From the serene landscapes of rural Illinois to the vibrant heart of Chicago, the Land of Lincoln presents a rich tapestry of opportunities to grow your savings. This guide will serve as your comprehensive guide, helping you shop and compare the best certificate of deposit rates, savings account rates, current money market rates, and fixed annuity rates available across IL. Whether you’re banking with a major institution, a local credit union, or a convenient online platform, our goal is to streamline your journey toward financial growth. We’re committed to demystifying Illinois’s complex financial landscape, equipping you with the knowledge to optimize interest rates and grow your savings. With this guide, navigating the ever-changing world of finance becomes less of a challenge and more of an exciting opportunity for prosperity.
Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.
| Term | Insurance Company | APY |
|---|---|---|
| N/A | Money Market Account – Optimum Bank | 5.26% |
| N/A | Money Market Account – FVC Bank | 5.26% |
| N/A | Savings Account – CloudBank 24/7 | 5.26% |
| 12 Months | Bread Savings CD | 5.50% |
| 48 Months | Clear Spring Fixed Annuity | 5.15% |
| 5 Years | Athene Fixed Annuity | 5.30% |
| 10 Years | Equitrust Fixed Annuity | 6.00% |
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.
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 Rates | Rate | Term | Minimum |
|---|---|---|---|
| Ponce Bank | 5.30% APY | 3 Months | $1.00 |
| Oklahoma State Bank | 5.35% APY | 3 Months | $1.00 |
| Western Alliance Bank | 5.21% APY | 3 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 Rates | Rate | Term | Minimum |
|---|---|---|---|
| Western Alliance Bank | 5.41% APY | 6 Months | $1.00 |
| Oklahoma State Bank | 5.40% APY | 6 Months | $1.00 |
| Generations Bank | 5.41% APY | 6 Months | $1.00 |
1-Year CD Rates
The following banks and credit unions have the highest CD rates for 12 months.
| Best 12-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Western Alliance Bank | 5.51% APY | 12 Months | $1.00 |
| Bread Savings | 5.50% APY | 12 Months | $1,500.00 |
| Connexus Credit Union | 5.50% APY | 12 Months | $1.00 |
2-Year CD Rates
Banks and credit unions have the highest CD rates for 24 months.
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Connexus Credit Union | 4.95% APY | 24 Months | $1.00 |
| Idabel National Bank | 4.90% APY | 24 Months | $1.00 |
| Bread Savings | 5.00% APY | 24 Months | $1,500.00 |
3-Year CD Rates
Banks and credit unions have the highest CD rates for 36 months.
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Valley Bank | 5.60% APY | 36 Months | $500.00 |
| Bread Savings | 4.75% APY | 36 Months | $1,500.00 |
| The State Exchange Bank | 4.70% APY | 36 Months | $1.00 |
4-Year CD Rates
The following banks and credit unions have the highest CD rates for 48 months.
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.50% APY | 48 Months | $1,500.00 |
| The State Exchange Bank | 4.50% APY | 48 Months | $1.00 |
| Barclays | 4.45% APY | 48 Months | $0.00 |
5-Year CD Rates
Banks and credit unions have the highest CD rates for 60 months.
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.50% APY | 60 Months | $1,500.00 |
| Barclays | 4.50% APY | 60 Months | $0.00 |
| The State Exchange Bank | 4.35% APY | 60 Months | $1.00 |
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!
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.