If your bank account is feeling the effects of the low interest rates set by the Federal Reserve, you’re not alone.
GOBankingRates investigated all CDs, checking, savings and money market accounts nationwide, finding that deposit rates in Chicago and surrounding Cook County are lower than national averages across the board.
|Account Type||Chicago Average||National Average|
Faring the worst are local two-year and one-year CD rates (both about 13 basis points below the national mean). Chicago’s average checking account interest rate is closest to the national average, at less than 4 basis points below the mean.
Luckily, local institutions are still offering impressive rates, giving savers an opportunity to grow their funds. The highest deposit rate in Chicago belongs to Great Lakes Credit Union’s Ultimate Checking account, which earns 3.00% APY (more than 16 times the city average).
Banks and credit unions in the Windy City are currently offering interest rates higher than both local and national averages, particularly on checking accounts and two-year CDs.
9 Best Interest Rates in Chicago
|Rank||Financial Institution||Product – Minimum Balance||APY|
|1||Great Lakes Credit Union||Ultimate Checking – None||3.00%|
|2||Standard Bank & Trust Company||My Green Checking – $1||2.01%|
|3||Baxter Credit Union||Power Interest Checking – $1||2.00%|
|4||McHenry Bank & Trust||Max Checking with Relationship – $1||1.75%|
|4||Win-Hood Co-Op Credit Union||Passbook Savings – $10||1.75%|
|6||First American Bank||Everyday Rewards Checking – $1||1.50%|
|6||PrivateBank and Trust Company||Reward Checking – $1||1.50%|
|8||American Airlines Credit Union||2-Year CD – $1,000||1.21%|
|9||Alliant Credit Union||2-Year CD – $1,000||1.05%|
The GOBankingRates study considered savings, checking, CD and money market accounts available at banks and credit unions in Chicago and surrounding Cook County.
Criteria included promotions, specials and base rates, as well as six-month, one-year and two-year CDs with an assumed $10,000 deposit. Interest rates were pulled between April 1 and April 3, 2014.
GOBankingRates compiled rate information from the GOBankingRates interest rate database, in partnership with Informa Research Services Inc., aggregating bank account and interest rate information from more than 6,000 financial institutions.