Top 5-Year CD Rate at The National Republic Bank of Chicago

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Update 3/20/13: The 5-year and 3-year CD rates have fallen.

The 2 percent CD has become an endangered species. It's even hard to find these for terms of 7 years. This is why I was pleasantly surprised to see the rate hike at The National Republic Bank of Chicago. It just increased its 5-year CD rate from 1.61% to 2.02% APY. Its 3-year CD rate also had a big jump. That went up from 1.11% to 1.51% APY. Minimum deposit is $1,000. These rates are listed in the bank's rates page as of 3/14/2013.

Thanks to DA member cumulus who mentioned this new rate in this forum thread.

Nationally Available

The bank has an online application, and on its first page it states "We welcome all residents of the United States to apply."

CD and Application Details

The early withdrawal penalty is 180 days of interest. This is described in the bank's Truth in Savings document. Below is an excerpt:

Limitations: You must deposit $1,000.00 to open this account. You may not make additional deposits into this account. You may not make withdrawals from your account until the maturity date.

Time Account Information: Your account will mature in 5 years. If you withdraw any of the principal before the maturity date, we may impose a penalty of 180 days interest of the principal withdrawn with possible invasion of principal. We will use the rate in effect on the date the account is opened. This account will automatically renew. You will have 10 days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.

The bank has several CD details in its CD FAQ page. According to the FAQs, you can fund the CD with an ACH transfer, by mailing a check or by a wire transfer. Instructions for each are provided in the FAQ. There were a few things not mentioned in the FAQs. To get the answers to these, I used the bank's online chat service last year. Here are some details I learned from the CSR via online chat:

  • Rates are usually changed weekly on Tuesdays
  • CD rate locks when you open the account as long as the bank receives the funds within 5 days
  • At CD maturity if you decide not to renew, you receive the funds based on how you funded the CD (i.e. if an ACH transfer was used, the funds will be sent to the originating bank)

Bank Overview

The bank has two branches in Chicago, but it's not a small bank with $1.08 billion in deposits as of September 2012.

The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 37.36% (below average) based on December 2012 data. This is a slight improvement from the Texas ratio that was based on September 2012 data (40.37%). Please refer to our financial overview of The National Republic Bank of Chicago for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 916).

How This 5-Year CD Rates Compare

This 2.02% APY is now the highest 5-year CD rate that's nationally available. You can get 2.02% APY at State Department FCU, but this is only for an IRA CD. You can also get 2.02% APY on a regular 5-year CD at Stanford FCU, but this requires a checking relationship and a $100K minimum deposit. The second best 5-year CD rate is 2.00% APY at Mountain America Credit Union. This is also available as an IRA CD. The second best 5-year CD rate at a bank continues to be 1.85% APY at Barclays. These rates are accurate as of 3/14/2013.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
Is anyone else having a problem with this bank's online banking? It says my account information is temporarily available, EVERY single time I log in.. does it even work?
Competitive 1-Year CD Rate at The National Republic Bank of Chicago

The National Republic Bank of Chicago has recently increased the rate of its 1-year CD to 1.00% APY. Minimum deposit is $1,000. This rate is listed on the bank's rates page as of 1/30/2013.

The CDs can be opened online, but these may appeal more to those in the Chicago area who prefer to bank locally. Last year I reviewed this bank's online application and the CD details.

The bank has two branches in Chicago, but it's not a small bank with $1.08 billion in deposits as of September 2012.

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Top 5-Year CD Rate at The National Republic Bank of Chicago - Nationally Available

When I last covered The National Republic Bank of Chicago you had to visit a branch to open an account. However, that has changed. The bank now has an online application, and on its first page it states "We welcome all residents of the United States to apply." It's always nice to see another bank accepting deposits nationwide, and it's especially nice now since the bank is offering some competitive CD rates. The best is the 5-year CD with a 1.81% APY. Minimum deposit is $1,000. This rate is listed...

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Competitive CD Rates Continue at The National Republic Bank of Chicago - Local Only

The National Republic Bank of Chicago continues to offer some competitive CD rates. The best ones continue to be mid-term CDs like the 3-year CD with a 2.12% APY and the 30-month CD with a 2.02% APY. The shorter terms are also fairly competitive: 1.26% APY for 1-year and 1.41% APY for 18 months. Minimum deposit is $1,000. These rates are listed at the bank's rates page as of 12/10/2010. Higher rates may be available for Jumbo CDs with a $99K minimum deposit. They don't list these rates so you'll...

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Competitive Mid-Term CD Rates at The National Republic Bank of Chicago - Local Only

The National Republic Bank of Chicago is offering a few competitive mid-term CD rates. The best ones include a 2.12% APY 30-month CD and a 2.22% APY 3-year CD. Minimum deposit is $1,000. These rates are listed at the bank's rates page as of 9/23/2010. Higher rates may be available for Jumbo CDs with a $99K minimum deposit. They don't list these rates so you'll have to call.

It appears that a branch visit is required to open an account. The bank has two offices in Chicago.

The bank's overall health score...



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