The highest 5yr CD rate listed on Bankrate.com is only 4.80% APY at Centennial Bank of Fountain Valley California. So you can't always depend on Bankrate.com for the highest rates. I found out about Mutual Bank from Fatwallet.
Mutual Bank also has some decent rates on the shorter term CDs (4.75% for 4 year, 4.55% for 3 year, 4.35% for 2 year, and 4.25% for 1 year). This bank has branches around the Chicago area.
Other Illinois Bank Deals?
This time a brick-and-mortar bank is ahead of the online banks in terms of rates. So it's a good practice to keep an eye on your local banks and credit unions for specials. I was thinking that Mutual Bank may be having some local competition so I did some searching at other Illinois banks for comparable deals. Seems like Mutual Bank is way ahead of many of its peers on CD rates. For example, LaSalle Bank highest 5yr CD rate is only 4.25% APY. However, LaSalle Bank does have one 7 month special CD yielding 4.00%.
After a lot of searching, I didn't find anyone else offering 5% or higher CDs. The best I was able to do was to find a couple of Illinois banks offering some modest signup bonuses.
Lakeside Bank of Chicago is offering a $10 Target GiftCard for opening any checking or savings account with a $100 minimum balance. If you open a money market or CD with a $10K minimum balance, you can get a $25 Target GiftCard.
Associated Bank is offering $25 for opening a new checking account with direct deposit. This bank has branches in Illinois, Wisconsin, and Minnesota.