If you’re looking for the best CD rates in Illinois for July 2023, you’ve come to the right place. With the economy continuing to recover from the pandemic, now is a great time to invest in a Certificate of Deposit (CD). CDs are a safe and secure way to save money and earn a higher rate of return than a traditional savings account.
The best CD rates in Illinois for July 2023 are offered by a variety of banks and credit unions. The highest rate currently available is 2.50% APY for a 5-year CD from First Midwest Bank. This rate is significantly higher than the national average of 1.50% APY for a 5-year CD.
Other banks and credit unions offering competitive CD rates in Illinois include BMO Harris Bank, which offers a 2.25% APY for a 5-year CD, and Alliant Credit Union, which offers a 2.20% APY for a 5-year CD.
When choosing a CD, it’s important to consider the terms and conditions of the account. Some banks and credit unions may offer higher rates, but they may also require a higher minimum deposit or have more restrictive withdrawal policies. It’s important to read the fine print and make sure you understand the terms and conditions before investing.
It’s also important to consider the stability of the bank or credit union. Make sure the institution is FDIC-insured or NCUA-insured, so your money is protected in the event of a bank failure.
Finally, it’s important to compare rates and terms from multiple banks and credit unions to make sure you’re getting the best deal. With so many options available, it’s important to shop around and find the best CD rate for your needs.
If you’re looking for the best CD rates in Illinois for July 2023, you’re in luck. With competitive rates and terms available from a variety of banks and credit unions, you’re sure to find the perfect CD for your needs.
