The Best CD Rates In Chicago July 2024 (2024)

Best CDs In Chicago 2024

We chose the following CDs based on the interest rates they offer, their minimum deposit amounts and availability in various ZIP codes in the city of Chicago, Illinois, and the surrounding areas. These financial institutions offer some of the best CD rates in Chicago, and each CD in our ranking can be opened entirely online.

The Best CD Rates In Chicago July 2024 (1)

Alliant Credit Union

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4.00% to 5.20%

Term Length

3 months to 5 years

Min. Deposit Requirement


Early Withdrawal Penalty

Minimum of 7 days of interest

Why We Chose It

While Alliant Credit Union requires a minimum of $1,000 to open a CD, this financial institution offers generous rates for a variety of CD terms. This credit union also offers jumbo CDs in amounts over $75,000 and IRA CDs that can work within a traditional IRA, a Roth IRA or a SEP IRA.


  • Competitive rates for various CD terms
  • NCUA insured in amounts up to $250,000
  • No maximum CD amounts
The Best CD Rates In Chicago July 2024 (2)

Marcus by Goldman Sachs

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3.90% to 5.10%

Term Length

6 months to 6 years

Min. Deposit Requirement


Early Withdrawal Penalty

Minimum of 90 days of interest

Why We Chose It

Marcus by Goldman Sachs offers CDs in terms that last from six months to six years, and consumers only need a minimum deposit of $500 to start saving. Interest rates for the bank’s CDs are highly competitive, especially for certain durations, and individuals can open and manage their accounts entirely online.


  • Competitive rates for some CDs
  • Lower opening deposit of $500 required
  • FDIC insured up to $250,000


  • Some terms have less competitive rates
  • No physical bank branches available
The Best CD Rates In Chicago July 2024 (3)

Sallie Mae

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4.00% to 5.15%

Term Length

6 months to 5 years

Min. Deposit Requirement


Early Withdrawal Penalty

Minimum of 90 days interest

Why We Chose It

Sallie Mae offers competitive CDs within Chicagoland and elsewhere in the country. These accounts are easy to open and can be funded online with ease, and the fixed interest rates it offers are guaranteed.


  • Highly competitive rates for some CD terms
  • Choose from multiple durations
  • FDIC insured up to $250,000


  • High minimum opening deposit of $2,500 required
  • Some CDs have less competitive rates
  • No physical branches to visit

Vault’s Viewpoint: Overview of the Best Chicago CDs

The best CD rates in Chicago are similar to what consumers can find throughout the rest of the United States. Banks and credit unions offer better rates for CDs with some durations and not others, and many financial institutions also offer “CD specials” with better rates overall. At the moment, the best Chicago and Illinois CD rates can run as high as 5.20% APY, yet not all banks offer CDs with rates that compete.

Another major factor to consider beyond interest is the minimum deposit requirement for various CDs, or how much you need to save before opening a CD with a financial institution. Minimum deposit requirements for the best Chicagoland banks range from $500 to $2,500, which is a major consideration for consumers who are just beginning to save in smaller amounts.

Fortunately, Chicago’s best CD rates come from financial institutions that are protected with FDIC insurance from the Federal Deposit Insurance Corporation or NCUA insurance from the National Credit Union Administration.

Financial InstitutionCD TermAPYMinimum Deposit
Alliant Credit Union3 months to 5 years4.00% to 5.20%$1,000
Marcus by Goldman Sachs6 months to 6 years3.90% to 5.10%$500
Sallie Mae6 months to 5 years4.00% to 5.15%$2,500

Short-Term CD Rates in Chicago

Short-term CD rates in Chicago and the state of Illinois tend to be lower than rates you’ll find for CDs that last at least 12 months. However, short-term CDs can still make financial sense for consumers, particularly if they only need to earn interest on their savings for a few months before they need to use it. Note that some banks and credit unions in Chicago offer CD terms as short as three months, whereas others have a six-month minimum.

Long-Term CD Rates in Chicago

Long-term CD rates in Chicago can apply for up to 60 months, or five years, and potentially even up to 72 months, or six years. However, financial institutions also tend to offer lower rates on CDs with the longest durations. If you are in the market for a long-term CD, make sure to compare financial institutions to see which ones can offer you the most interest over the CD term you want.

Jumbo CD Rates in Chicago

Some banks in Chicago also offer jumbo CDs, which are CDs that come in larger amounts. For example, Alliant Credit Union offers jumbo CDs for deposits of $75,000 or more. Rates for these CDs can be slightly higher than CDs with similar terms in smaller amounts. Make sure to compare jumbo CD rates across a broad range of financial institutions before you lock in a fixed rate for a large sum of cash.

How Much Can You Earn With The Best CD Rates In Chicago?

How much you can earn with a CD depends on how much money you stash away in this account and how long you plan to save it. Your CD’s interest rate will also play a role in the total amount of interest you earn over time.

The chart below shows how much interest someone could earn with a $25,000 CD from any of the financial institutions in this guide. Note that we chose 12-month traditional CDs to illustrate how much interest the average consumer would earn within a year.

Financial InstitutionCD TermAPYEstimated Earnings
Alliant Credit Union12 months5.15% APY$1,287.50
Marcus by Goldman Sachs12 months5.00% APY$1,250
Sallie Mae12 months5.15% APY$1,287.50

How to Open a CD In Chicago

Steps to open a CD in Chicago are mostly the same whether you open one in a brick-and-mortar bank or online. However, you may need to apply for membership first if you decide to open a CD at a credit union instead of a bank.

You can open a CD with the following steps:

  • Step 1: Decide on the financial institution and CD term. Compare the best CD rates and terms to decide which one is right for you, keeping in mind that some institutions offer more competitive rates on some CDs and not others. Ideally, you’ll go with a CD that offers the term you want with the highest APY you can find.
  • Step 2: Determine if you want a joint owner. You can open a CD as a sole owner or you can opt for a joint account. While not always ideal, opening a CD with another person (like a spouse or partner) makes sense if you’re saving together for a common goal.
  • Step 3: Share your personal information. Open a CD by sharing details like your full name, residential address, phone number, Social Security number (SSN), employment status, country of citizenship and more. The exact information you’re asked to share can vary by bank.
  • Step 4: Link a bank account. If you’re opening a CD online, you’ll need to link a bank account you’ll use to fund your new CD. If you’re opening a CD in person, you may be able to fund your CD with cash or a check.
  • Step 5: Earn interest on your savings. Once your new CD is open and funded, you will begin earning interest on your savings. Make sure to keep track of your CD’s maturity date so you know when you can renew your CD or cash it out. Also note that some CDs automatically renew if you don’t take action upon maturity. Typically, you’ll have a grace period of around 10 days to cash out your CD before it renews.

Alternatives to a Certificate of Deposit (CD) In Chicago

Opening a CD makes sense when you want to lock in a fixed interest rate for a set amount of time, yet these accounts can be problematic for consumers who may want to access their money early. That’s because CDs typically charge early withdrawal penalties when individuals cash them out before maturity, and these penalties directly reduce the amount of interest they earn in the end.

This is part of the reason many people opt for more flexibility in their savings accounts. Look at the following CD alternatives as you consider all your options.

High-Yield Savings Accounts

High-yield savings accounts offer competitive interest rates that are similar to rates you can find with CDs, and users can access their funds at any time without a penalty. These accounts also tend to have lower minimum deposit requirements, and many banks and credit unions let individuals open an account with a $0 starting balance. However, rates on high-yield savings accounts are not fixed, meaning they fluctuate over time based on market conditions.

Money Market Accounts (MMAs)

Money market accounts (MMAs) are another type of savings account offered by banks and credit unions, and these accounts can feature competitive rates. Money market accounts can also come with check writing privileges, although they’re also more likely to limit the number of transactions customers can make within a month. Note that many of the banks and credit unions that offer savings accounts and CDs also offer money market accounts.

Brokerage Account

While CDs, high-yield savings accounts and MMAs make sense for people who want guaranteed returns on their savings, consumers can also consider opening a brokerage account for long-term investing. These accounts can be opened in varying amounts based on the financial institution, and they can be used to invest in stocks, bonds and other assets. Some of the best brokerage accounts come from institutions like Fidelity, Sofi and Vanguard.

Just remember that you can lose money through a brokerage account, whereas you cannot lose money with savings accounts that offer guaranteed rates and federal insurance protection. Ultimately, this is why brokerage accounts are better for funds you won’t need within the next few years.

Frequently Asked Questions

Which Bank in Chicago Has the Best CD Rates?

The best CD rates in Chicago come from Alliant Credit Union, although the highest rates only apply to certain CD terms. Make sure to compare CD rates across a range of CD durations and financial institutions to get the best deal.

Where Can I Get 7% Interest On My CD in Chicago?

There aren’t any banks offering CD rates above 7% right now. Make sure to check back to see how the best Chicago CD rates change over time.

What is Bank of America Offering For CD Rates in Chicago?

Bank of America CD rates vary based on the amount you deposit and the CD term you select. Current rates can be as high as 5.00% APY for a seven-month CD, or 3.00% APY for a 25-month CD.

The Best CD Rates In Chicago July 2024 (2024)
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