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You are viewing rates from banks across Chicago
Below are 5-year CD Rates from banks that are located in Chicago, { Illinois}. Five Year Certificates of Deposit (CD) are generally the longest term CD that most banks will offer. They tend to offer the highest rates but require the longest commitment. Five year CDs are especially popular in a declining interest rate environment as depositors can lock money in at the highest rate possible for the longest period of time. They are also popular with depositors who are willing to lock up money for five years in return for extra yield.
Chicago, IL - December 4, 2024
5 Year CD National Average : 0.91% ?
| Banks | APY | MIN | MILES ? | |
|---|---|---|---|---|
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4.13% |
$2,500 |
- |
Learn More
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Rate for Senior Citizens is 1.11% APY.
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3.80% |
$1,000 |
- |
Learn More
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Rate History: 3.95% → 3.85% → 3.80% |
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george | Feb 9, 2021 The wonderful assistants at Beal Bank are wonderful. Rebeca took great care of me and made sure all my concerns were addressed. Read More |
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3.50% |
$500 |
- |
Learn More
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Rate History: 3.50% → 4.00% → 3.75% → 3.50% |
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3.35% 0.35% |
$250,000 $1,000 |
- |
Learn More
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Rate History: 3.45% → 3.65% → 3.35% |
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NORTY FLATZ | Dec 3, 2019 Have done business with "Hope's" San Diego branch for a few years. Always courteous and helpful. Looking forward to doing business with them in the future. Read More |
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2.00% |
$5,000 |
- |
Learn More
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Rate History: 0.30% → 2.00% |
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2.00% |
$0 |
- |
Learn More
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Azoic | Feb 25, 2022 I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More |
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2.00% |
$10,000 |
- |
Learn More
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Rate History: 2.00% → 2.50% → 2.00% |
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Hayley7788d@outlook.com | Jan 2, 2023 Terrible customer service by investment side. Fees too high , too full of themselves Read More |
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1.75% |
$1,000 |
- |
Learn More
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Rate History: 2.00% → 1.75% |
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Mandy | May 8, 2021 Location: 5069 N. Broadway Chicago IL 60640 Read More |
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1.50% |
$5,000 |
- |
Learn More
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1.35% |
$500 |
- |
Learn More
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Rate History: 1.00% → 1.35% |
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Jabbroadway42 | Nov 17, 2020 Is notarie services available today at a woodforest on wilkinson blvd Read More |
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1.30% |
$10,000 |
12.94 |
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1.30% |
$10,000 |
16.33 |
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1.27% |
$10,000 |
10.68 |
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1.15% |
$1,000 |
- |
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1.10% |
$10,000 |
9.72 |
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1.01% |
$10,000 |
17.55 |
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1.00% |
$10,000 |
11.67 |
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1.00% |
$1,000 |
- |
Learn More
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Rate History: 1.50% → 1.00% |
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0.95% |
$10,000 |
7.52 |
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0.80% |
$10,000 |
13.43 |
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0.75% |
$100,000 |
9.84 |
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0.75% |
$10,000 |
23.93 |
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NotURBusiness | Jul 9, 2021 ABSOLUTELY RIDICULOUS how this place is still around in Wheeling. Taking any more than 3 days on a loan check is UNEXCUSEABLE. Having an 800 plus credit rating. A SENIOR. Wanting to move out ofa big hou... Read More |
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0.75% |
$2,500 |
1.85 |
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0.75% |
$100,000 |
6.17 |
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0.70% |
$10,000 |
21.08 |
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0.70% |
$10,000 |
17.72 |
Learn More
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0.65% |
$100,000 |
17.46 |
Learn More
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me | Oct 13, 2021 Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More |
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0.65% |
$1,000 |
9.84 |
Learn More
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0.65% |
$100,000 |
10.32 |
Learn More
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business owner | Feb 21, 2019 Please read this for all small business owners. Do NOT use wintrust for any small business loans. They drained me for over 2 months, and I constantly had to contact them to see what is up. We were told ... Read More |
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0.65% |
$10,000 |
6.17 |
Learn More
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0.65% |
$500 |
- |
Learn More
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0.61% |
$10,000 |
17.30 |
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0.60% |
$10,000 |
19.81 |
Learn More
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Ed | Jun 20, 2019 12 month rate not 2.5. Changed to 1.5%. Read More |
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0.60% |
$100,000 |
8.40 |
Learn More
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0.60% |
$10,000 |
17.46 |
Learn More
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me | Oct 13, 2021 Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More |
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0.60% |
$10,000 |
10.32 |
Learn More
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business owner | Feb 21, 2019 Please read this for all small business owners. Do NOT use wintrust for any small business loans. They drained me for over 2 months, and I constantly had to contact them to see what is up. We were told ... Read More |
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0.60% |
$10,000 |
5.24 |
Learn More
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Not a Fan | Jun 26, 2019 On a scale of 1 to 10 GN bank rates a negative 1. While they gladly accept your deposits, they are far from forhright with your withdrawals. Especially if you are withdrawing large sums of money or closing... Read More |
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0.55% |
$10,000 |
18.41 |
Learn More
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0.55% |
$100,000 |
21.16 |
Learn More
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Squittyrules83 | Sep 6, 2022 DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for... Read More |
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0.55% |
$10,000 |
8.40 |
Learn More
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0.50% |
$10,000 |
21.16 |
Learn More
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Squittyrules83 | Sep 6, 2022 DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for... Read More |
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0.50% |
$10,000 |
23.95 |
Learn More
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0.50% |
$1,000 |
- |
Learn More
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Allan | Mar 18, 2021 I called Huntington yesterday and the branch manager told me that the rate listed on Best Cash Cow doesn't exist......... Read More |
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0.50% |
$2,500 |
12.68 |
Learn More
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0.50% |
$10,000 |
12.68 |
Learn More
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0.48% |
$10,000 |
15.74 |
Learn More
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0.40% |
$10,000 |
21.03 |
Learn More
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RobertJ | May 10, 2022 Centrust Bank is excellent to do business with. Friendly and experienced bankers. Read More |
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0.40% |
$1,000 |
24.75 |
Learn More
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0.40% |
$50,000 |
- |
Learn More
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0.40% |
$10,000 |
19.40 |
Learn More
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0.40% |
$10,000 |
23.46 |
Learn More
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0.40% 0.25% |
$1,000 $500 |
- |
Learn More
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Ugg | Jun 12, 2023 US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More |
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0.30% |
$10,000 |
23.11 |
Learn More
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0.29% |
$1,000 |
0.52 |
Learn More
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0.25% |
$10,000 |
14.27 |
Learn More
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Doug | Aug 22, 2017 $100K min on new CD's. They will not bend. So had to take $170K to another bank, now @ 2.5%. Read More |
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0.01% |
$10,000 |
16.16 |
Learn More
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BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.
Five-year CDs are the big kahuna of the CD world. While banks may offer six-year, seven-year, or even 10-year CDs, the five-year is the longest of the most commonly offered terms. The 5-year CD is therefore often the highest offer at your local bank. Therefore, the temptation for those looking for yield is to open one, deposit money, and forget about it for five years. This could be a mistake. In rising rate environments a five-year CD may not be a good investment.
Like every other CD term, five year CDs from FDIC insured banks are protected up to FDIC limits (generally $250,000 per account holder per bank). If your deposit is over the FDIC limit then you may not receive the uninsured money in case of a bank failure.
The principle threat to a a five year CD is inflation. If the CD is opened in a low rate environment, and rates and inflation subsequently rise, then inflation will erode the value of the certificate of deposit over its five years. For example, if a depositor opened a five year CD in year 1 with a yield of 2.05% APY and inflation at 1.5%, then the real return is .55 percentage points. But if inflation rises the next year to 2.5% and stays there for the next four years, then the CD in real terms is losing money every year: 2.05% - 2.5% = -.45%.
While it is impossible for anyone to predict too far into the future, savers should be cognizant of the economic environment before locking up money for a five year time-period. Our rate analysis page provides some insight into where we think rates will go.
On the other hand, if rates are falling and will continue to do so for some time due to an economic recession then it makes sense to lock in a higher rate with a five year CD. Savers who opened five year CDs in 2008 immediately after the financial crisis were able to lock in rates in the 6% range, a great move considering two years later a five year CD paid below 3%.
Five-year CDs currently pay about 1.00% more in interest than a one year CD. In general, CDs of this duration are best opened as part of a laddered CD portfolio or if the depositor thinks that rates will either stagnate or drop over the next couple of years.
Opening a five year CD in a branch is relatively easy and similar to every other CD term. Most banks require the customer be a resident of the United States and most branch-based banks ask that the account be opened in the bank. Funding can be performed by transferring money that is already located at that bank or by check or ACH transfer from another bank. The CD can be opened that day and the rate locked.
With longer term CDs, savers should make sure they put a record of the CD in a safe place and that if they move, they forward their new address to the bank. In cases where the bank cannot find the CD holder, the bank may hand the funds over to a state authority as a lost deposit, and it will require onerous paperwork to reclaim the money.
All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, please visit the FDIC website.
To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.
Find out how much extra money you can earn by moving your bank money into an account that pays more.
Use or Change these Amounts And Rates