Highest Chicago 24-Month CD Rates: September 2011
It seems like rates for deposit accounts are just getting worse and worse, which makes finding a decent Chicago CD rate feel near impossible. Fortunately, there are still financial institutions in the area that are offering excellent CD rates if you know where to find them.
This is especially true for 24-month CDs in Chicago, which tend to offer the best rates.
About 24-Month CDs
CDs come in several terms, which refers to the amount of time your money remains on deposit. 24-month CDs are at the long-term end of the spectrum. There are many of reasons why you may go with a longer term of 2 years.
The major reason, however, is that a 24-month CD generally allows you to obtain a higher interest rate. This is because financial institutions want to encourage account holders to keep their money on deposit longer.
That means a 24-month CD is a great choice if you are interested in earning a better rate than a savings account can provide and–most importantly–you can afford to keep your money on deposit for a full 2 years.
Top 24-Month CD Rates in Chicago
If you’re interested in obtaining a 24-month CD account at a local financial institution that also earns a great rate, check out the banks and credit unions below:
- Chicago Municipal Employees Credit Union: 1.56%
- Midwest Carpenters & Millwrights Credit Union: 1.51%
- International Bank of Chicago: 1.5%
- Mutual Bank: 1.31%
- MB Financial Bank, National Association: 1.3%
The above rates are accurate as of 9/7/11, but may change at any time in the future. Please contact individual financial institutions directly to verify rates and learn about an additional requirements.
