West Suburban Bank is offering a special 5.50% APY 60-month CD. The special CD is called a Gradual Withdrawal CD because it allows you to withdraw up to 20% of your original investment every year. The bank is also offering a 5% 2.5-year Gradual Withdrawal CD with a withdraw option every 6 months. Both certificates require a checking account and $5K minimum deposit. Credit for finding this deal goes to Victor who posted the info in my finding bank deals post. Thanks!
The Bank has branches in several Illinois cities including Aurora, Lombard, St. Charles and Wheaton.
Features like this gradual withdrawal help to reduce the risk of locking into a 5-year certificate of deposit. First, it gives you some penalty-free access to the money before 5 years. Second, the withdraw option can be useful if interest rates continue to rise. So with this option, a 5.50% CD may be better than a 5.75% CD with no special withdrawal option.
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