It can be a hassle to find the best CD rate in Illinois. There are lots of terms and hundreds of banks to choose from. Also, each CD account has its own pros and cons.
This article gives a quick overview of some of the best CD accounts in Illinois. But remember, it's not just about getting the highest rates.
You should also consider things like the CD terms, minimum deposit requirements, and low early withdrawal penalties.
Sallie Mae
APY Range
Minimum Deposit
Terms
Fees
Sallie Mae is a great choice for people living in Pennsylvania, as it offers exceptionally competitive interest rates and an extensive selection of term choices, making it in ideal option for cd laddering strategies.
To open a certificate of deposit (CD) account with Sallie Mae, you need to put in at least $2,500 at the start.
You can choose to transfer the interest you earn to another bank account. Sallie Mae is better than other banks when it comes to charging penalties for taking out your money early.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 3.95% | 90 days of interest |
9 Months | 4.00% | 90 days of interest |
12 Months | 4.00% | 90 days of interest |
18 Months | 3.80% | 180 days of interest |
24 Months | 3.75% | 180 days of interest |
30 Months | 3.70% | 180 days of interest |
36 Months | 3.40% | 180 days of interest |
60 Months | 3.80% | 180 days of interest |
Sallie Mae Bank is part of the SLM Corporation, which is well-known for providing federal student loans.
Sallie Mae focuses on offering online banking services and has different ways for you to save your money, like savings accounts, CD accounts, and a money market account.
Connexus Credit Union
APY Range
Minimum Deposit
Terms
Fees
Connexus credit union has 3 branches in Illinois, and its Share certificates do not provide a wide range of terms.
However, the interest rates they offer are highly competitive, particularly for the relatively short terms of 12 and 15 months.
In order to avail the higher interest rate, a minimum deposit of $100,000 is required. The minimum deposit for the shorter term, $5,000, is also not considerably low. Additionally, there is an option available for a bump-up CD.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 2.78% – 2.88% | 90 days of interest |
15 Months (special) | 5.00% – 5.10% | 180 days of interest |
24 Months | 2.91% – 3.01% | 180 days of interest |
36 Months | 2.71% – 2.81% | 180 days of interest |
48 Months | 2.47% – 2.57% | 180 days of interest |
60 Months | 2.52% – 2.62% | 365 days of interest |
Connexus serves members across all 50 states, offering banking products along with personal, home, and auto loans.
With assets amounting to 5.2 billion dollars and a membership base exceeding 444,500 individuals, it presents a convenient online account opening process.
To begin, simply follow a few straightforward steps on the relevant product page, and you will be ready to proceed.
Capital One
APY Range
Minimum Deposit
Terms
Fees
Capital One 360 has different CDs with various time periods, starting from 6 – 60 months.
If you live in Illinois, you can benefit from competitive interest rates for all terms, making Capital One a great choice for CD laddering strategies.
You can also choose how often you want to receive your CD interest—monthly, yearly, or at the end of the term.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 3.80% | 3 months interest |
9 Months | 3.80% | 3 months interest |
12 Months | 4.00% | 3 months interest |
18 Months | 3.70%
| 6 months interest |
24 Months | 3.50% | 6 months interest |
30 Months | 3.50% | 6 months interest |
36 Months | 3.50% | 6 months interest |
48 Months | 3.50% | 6 months interest |
60 Months | 3.50% | 6 months interest |
Compared to other banks, Capital One has a reasonable fee for withdrawing money from your CD early.
If you're looking for a well-known bank that offers more than just banking services, Capital One provides a good opportunity. The process of opening a CD account is quick and easy.
First Internet Bank
APY Range
Minimum Deposit
Terms
Fees
First Internet Bank provides residents of Illinois with a diverse selection of highly competitive interest rates for their Certificate of Deposit (CD) products, surpassing the rates offered by other banks and credit unions.
Moreover, the minimum deposit requirement is established at a reasonable and dependable level, ensuring convenient access to these services for customers.
Nevertheless, it is important to note that First Internet Bank imposes relatively high early withdrawal fees compared to other banks and credit unions.
Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.72% | 90 days interest
|
6 Months | 4.15% | 180 days interest |
12 Months | 4.20% | 180 days interest |
18 Months | 4.00% | 180 days interest |
24 Months | 3.93% | 360 days interest |
36 Months | 3.77% | 360 days interest |
48 Months | 3.60% | 360 days interest |
60 Months | 3.65% | 360 days interest |
Established in 1998, First Internet Bank of Indiana is an online banking institution that serves customers across all 50 states. The bank proudly claims to be the first FDIC-insured bank operating exclusively through the internet.
In addition to CD products, the bank offers a variety of other services, including checking accounts, savings accounts, money market accounts, and more.
Merrick Bank
APY Range
Minimum Deposit
Terms
Fees
Merrick Bank is an optimal choice for implementing a CD laddering strategy due to its provision of highly favorable interest rates and diverse CD terms.
Generally, the bank's rates surpass those offered by online banks and credit unions, and its short-term CDs are considered exceptional within the nation.
You can choose a CD term from 3 months – 5 years and get a good interest rate for the entire time.
However, there's one downside: you need to deposit at least $25,000 all at once, which might be too much for many people.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.25% | 90 days of interest
|
6 Months | 4.35% | 90 days of interest
|
9 Months | 4.35% | 90 days of interest
|
12 Months | 4.35% | 180 days of interest
|
18 Months | 4.25% | 180 days of interest
|
24 Months | 4.45% | 180 days of interest
|
36 Months | 4.35% | 180 days of interest
|
48 Months | 3.80% | 270 days of interest
|
60 Months | 3.80% | 270 days of interest
|
Merrick Bank is a subsidiary of Cardworks, a company based in New York. They've been around since 1997 and mainly focus on credit cards and loans.
Quontic Bank
APY Range
Minimum Deposit
Terms
Fees
Quontic Bank CD rates are very competitive, some of them among the highest available, which is a great benefit.
The terms are a bit limited but can be enough for most investors and the minimum deposit is low. The main drawback is the high early withdrawal penalties.
The process to open a CD account is quite straightforward and only takes a few minutes online.
You can fund your new account with a funds transfer from another bank via wire transfer, ACH transfer or mail. Alternatively, you can use the funds from an existing Quontic account.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 4.25% | All interest earned |
12 Months | 4.00% | 12 months of interest |
24 Months | 3.35% | 12 months of interest |
36 Months | 3.25% | 24 months of interest |
60 Months | 3.00% | 24 months of interest
|
Quontic Bank is an online bank with its headquarters in New York. The bank has been operating since 2009 and it operates in all 50 states for online customers.
This bank provides access to savings, checking, CD and money market accounts. There are also residential and commercial real estate products.
Citibank
APY Range
Minimum Deposit
Terms
Fees
Even though traditional banks generally offer low CD rates, we have decided to provide an option for Illinois residents who prefer regular banking.
Citibank, one of the major financial institutions in the United States, has many branches in Illinois and offers competitive CD rates for specific terms.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 0.05% | 90 days interest |
6 Months | 3.25% | 90 days interest |
9 Months | 3.00% | 90 days interest |
12 Months | 3.00% | 90 days interest |
12 Months – No Penalty | 0.05% | / |
18 Months | 3.85%
| 180 days interest |
24 Months | 0.50% – 1.01% | 180 days interest |
30 Months | 0.10% | 180 days interest |
36 Months | 2.00% | 180 days interest |
48 Months | 2.00% | 180 days interest |
60 Months | 2.00% | 180 days interest |
However, it's important for customers to be selective as not all CD terms have competitive interest rates.
It is recommended to check the special terms available and speak with a bank representative about the current opportunities.
Furthermore, Citibank, being a traditional bank, allows customers with large deposits to negotiate rates.
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
No Penalty CDs In Illinois
Honestly, it's not easy to find a way to avoid penalties when investing in Illinois. But don't worry, this problem isn't specific to Illinois alone.
Unfortunately, there are only a few banks and credit unions like Marcus, Synchrony Bank, and Citi that offer CDs without penalties. However, the interest rates for these CDs are usually lower than the regular ones.
If you want to avoid penalties in Illinois, you should consider looking into savings accounts.
They give you the freedom to withdraw your money whenever you want, and you can find them in almost any bank or credit union in Illinois.
In many cases, savings accounts even offer higher interest rates compared to CDs without penalties.
CD Calculator: How Much Your CD Can Earn?
* Make sure to adjust APY, terms and deposit
Can I Find Better CD Rates In Illinois
Yes, it's possible to find better rates for specific terms in Illinois. There are many banks and credit unions in the area that change their rates regularly.
It's important to compare them because they may have promotions for certain terms. The list we provided considers not only the best CD rates in Illinois but also factors like minimum deposit, early withdrawal fees, and ease of use.
These banks and credit unions cater to different types of customers in Illinois, including those saving for emergencies, down payments, or who prefer traditional banks, credit unions, or online banking.
We've included competitive rates and favorable CD conditions.
Compare CD Accounts Side By Side
Best CD Rates In Illinois: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in Illinois. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in Illinois and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
- Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
- Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
- Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.
We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in Illinois to meet their financial needs.
