it's ending soon, I wanted to post on it as soon as possible. Make sure to call to verify...

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5.50% 15-Month CD at an Illinois Bank (Community First Bank - Chicago)
Community First Bank Chicago has a grand opening CD special for its new branch. It's offering a 5.50% APY 15-month certificate of deposit. The minimum deposit is $5,000.

The new branch is located at 7555 N. Western Avenue, Chicago. It's a small bank so it probably requires a branch visit to open the CD. The bank is FDIC insured (FDIC Certificate # 57948).

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6.00% 14-Month CD at a Chicago Bank (Lincoln Park)
Lincoln Park Savings Bank is having a manager's special with a 6.00% APY 14-month certificate of deposit. The minimum is $1K.

The bank has 3 branches in Chicago. The website doesn't specify if these are available by mail. I've sent an email asking about this.

The bank has been FDIC insured since 1954. The bank is only rated 1 out of 5 stars (weak) by Bankrate.com.



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4.88% Money Market Account ($50K min)
Ravenswood Bank of Illinois has a money market account called the Investors Money Market which currently pays 4.88% APY. The rate equals the 13-week Treasury plus 0.25%. This APY requires a $50K balance. Balances below $50K will earn at the rate of the Individual Statement Savings Account. Balances under $2.5K result in a $25 monthly fee.

Credit for this find goes to Victor who posted this deal in the finding deals post. Thanks! This account is not advertised at the bank's website.

The Investors Money Market Account has some additional transaction limitations...



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