Interest Rates In Every State Series: Best Interest Rates in Illinois

illinois interest ratesAs a growing number of depositors become disillusioned with their banks, many are turning to the local banks and credit unions that are supposedly offering lower fees and higher interest rates on savings accounts. Unfortunately, because these institutions are so much smaller than their big bank counterparts, it can be difficult for those seeking them out to actually find them.

Go Banking Rates is helping the residents of local communities across the U.S. easily locate the banks and credit unions offering the best interest rates in their hometowns. The latest study of local rates focuses on the best interest rates in Illinois.

Average Illinois Interest Rates

The study included interest rates on certificates of deposit offering 6-month, 1-year, and 2-year terms from more than 220 financial institutions in the state of Illinois. According to the Go Banking Rates database of interest rates today, it was found that national averages are slightly higher than the average Illinois interest rates for these accounts.

Deposit Account National Averages

Account Type Average Rate
6-Month CD 0.31% APY
1-Year CD 0.47% APY
2-Year CD 0.71% APY
Savings Account 0.21% APY

Illinois Interest Rate Averages

Account Type Average Rate
6-Month CD 0.25% APY
1-Year CD 0.40% APY
2-Year CD 0.62% APY
Savings Account 0.19% APY

Best CD Rates in Illinois

When it comes to short-term CD interest rates in Illinois, The National Republic Bank of Chicago and the Bank of Farmington tie at the top of the list for offering the highest rate at .55% APY. Five banks follow closely behind with a 6-month CD rate of .50% APY: Gas And Electric Credit Union, International Bank of Chicago, Redbrand Credit Union, Streator Community Credit Union and The City National Bank of Metropolis. Rounding out the top 10 list are three institutions providing .45% APY.

best cd rates in illinois

When it comes to 1-year CD interest rates in Illinois, Northwest Community Credit Union ranks number one with a rate of 1.00% APY. Mutual Federal Bank follows closely behind, offering .90% APY, and The National Republic Bank of Chicago fills the third-highest spot with a rate of .80% APY.

best cd rates in illinois

A new name takes the number one spot on Illinois’ top 10 two-year CD rates — Redbrand Credit Union currently offers members 1.15% APY, while Mutual Federal Bank provides a 2-year CD rate of 1.10% APY. This is followed by third place with a rate of 1.01% APY, offered by The National Republic Bank of Chicago.

best cd rates in illinois

Top Illinois Interest Rates — Savings Account

Depositors interested in a more liquid, traditional savings account should turn to the First National Bank of Waterloo, where customers can earn .65% APY. Wrigley Associates Credit Union is offering the next-best savings account rate of .61% APY.

illinois interest rates

Locations of Top Illinois Banks

For those who are interested in pursuing a new banking relationship with any of the institutions mentioned, we have provided the cities where their main branches can be found:

Institution City
Bank of Farmington Farmington
Chicago Municipal Employees Credit Union Chicago
Loyola University Employees Credit Union Maywood
Gas And Electric Credit Union Rock Island
International Bank of Chicago Stone Park
Molex Employees Federal Credit Union Lisle
Streator Community Credit Union Streator
The National Republic Bank of Chicago Chicago
Mutual Federal Bank Chicago
Northwest Community Credit Union Niles
1st Community Bank Aledo
Corporate America Family Credit Union Elgin
The City National Bank of Metropolis Metropolis
Members First Credit Union Illinois Quincy
Redbrand Credit Union Pekin
Kinderhook State Bank Kinderhook
Route 1 Credit Union Paris
Fairview State Banking Company Fairview
Kone Employees Credit Union Moline
Midland Community Bank Kincaid
Funeral Service Credit Union Springfield
Modern Woodmen Bank Rock Island
Wrigley Associates Credit Union Yorkville
First National Bank of Waterloo Columbia

All of the interest rates used in this study are as of October 25, 2012, and are based on the institutions’ published online rates. It’s important to note that individual rates may have changed since this date and anyone considering opening an account should verify rates with any of the above financial institutions directly.

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