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5-Year CD Rates in Greater Chicago Region Lower Than National Average

NEW YORK – RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST), reported today that national averages for CD rates of all durations this week remained unchanged as the Federal Reserve continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008.

"Savers remain in limbo because the Federal Reserve has repeated that it won’t lift the federal funds rate anytime soon, but a growing number of economists are arguing that the central bank will have to increase interest rates sooner than many market participants anticipate," reported Joe Deaux, TheStreet’s Economics Analyst. "For now, savers can expect few changes in average national CD rates, but they also shouldn’t be shocked if that shifts by the end of 2014."

NATIONAL AVERAGE RESULTS - $10K

Avg Rate This week Avg Rate Last week
Money Market 0.15% 0.15%
1 month CD 0.11% 0.11%
3 month CD 0.15% 0.15%
6 month CD 0.23% 0.23%
1 year CD 0.36% 0.36%
2 year CD 0.55% 0.55%
3 year CD 0.75% 0.75%
4 year CD 0.93% 0.93%
5 year CD 1.15% 1.15%

In the Greater Chicago Region area, the average 5-year CD rate sat at 1.01%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.13% on the low end to 2.1% at the high end, which can be found at Charles Schwab. The average 3-year CD rate in Greater Chicago Region was 0.61% with a range of 0.05% to 1.46% found at First Bank of Highland Park. And if you are on the market for a 1-year CD, take a look at National Republic Bank of Chicago, which currently offers a rate of 0.85% as compared to the Greater Chicago Region average of 0.27%. Other top rate issuers can be found in the tables that follow.

GREATER CHICAGO REGION AVERAGE RESULTS - $10K

Avg Rate This
week
Highest Available
Rate
Highest Available Rate Issuer
Money Market 0.11% 0.7% National Republic Bank of Chicago
1 month CD 0.07% 0.15% Armed Forces Bank, National Association
3 month CD 0.09% 0.36% Beal Bank USA
6 month CD 0.15% 0.7% National Republic Bank of Chicago
1 year CD 0.27% 0.85% National Republic Bank of Chicago
2 year CD 0.43% 1.0% BBCN Bank
3 year CD 0.61% 1.46% First Bank of Highland Park
4 year CD 0.79% 1.7% Charles Schwab
5 year CD 1.01% 2.1% Charles Schwab

TOP RATE ISSUERS - $10K

This is a list of issuers with top interest rates in the Greater Chicago Region area. The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx. Information is believed to be accurate, but not guaranteed.

Money Market Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 2500 0.7
Republic Bank of Chicago
773-581-4500
www.republicebank.com
C 10000 0.25
United Central Bank
630-357-1100
www.ucbtx.com
D- 5000 0.2
West Suburban Bank
630-495-3600
www.westsuburbanbank.com
C- 10000 0.2
BankFinancial, FSB
708-957-9000
www.bankfinancial.com
D+ 10001 0.2
1 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Armed Forces Bank, National Association
847-473-4416
www.afbank.com
C+ 500 0.15
Talmer Bank & Trust
262-697-9110
www.talmerbank.com
B 1000 0.11
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 2500 0.1
BBCN Bank
773-588-7700
www.bbcnbank.com
C+ 1000 0.1
Cathay Bank
312-225-5991
www.cathaybank.com
B 2500 0.05
3 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Beal Bank USA
847-512-4800
www.bealbank.com
C+ 1000 0.36
BBCN Bank
773-588-7700
www.bbcnbank.com
C+ 1000 0.3
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 1000 0.25
Charles Schwab
312-201-0995
www.schwabbank.com
1000 0.25
Armed Forces Bank, National Association
847-473-4416
www.afbank.com
C+ 500 0.2
6 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 1000 0.7
BBCN Bank
773-588-7700
www.bbcnbank.com
C+ 1000 0.6
Beal Bank USA
847-512-4800
www.bealbank.com
C+ 1000 0.41
Charles Schwab
312-201-0995
www.schwabbank.com
1000 0.35
Cathay Bank
312-225-5991
www.cathaybank.com
B 2500 0.35
1 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 1000 0.85
BBCN Bank
773-588-7700
www.bbcnbank.com
C+ 1000 0.8
Beal Bank USA
847-512-4800
www.bealbank.com
C+ 1000 0.6
Armed Forces Bank, National Association
847-473-4416
www.afbank.com
C+ 500 0.6
Cathay Bank
312-225-5991
www.cathaybank.com
B 2500 0.5
2 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 1000 1.0
BBCN Bank
773-588-7700
www.bbcnbank.com
C+ 1000 1.0
Armed Forces Bank, National Association
847-473-4416
www.afbank.com
C+ 500 0.9
Charles Schwab
312-201-0995
www.schwabbank.com
1000 0.85
Bank Leumi USA
312-781-1800
www.leumiusa.com
C 10000 0.8
3 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
First Bank of Highland Park
847-432-7800
www.firstbankhp.com
B- 2500 1.46
Charles Schwab
312-201-0995
www.schwabbank.com
1000 1.25
National Republic Bank of Chicago
312-738-4900
www.nrbchicago.com
E+ 1000 1.11
BBCN Bank
773-588-7700
www.bbcnbank.com
C+ 1000 1.1
Lakeside Bank
312-435-5100
www.lakesidebank.com
C- 2500 1.05
4 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
312-201-0995
www.schwabbank.com
1000 1.7
1st Source Bank
219-462-3167
www.1stsource.com
A- 500 1.5
Lakeside Bank
312-435-5100
www.lakesidebank.com
C- 2500 1.3
Armed Forces Bank, National Association
847-473-4416
www.afbank.com
C+ 500 1.1
Castle Bank, National Association
815-758-2411
www.castlebank.com
C+ 500 1.1
5 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
312-201-0995
www.schwabbank.com
1000 2.1
First Bank of Highland Park
847-432-7800
www.firstbankhp.com
B- 2500 1.71
Castle Bank, National Association
815-758-2411
www.castlebank.com
C+ 500 1.51
Lakeside Bank
312-435-5100
www.lakesidebank.com
C- 2500 1.5
Associated Bank, National Association
630-892-1140
www.associatedbank.com
B- 10000 1.5

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch's unbiased national interest rate survey of over 96,000 financial institution locations across the United States.

More About CDs:

CDs, or certificate of deposits, are bank-issued promissory notes wherein an investor deposits money for a set amount of time and, provided the money remains untouched, receives interest on the total sum when the investment matures.

While the money can't be accessed during that time (without incurring penalties), the advantage of a CD over a regular savings deposit is the higher rate of interest. Typically, a CD can be taken out on as few as three-month terms but can range to up to five years; generally, the longer the timeframe the higher rate of interest.

CD Laddering:

To provide further financial security, a CD laddering strategy offers conservative investors the opportunity to stagger their capital across numerous deposits set to expire at different intervals. Not only does this hedge against variable rate fluctuations by offering a guaranteed return at a locked-in interest rate, it also increases liquidity given that one CD will mature at predictable and established intervals.

Using an example of a five-year ladder strategy, an investor would divide his or her money amongst one-, two-, three-, four-, and five-year CDs. Once the one-year deposit matures, he or she will reinvest the money into a five-year CD, and will do so every subsequent year upon each CD's maturation. In this way, the investor has a CD that matures each year and thus, steady income from the interest on the maturing investments.

Nevertheless, investors must keep in mind that the onus of developing a ladder strategy is on the investor, not the bank or financial institution. In developing a strategy, map out each rung of the ladder, determining how long you want to invest for, the kind of return you are targeting and the length of time you can tolerate not having access to the principal and interest.

About RateWatch

For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 96,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.

National average is calculated using one unique rate per institution. Averages are based on banks, savings & loans, brokers and Internet banks with assets greater than $1 billion.

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