Go Banking Rates Study: Illinois Bank Account Interest Rates Fall Below National Average

PRLog (Press Release) - Dec. 4, 2012 - As a growing number of depositors become disillusioned with their banks, many are turning to the local banks and credit unions that are supposedly offering lower fees and higher interest rates on savings accounts. Unfortunately, because these institutions are so much smaller than their big bank counterparts, it can be difficult for those seeking them out to actually find them.

Go Banking Rates is helping the residents of local communities across the U.S. easily locate the banks and credit unions offering the best interest rates in their hometowns. The latest study of local rates focuses on the best interest rates in Illinois.

Average Illinois Interest Rates

The study included interest rates on certificates of deposit offering 6-month, 1-year, and 2-year terms from more than 220 financial institutions in the state of Illinois. According to the Go Banking Rates database of interest rates today, it was found that national averages are slightly higher than the average Illinois interest rates for these accounts.

Deposit Account National Averages

·         6-Month CD: 0.31% APY
·         1-Year CD:  0.47% APY
·         2-Year CD:  0.71% APY
·         Savings Account: 0.21% APY

Illinois Interest Rate Averages

·         6-Month CD: 0.25% APY
·         1-Year CD:  0.40% APY
·         2-Year CD:  0.62% APY
·         Savings Account: 0.19% APY

Best CD Rates in Illinois  

When it comes to short-term CD interest rates in Illinois, The National Republic Bank of Chicago and the Bank of Farmington tie at the top of the list for offering the highest rate at .55% APY. Five banks follow closely behind with a 6-month CD rate of .50% APY: Gas And Electric Credit Union, International Bank of Chicago, Redbrand Credit Union, Streator Community Credit Union and The City National Bank of Metropolis. Rounding out the top 10 list are three institutions providing .45% APY.

As for 1-year CD interest rates in Illinois, Northwest Community Credit Union ranks number one with a rate of 1.00% APY. Mutual Federal Bank follows closely behind, offering .90% APY, and The National Republic Bank of Chicago fills the third-highest spot with a rate of .80% APY.

A new name takes the number one spot on Illinois’ top 10 two-year CD rates — Redbrand Credit Union currently offers members 1.15% APY, while Mutual Federal Bank provides a 2-year CD rate of 1.10% APY. This is followed by third place with a rate of 1.01% APY, offered by The National Republic Bank of Chicago.

Top Illinois Interest Rates — Savings Account

Depositors interested in a more liquid, traditional savings account should turn to the First National Bank of Waterloo, where customers can earn .65% APY. Wrigley Associates Credit Union is offering the next-best savings account rate of .61% APY.

All of the interest rates used in this study are as of October 25, 2012, and are based on the institutions’ published online rates. It’s important to note that individual rates may have changed since this date and anyone considering opening an account should verify rates with any of the above financial institutions directly.

Click here to see the full study. (http://www.gobankingrates.com/cd-rates/best-interest-rate...)

About Go Banking Rates

Go Banking Rates (GoBankingRates.com (https://plus.google.com/115798705266089809588/)) a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information. Go Banking Rates also regularly publishes expert advice from personal finance professionals.

GoBankingRates.com belongs to a network of more than 1500 finance websites, including GoInsuranceRates.com and GoFreeCredit.com. These sites receive more than 2 million visits each month.

For questions or comments, please contact:

Jaime Catmull, Director of Public Relations
www.GoBankingRates.com
JaimeC@GoBankingRates.com
310.297.9233 x261

Photo:
http://www.prlog.org/12035506/1