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2.50% 12-Month CD & 3.00% 24-Month CD Continue at International Bank of Chicago


Update 7/10/09: The CD rates have fallen by 25 basis points. Please refer to the bank's website for the latest rates.

International Bank of Chicago continues to list four competitive CD rates: a 2.25% APY 6-month CD, a 2.50% APY 12-month CD, a 2.75% APY 18-month CD and a 3.00% APY 24-month CD. Minimum deposit is $10,000. These rates are listed at the bank's rate table as of 7/02/09.

I posted on these rates in this May post. As I mentioned in that post, this bank tends to change their CD rates very infrequently. So as rates at other banks drop, these rates get more and more competitive. These current CD rates have been availabe since 4/07/09, so they may not last much longer.

The bank has an deposit application form with instructions for opening an account by mail. The application allows for the account to be opened with multiple beneficiaries, and it appears to allow for both formal and informal revocable trusts. There's also an initial deposit form in which you must specify that the deposit will be done by either personal check or by wire transfer. A wire transfer is a better option since they state below the rate table that "the rate you receive is determined by the date we receive your deposit." I haven't been able to get an answer from the bank about if they accept out-of-state deposits.

Branches are located in Chicago and its suburbs of Stone Park and Bellwood.

The bank has solid ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 3/31/09 data) and 4 stars (sound) at Bankrate.com (based on 12/31/08 data). The bank has been a FDIC member since 1992 (FDIC Certificate # 33708).

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Related Pages: International Bank of Chicago, New York, Chicago, CD rates

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Anonymous   |     |   Comment #1
Down to 12 months at 2.25% and 24 months at 2.75% as of 7/7/09
Anonymous   |     |   Comment #2
International Bank of Chicago is keeping their 2.75% 24 month rate into August. We opened an acct. today. Branch visit is required