Mutual Federal Bank in Chicago Illinois has a great 5 year cd rate.
While Sallie Mae CD Rates lead the pack of national best 5 year CD rates with a now 2.75% APY, Chicago’s local choice at Mutual Federal Bank offers a much better deal.
Right now Mutual Federal is offering a 60 month certificate of deposit with a 3.10% APY.
That is .30% higher then the national best cd rates have to offer. On top of that you only need a minimum deposit of $500 to get in.
Mutual Federal other CD rates are as follows:
- Term Min Dep. Rate APY
- 3 MONTH CERTIFICATE $1,000 0.60% 0.60%
- 6 MONTH CERTIFICATE $1,000 0.75% 0.75%
- 1 YEAR CERTIFICATE $500 1.24% 1.25%
- 2 YEAR CERTIFICATE $500 1.59% 1.60%
- 3 YEAR CERTIFICATE $500 1.99% 2.00%
- 4 YEAR CERTIFICATE $500 2.23% 2.25%
- 5 YEAR CERTIFICATE $500 3.05% 3.10%
Just like all certificates there is some fine print. The one you need to be aware of the most is there is an early withdraw penalty. The penalty is 180 days of interest but this is a common guideline for 5 year cd’s.
If you want to check out more information or read the fine print go here.