Chicago Deposit Rates Lag in Comparison to State and National Averages, According to New ChicagoBankingRates.com Study

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Local interest rate-aggregating website, http://www.ChicagoBankingRates.com, releases a new study examining the CD and savings account rates offered by Chicago banks and credit unions, finding average deposit rates in the city are lower than average rates throughout Illinois and the United States.

Chicago CD Rates

Chicago CD Rates

The need to compare and find high-yield options is more present than ever – every little bit of interest helps when opportunities for savers are few and far between.

Since the financial crisis and following recession, it's been harder for local depositors to find Chicago interest rates that can propel them toward savings goals. In order to help Chicago residents determine whether their city offers high-yield savings options in comparison to other regions of the U.S., locally-focused banking website ChicagoBankingRates performed a study examining today's CD and savings account rates from local institutions.

The ChicagoBankingRates study compiled interest rates offered by local banks and credit unions in Chicago, Illinois, and compared the average interest rates for savings accounts, 6-month CDs, 1-year CDs and 2-year CDs in Chicago against state and national averages. ChicagoBankingRates also identified ten banks and credit unions in the city with the highest savings account rates.

According to the data compiled by ChicagoBankingRates, using its database of rates from more than 4,000 U.S. banks and credit unions, average deposit account interest rates in Chicago rates fell below national averages in every category. Chicago deposit rates are also lower than or equal to average state rates for all products (except 1-year CDs).

Average Deposit Rates: Chicago – Illinois – National

6-Month CD: 0.22% APY; 0.22% APY; 0.29% APY
1-Year CD: 0.37% APY; 0.35% APY; 0.43% APY
2-Year CD: 0.55% APY; 0.63% APY; 0.64% APY
Savings: 0.19% APY; 0.25% APY; 0.20% APY

Top 10 Savings Account Rates in Chicago

Alliant Credit Union: 0.70% APY
Urban Partnership Bank: 0.65% APY
American Airlines Credit Union: 0.50% APY
First Financial Credit Union: 0.35% APY
Chicago Firefighter's Credit Union: 0.25% APY
Selfreliance Ukrainian American Federal Credit Union: 0.25% APY
Synergy Partners Credit Union: 0.25% APY
Edgebrook Bank: 0.20% APY
International Bank of Chicago: 0.20% APY
Planites Credit Union: 0.20% APY

See the full study: http://www.chicagobankingrates.com/savings-account/chicago-cd-rates-savings-account-rates-study/

Casey Bond, managing editor for ChicagoBankingRates, advises taking the time to perform rate comparisons before opening a savings or CD account, even in a time when savings rates are historically-low across the board, is imperative.

"Considering it's becoming nearly impossible to find competitive savings rates," Bond explains, "The need to compare and find high-yield options is more present than ever – every little bit of interest helps when opportunities for savers are few and far between."

For more information or to speak with a ChicagoBankingRates expert, please use the contact information below.

About GoBankingRates | ChicagoBankingRates

GoBankingRates.com is the national flagship site within a network of more than 1,500 banking domains, including local partner site AtlantaBankingRates.com, which generate more than 2 million visits each month. ChicagoBankingRates is a locally-focused website dedicated to connecting Chicago readers with up-to-date interest rate information, financial news and investing tools.

Contact:

Jaime Catmull, Director of Public Relations
GoBankingRates.com | ChicagoBankingRates.com
JaimeC(at)GoBankingRates(dot)com
310.297.9233 x261

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Jaime Catmull
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