Special 2-Year CD at Republic Bank of Chicago - Local Only

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Republic Bank of Chicago is offering a special CD that it calls a 24-month Breakable CD. It has a 1.50% APY which is a very competitive rate for a 2-year term. The breakable feature allows the customer to break the CD anytime during the term. However, there’s a catch, and that is the customer won’t be allowed to just break the CD and withdraw the money from the bank. Instead the customer must move the money into another CD at the bank, and that CD must have a term of at least 12 months. Minimum deposit is $1,000, and new money is required. The special CD is listed on the bank’s home page as of 5/22/2014. I had to call the bank for the details. The CSR didn’t know how long it would last. Thanks to the DA reader who emailed me about this special.

A branch visit is required to open accounts. Branches are located in several parts of Chicago and the Chicago metro area.

This is the same bank that acquired the bank that failed last Friday.

The bank has an overall health grade at DepositAccounts.com of a B+ with a Texas ratio of 38.49% (average) based on December 2013 data. Please refer to our financial overview of Republic Bank of Chicago for more details. The bank has been a FDIC member since 1964 (FDIC Certificate # 19333).

How This CD Rate Compares

The highest rate for a nationally available 2-year CD is 1.41% APY at Melrose Credit Union. The highest rate at a bank is 1.26% APY at VirtualBank. CIT Bank has a good deal. Its 2-year Achiever CD has a 1.20% APY, and it allows a one-time additional deposit and a one-time rate-bump. These rates are accurate as of 5/22/2014.

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5 Comments.
QED
QED   |     |   Comment #1
In the words of Admiral Ackbar (from Star Wars):

"It's a trap!"
Reply
5
Anonymous
Anonymous   |     |   Comment #2
I opened this CD and the break feature didn't even factor in.  I look at it as a straight 2-year CD with a reasonable 6-month EWP.  Very sad that this qualifies as a competitive rate.  I hope I live long enough to see 5% CDs again. Thanks Bernanke/Yellen.
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7
Anonymous
Anonymous   |     |   Comment #3
Most importantly, don't forget to thank Greenspan
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8
Anonymous
Anonymous   |     |   Comment #4
You need to add "The Obama Administration" also.
Reply
4
Anonymous
Anonymous   |     |   Comment #5
Promotion has ended per CSR query 6/5/14.
Reply
1
2.50% 18-Month CD & 2.25% Money Market Account at AztecAmerica Bank in Chicago - Local Only
Comments
POSTED ON SUNDAY, OCTOBER 4, 2009 BY KEN TUMIN
AztecAmerica Bank is offering two competitive deposit specials. One is the Max-Elite Money Market Account which has a 2.25% APY on balances of at least $25,000. The rate is guaranteed for 90 days. A checking account is required with a minimum initial deposit of $5,000. The money market rate without the checking is 2.00% APY. There's a $35/month fee if the money market balance falls below $25,000. This special is listed on the bank's front page as of 10/04/09.

The other promotion is an 18-month CD with a 2.50% APY. Minimum...

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2.50% 16-Month CD at Republic Bank of Chicago - Local Only
Comments
POSTED ON SUNDAY, JUNE 7, 2009 BY KEN TUMIN
Republic Bank is offering two CD specials. The most competitive is a 2.50% APY 16-month CD. The other one is less competitive with a 2.65% APY for 36 months. These are also available in an IRA. These rates are listed at the bank's rate table as of 6/07/09.

These special CDs have a no-penalty early withdrawal feature, but it has a serious limitation. The bank will permit withdrawal of the entire amount of the deposit if the depositor wishes to reinvest no less than the original principal amount in another CD,...

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4.44% 13-Month CD at Republic Bank in Illinois
Comments
POSTED ON TUESDAY, OCTOBER 14, 2008 BY KEN TUMIN
Republic Bank has a CD special with a yield of 4.44% APY and terms of either 13 or 25 months. New money is required.

It appears a branch visit is necessary to open an account. Branches are located in Chicago, Darien, Naperville, Orland, Oak Brook, Palos Park and Hodgkins.

Republic Bank's financial ratings for soundness are a little weak: 3.5 stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1964 (FDIC Certificate # 19333).

Other Chicago...





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6% 11-Month CD at an Illinois Bank (Republic Bank of Chicago)
Comments
POSTED ON SUNDAY, JUNE 24, 2007 BY KEN TUMIN
Republic Bank is offering a special 6.00% APY 11-month certificate of deposit called the Friends and Neighbors CD. The minimum deposit is $1,000. The 6% APY requires a new checking account with direct deposit AND online ebanking with 3 bill pays. An APY of 5.50% is available with only one of the above requirements. The bank does offer a free checking account.

The bank has 11 branches in the Chicago metropolitan area. The bank has been FDIC insured since 1964 (FDIC Certificate 19333).

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