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5.00% 14-Month CD at Second Federal Savings In Chicago


Update 10/17/08: The 5% CD has ended. The current CD specials now include a 4% APY 4-month CD and a 4.20% APY 13-month CD. Please check with the bank for the current rates and specials.

Second Federal Savings is offering a special 14-month CD with a yield of 5.00% APY. The minimum deposit is $5,000.

It appears that a branch visit is required to open an account. Branches are located in Chicago and in Cicero, Illinois.

The bank has some decent financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. It has been FDIC insured since 1934 (FDIC Certificate # 27986).

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Anonymous   |     |   Comment #1
Stay away from this bank. They play bait and switch games and they will treat you like crap.

Second Federal ran an ad for a 14 month CD for 5%. I called this morning at 10am to see if the CD offer was still good. The lady on the phone said yes, so I left work early to open a 5% CD at Second Federal. It took me an hour to drive from Wrigleyville to their office in Little Village. When I got there the banker told me they discontinued the offer at 11am. I asked to speak to the manager Gonzalo (yes, that's really his name). I told him that I called in the morning and that a banker on the phone said the offer was still good, but Gonzalo refused to honor the offer. However, I could have a CD at a lower rate if I wanted. And no apology for my inconvenience.

After driving an hour each way to get to Second Federal, and being treated like crap by the manager, I am really ****ed. When I closed 2 different CDs that matured recently at 2 other banks, those bankers were falling over themselves to keep my business. They were even willing to increase the rate slightly.

Finally, when I got home I looked Second Federal up on the Better Business bureau site and they have an UNSATISFACTORY rating.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for sharing your experience. Sorry to read about the bad customer service. I'll be sure to note this in future posts on this bank.