5% 25-Month CD in a Chicagoland Bank

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The First National Bank of Naperville is offering a 5% APY 25-month CD. There's an initial deposit requirement of $10K, and to get the 5% rate, a Concerto Checking Account is required. Without the Concerto Checking Account, the rate is 4.80% APY.

The CD also has a "jump up" feature. If the rates go up during the term, you have a one-time option to increase the APY to the current 24-month CD. The standard 24-month certificate is only at 4.44% for a $25K minimum deposit. So it's likely that this 24-month standard CD won't exceed 5% during the 25 months.

The Concerto Checking Account has an interest rate of 3.25% APY for balances over $2.5K. There's a $15 monthly fee if the balance falls below $1.5K. Another important fee note is that all debits get charged $0.25 each. Depending on the CD balance, you might be better off with the 4.80% CD which doesn't require this checking account.

There are also other decent CD specials including a 7-month 4.40% APY CD and a 13-month 4.60% APY CD. The 13-month CD has a breakable feature which allows the withdrawal of up to 50% (maximum of $25K) of the original deposit without an interest penalty.

This 5% CD special has been going on for awhile. Back in October, the term was 29 months rather than 25.

First National Bank of Naperville is a branch of First National Bank of Brookfield. Both branches are located around Chicago, Illinois.

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