The highest Illinois CD rate is not always the best choice for residents. As with any major decision, there are always other factors for you to consider before signing up. CDs make a great investment tool if you’re aware of everything you’re signing off on.
One major consideration you should make is whether or not you can sign up for the CD online or over the phone, or if you’ll have to do it in person. Chances are the highest CD in your area will be a regional bank serving local residents. Since they want only residents to get the best deals, they’ll usually require you to sign up in person. If you live far away, you might not want to make the trip down when the next highest CD rate you find is only a little lower. Regional banks may also require you to close the CD account in person.
Local banks in general can offer top CD rates because they have fewer expenses than national banks, and can afford to market their rates more aggressively. They’re a great place to open a CD provided they meet all of your requirements in a CD account.
