As 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 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.
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.
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.
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:
|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.