CD Rates in Illinois Are Improving
CD Rates in Illinois have been painfully low for quite a while, especially ever since the economic downturn in 2008. However, there may be hope for better interest rates in the near future. Banks, credit unions and other financial institutions are slowing increasing their rates, especially on longer-term certificates of deposit.
Why CD Rates Are Getting Better
According to the Wall Street Journal, there are a couple of reasons why CD interest rates are finally beginning to tick upward again. Expectations of higher inflation have led to a wide yield curve on Treasurys, which means it’s easier for banks to offer higher rates on longer term CDs. Additionally, more individuals and businesses are looking to take on longer loans, thus the need for financial institutions to entice customers to keep their money on deposit longer.
Current Highest CD Rates in Illinois
Even though this is good news for CD rates, not all rates can be considered especially good offers as compared with the national average or even competitive for the local market. If you want to get the best CD rates in Illinois, here’s a list of the top offers right now:
Highest Illinois CD Rates: 6 Month CD
- Bank of Kampsville: 2.02%
- Members Choice Credit Union Illinois: 2%
- Cornerstone Credit Union: 2%
Best Illinois CD Rates: 12 Month CD
- Cornerstone Credit Union: 2.4%
- Acme Continental Credit Union: 2.35%
- Route 1 Credit Union: 2.27%
Best CD Rates in Illinois: 24 Month CD
- Olin Community Credit Union: 2.83%
- Southern Illinois Area Credit Union: 2.77%
- Members Choice Credit Union Illinois: 2.75%
