The Best Fixed Annuity and CD Rates in Illinois (September 2023)

Shawn Plummer

CEO, The Annuity Expert

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.

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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 CompanyAPY
N/AMoney Market Account – Optimum Bank5.26%
N/AMoney Market Account – FVC Bank5.26%
N/ASavings Account – CloudBank 24/7 5.26%
12 MonthsBread Savings CD5.50%
48 MonthsClear Spring Fixed Annuity5.15%
5 YearsAthene Fixed Annuity5.30%
10 YearsEquitrust Fixed Annuity6.00%
*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 Bank5.30% APY3 Months$1.00
Oklahoma State Bank5.35% APY3 Months$1.00
Western Alliance Bank5.21% 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
Western Alliance Bank5.41% APY6 Months$1.00
Oklahoma State Bank5.40% APY6 Months$1.00
Generations Bank5.41% APY6 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 RatesRateTermMinimum
Western Alliance Bank5.51% APY12 Months$1.00
Bread Savings5.50% APY12 Months$1,500.00
Connexus Credit Union5.50% APY12 Months$1.00

2-Year CD Rates

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

Best 2-Year CD RatesRateTermMinimum
Connexus Credit Union4.95% APY24 Months$1.00
Idabel National Bank4.90% APY24 Months$1.00
Bread Savings5.00% APY24 Months$1,500.00

3-Year CD Rates

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

Best 3-Year CD RatesRateTermMinimum
Valley Bank5.60% APY36 Months$500.00
Bread Savings4.75% APY36 Months$1,500.00
The State Exchange Bank4.70% APY36 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 RatesRateTermMinimum
Bread Savings4.50% APY48 Months$1,500.00
The State Exchange Bank4.50% APY48 Months$1.00
Barclays4.45% APY48 Months$0.00

5-Year CD Rates

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

Best 5-Year CD RatesRateTermMinimum
Bread Savings4.50% APY60 Months$1,500.00
Barclays4.50% APY60 Months$0.00
The State Exchange Bank4.35% APY60 Months$1.00
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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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

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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