Best Interest Rates in Illinois: Historical Comparison

illinois credit unionDepositors on the hunt for the best interest rates on savings and CD accounts have likely found that rates in their area have been slowly trending downward. In order to to find out exactly how rates in Illinois have fared over time and assist local depositors in determining whether their state offers better savings opportunities than the rest of the county, Go Banking Rates is performing a state-by-state comparison of interest rates in 2013 versus 2011.

This installment examines rates belonging to Illinois credit unions and banks. Below you will find a historical comparison of average interest rates offered by banks in Illinois for 6-month, 1-year and 2-year CDs, and well as savings accounts. Additionally, we compared how Illinois interest rates ranked against the rest of the U.S. states and Washington DC in 2011 versus today.

Average Illinois Interest Rates

Below are the average interest rates in Illinois two years ago compared with average interest rates today:

February 2011

  • 6-Month CD: .50% APY
  • 1-Year CD: .76% APY
  • 2-Year CD: 1.12% APY
  • Savings Account: .33% APY

January 2013

  • 6-Month CD: .23% APY
  • 1-Year CD: .37% APY
  • 2-Year CD: .58% APY
  • Savings Account: .19% APY

Steadiest Rate: Savings account (.14% difference)

Biggest Drop: 2-year CD (.54%)

cd rates illinois

Historical Illinois Bank Credit Union and Bank Rankings

Illinois Rank
Account Type 2011 2013
6-Month CD  39th  44th
1-Year CD  39th  43rd
2-Year CD  39th  42nd
Savings Account  24th  34th

About This Illinois Interest Rates Study

Interest rates used in this historical rates comparison are pulled from the Go Banking Rates database containing interest rates offered by more than 4,000 banks and credit unions. Present rates as of January 31, 2013 were compared against Go Banking Rates archived rate data as of February 28, 2011.

Rates are based on individual institutions’ published online rates, assuming a $10,000 deposit. Note that current rates may have changed since the publish date. It’s recommended that anyone interested in opening an account based on the information above first verify rates.

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