The Best Fixed Annuity and CD Rates in Illinois (March 2024)

Shawn Plummer

CEO, The Annuity Expert

The Best Rates To Grow Your Money

TermInsurance CompanyAPY
N/AMoney Market Account – Generations Bank5.29%
N/AMoney Market Account – American First Credit Union5.30%
N/ASavings Account – Customers Bank5.30%
12 MonthsCD – Bread Savings5.35%
5 YearsAnnuity – Wichita National6.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this guide.

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The Best Fixed Annuity Rates In Illinois

A fixed annuity is an insurance contract that provides a guaranteed income stream for a specified period. The best-fixed annuity rates in Illinois will vary based on the current interest rate environment and the strength of the financial institution offering the product. To find the best-fixed annuity rates in Illinois, you should consider the following factors:

  • The financial strength of the insurance company: Choosing a financial institution with a strong reputation and a good credit rating is essential.
  • The guaranteed rate of return: You’ll want to choose a fixed annuity with a guaranteed rate of return that meets your investment goals.
  • Surrender charges: Some fixed annuities come with surrender charges, a fee you’ll pay if you withdraw your money early. Ensure you understand the product’s terms and conditions and if the surrender charges are reasonable.

Disclaimer: Products are subject to state availability. Please inquire below for details.

The Best CD Rates in Illinois

A certificate of deposit (CD) is a type of savings account that pays a guaranteed rate of return over a specified period of time. The best CD rates in Illinois will depend on various factors, including the current interest rate environment, the financial strength of the institution offering the product, and the terms and conditions of the product itself. To find the best CD rates in Illinois, you should consider the following factors:

  • The financial strength of the bank or credit union: Choosing a financial institution with a strong reputation and a good credit rating is essential.
  • The guaranteed rate of return: You’ll want to choose a CD with a guaranteed rate of return that meets your investment goals.
  • Terms and conditions: Make sure you understand the terms and conditions of the product, including any penalties for early withdrawal.

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
Ponce Bank5.35% APY3 Months$1.00
Total Direct Bank5.66% APY3 Months$25,000.00
Western Alliance Bank5.36% APY3 Months$1.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU5.50% APY6 Months$1,000.00
My eBanc5.51% APY6 Months$50,000.00
Newtek Bank5.55% APY6 Months$50,000.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
Hudson Valley Credit Union5.67% APY12 Months$750.00
Space Coast Credit Union5.61% APY12 Months$500.00
Lafayette Federal Credit Union5.61% APY12 Months$100,000.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Luana Savings Bank5.11% APY24 Months$100,000.00
Eastman Credit Union5.40% APY24 Months$1,000.00
Pelican State Bank5.27% APY24 Months$500.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Mountain Credit Union5.15% APY36 Months$2,500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union5.20% APY36 Months$100,000.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Bread Savings4.15% APY48 Months$1,500.00
NexBank4.45% APY48 Months$10,000.00
Fedchoice Federal Credit Union4.35% APY48 Months$500.00

5-Year CD Rates

Banks and credit unions have the highest CD rates for 60 months.

Best 5-Year CD RatesRateTermMinimum
Farmers Insurance4.25% APY60 Months$1,000.00
Lafayette Federal Credit Union4.63% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00
Best And Highest Cd, Annuity, Savings, Money Market Rates In Illinois (Il)

Next Steps

Choosing the ideal fixed annuity or CD is best made with research, information, and insight from a trusted financial advisor. When considering fixed annuities and CDs, don’t forget to review their long-term implications as part of your investment decision. Illinois’s best-fixed annuity and CD rates should be within reach, but it’s essential to do some research before making any investments. Thankfully, reliable resources are available online, allowing you to learn more about these investment tools and find the right one for your needs.

With the proper knowledge, you can rest assured knowing that you are investing in products that maximize your earning potential while keeping risk at a minimum level. If you want to invest in Illinois with a fixed annuity or CD product, contact us today for a quote!

The Best Fixed Annuity And Cd Rates In Illinois (Il)

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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