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.