The Best Fixed Annuity and CD Rates in Illinois

Shawn Plummer

CEO, The Annuity Expert

In this guide, we’ll compare the best fixed annuity rates with the best CD rates in Illinois.

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.

TermInsurance CompanyInterest Rate
12 MonthsSaveBetter3.00%
14 MonthsSallie Mae (No-Penalty)3.05%
24 MonthsAmerico Fixed Annuity3.55%
36 MonthsCanvas Fixed Annuity5.25%
48 MonthsOxford Fixed Annuity4.30%
60 MonthsCanvas Annuity5.15%
72 MonthsOceanview Annuity4.80%
*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 article.

Compare Fixed Annuity Rates

Find the highest interest rates for your savings ranging from 2 to 10 years.

Best 2 Year CD Rates and Fixed Annuity Rates – Local

Rate TypeCompanyRate (APY)Minimum
2-Year CD RateChicago Municipal ECU0.55%$1,000.00
2-Year Fixed Annuity RateOceanview2.70%$20,000.00
APY = Annual Percentage Yield

Best 3 Year CD Rates and Fixed Annuity Rates – Local

Rate TypeCompanyRate (APY)Minimum
3-Year CD RateChicago Municipal ECU0.60%$1,000.00
3-Year Fixed Annuity RateCanvas Future Fund4.60%$2,500.00
APY = Annual Percentage Yield

Best 5 Year CD Rates and Fixed Annuity Rates – Local

Rate TypeCompanyRate (APY)Minimum
5-Year CD RateIllinois State Credit Union0.80%$1,000.00
5-Year Fixed Annuity RateCanvas Future Fund4.60%$2,500.00
APY = Annual Percentage Yield

Top Fixed Annuity Rates

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Allowed Annually
Canvas3 Years4.60%10% Allowed Annually
Canvas5 Years4.60%10% Allowed Annually
Canvas7 Years4.60%10% Allowed Annually

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Compare CD Rates From 423 Banks And Credit Unions

Find the highest interest rates for your savings ranging from 3 months to 5 years.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 3.50%
  • 3-YEAR TERM: 5.25%
  • 4-YEAR TERM: 4.10%
  • 5-YEAR TERM: 5.15%
  • 6-YEAR TERM: 4.60%
  • 7-YEAR TERM: 5.15%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 5.25%Up to 3.50%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured but have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations where they do business. Each state insurance guarantee association protects consumers in the unlikely event the insurance company fails and defaults on its obligations to its consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

Best CD Rates in Illinois

Best CD Rates Nationally

3 Month CD Rates

The following banks and credit unions have the highest CD rates for 3 months.

Best 3-Month CD RatesRateTermMinimum
Synchrony Bank1.50% APY3 Months$0.00
Popular Direct1.75% APY3 Months$10,000.00
TIAA Bank0.90% APY3 Months$1,000.00
TotalDirect Bank2.00% APY3 Months$25,000.00
Bethpage Federal Credit Union1.75% APY3 Months$50.00
Merrick Bank2.15% APY3 Months$25,000.00
Chevron Federal Credit Union2.15% APY3 Months$500.00
Spectrum Federal Credit Union2.15% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU3.00% APY6 Months$1.000.00
Quontic Bank1.70% APY6 Months$500.00
PenFed Credit Union1.50% APY6 Months$1,000.00
NASA Federal Credit Union3.55% APY9 Months$1,000.00
Synchrony Bank2.00% APY6 Months$0.01
Live Oak Bank2.50% APY6 Months$2,500.00
First Internet Bank of Indiana2.43% APY6 Months$1,000.00
Popular Direct2.35% APY6 Months$10,000.00
Merrick Bank3.10% APY9 Months$25,000.00

1 Year CD Rates

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

Best 12-Month CD RatesRateTermMinimum
CommunityWide FCU3.00% APY12 Months$1,000.00
Bread Savings3.00% APY12 Months$1,500.00
First National Bank of America2.90% APY12 Months$1,000.00
PenFed Credit Union2.75% APY12 Months$1,000.00
Marcus by Goldman Sachs3.00% APY12 Months$500.00
Popular Direct3.00% APY12 Months$10,000.00
Synchrony Bank2.75% APY12 Months$0.00
Alliant Credit Union2.90% APY12 Months$1,000.00
LendingClub Bank3.00% APY12 Months$2,500.00
Merrick Bank3.60% APY12 Months$25,000.00
Merchants Bank of Indiana3.56% APY12 Months$1,000.00
Connexus Credit Union3.51% APY12 Months$5,000.00

2 Year CD Rates

The following banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Bread Savings3.50% APY24 Months$1,500.00
Synchrony Bank3.00% APY24 Months$0.01.00
First National Bank of America3.05% APY24 Months$1,000.00
Pentagon Federal Credit Union3.10% APY24 Months$1,000.00
Marcus by Goldman Sachs3.10% APY24 Months$500.00
ConnectOne Bank3.60% APY23 Months$500.00
Merrick Bank3.70% APY24 Months$25,000.00
Quorum Federal Credit Union3.60% APY24 Months$1,000.00

3 Year CD Rates

The following banks and credit unions have the highest CD rates for 3 years.

Best 3-Year CD RatesRateTermMinimum
Quontic Bank3.00% APY36 Months$500.00
Bread Savings3.55% APY36 Months$1,500.00
Pentagon Federal Credit Union3.25% APY36 Months$1,000.00
Synchrony Bank3.10% APY36 Months$0.01%
First National Bank of America3.15% APY36 Months$1,000.00
Marcus by Goldman Sachs3.15% APY36 Months$500.00
Limelight Bank3.30% APY36 Months$1,000.00
Alliant Credit Union3.15% APY36 Months$1,000.00
Quorum Federal Credit Union4.00% APY30 Months$1,000.00
Merrick Bank3.75% APY36 Months$25,000.00
Connexus Credit Union3.61% APY36 Months$5,000.00

4 Year CD Rates

The following banks and credit unions have the highest CD rates for 4 years.

Best 4-Year CD RatesRateTermMinimum
Bread Savings3.60% APY48 Months$1,500.00
NASA Federal Credit Union3.85% APY49 Months$10,000.00
PenFed Credit Union3.00% APY48 Months$1,000.00
Synchrony Bank3.10% APY48 Months$0.01
First National Bank of America3.25% APY48 Months$1,000.00
Marcus by Goldman Sachs3.20% APY48 Months$500.00
Merrick Bank3.75% APY48 Months$1,000.00

5 Year CD Rates

The following banks and credit unions have the highest CD rates for 5 years.

Best 5-Year CD RatesRateTermMinimum
Bread Savings3.65% APY60 Months$1,500.00
Popular Direct3.40% APY60 Months$10,000.00
Synchrony Bank3.50% APY60 Months$0.00
PenFed Credit Union3.25% APY60 Months$1,000.00
Connexus Credit Union3.01% APY60 Months$5,000.00
First National Bank of America3.30% APY60 Months$1,000.00
Marcus by Goldman Sachs3.30% APY60 Months$500.00
Alliant Credit Union3.35% APY60 Months$1,000.00
MYSB Direct3.75% APY60 Months$500.00
Merrick Bank3.75% APY60 Months$25,000.00
KS State Bank3.70% APY60 Months$500.00

Best Fixed Annuity Rates in Illinois

For More Rates, check out our National CD and Annuity Rate Guide.

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Illinois Insurance Plans

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

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

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