Best CD Rates in Illinois for February 2024

Consider a Certificate of Deposit to earn more interest than a typical savings account.

These timed deposits pay higher rates on some terms, allowing you to reach your financial goals. Finding the best CD rates in Illinois can help you reach your financial goals.

Best CD Rates in Illinois

We’ve located the best CD rates in Illinois to help you get started. Our list includes the top banks with the highest APYs and all the necessary details, including withdrawal penalties and special features the CDs offer.

  1. Valley Direct: 5.60% APY
  2. Bread Savings: 5.50% APY
  3. Ponce Bank: 5.50% APY
  4. Sallie Mae: 5.40% APY
  5. Blue Federal Credit Union: 5.25% APY
  6. Quontic Bank: 5.05% APY
  7. Discover® Bank: 5.00% APY
  8. CIT Bank: 5.00% APY
  9. First Tech: 4.91% APY

1. Valley Direct valley national bank Logo

  • Minimum Deposit: $500
  • APY: 4.60% to 5.60%
  • Terms: 12 to 36 months

Valley Direct offers some of the highest APYs on CDs. This includes the option to invest in a 36-month variable CD guaranteed to remain 0.1% higher than the Federal Funds Target Rate Upper Limit.

If you have long-term goals but worry about rates increasing due to inflation, this could be a good option.

If you want a fixed rate, Valley Direct offers a 12 and 24-month fixed-rate CD. Be careful; only invest in the CD you can leave untouched for the term, as they charge early withdrawal penalties. You need only $500 to start with Valley Direct.


  • Various high-term options
  • Fixed and variable rate CDs available
  • Low barrier to entry


  • No short-term options
  • Early withdrawal penalties


2. Bread Savings bread savings Logo

  • Minimum Deposit: $1,500
  • APY: 4.75% – 5.60%
  • Terms: 1 to 5 years

Bread Savings CDs offer the best CD rates in Illinois, with at least a $1,500 minimum deposit. Interest compounds daily and is paid monthly, and there are no monthly or hidden fees. There’s a maximum deposit per person of $1 million.

Opening an online account at Bread Savings takes only minutes, and your money is FDIC-insured. They offer excellent customer support and a large selection of personalized savings options.


  • FDIC insured
  • High APYs
  • Great customer service


  • High minimum deposit requirements
  • Early withdrawal penalties


3. Ponce Bank ponce Logo

  • Minimum Deposit: $1
  • APY: 5.30%
  • Terms: 1 month

Ponce Bank is a minority-owned bank specializing in underserved and underbanked communities but offering the best CD rates in Illinois when you open an online account. Your deposits are FDIC-insured, so you don’t have to worry about losing your investment if the bank closes.

Ponce Bank offers traditional CDs with an early withdrawal penalty and a no-penalty CD with a short 4-month term, but still a highly attractive APY at 5.3%, which is unusual for no-penalty CDs.

Raisin and Ponce Bank use strong security measures to protect your information and money, and it takes only minutes to open an account.


  • Interest compounds daily
  • Large selection of terms
  • No-penalty option


  • Early withdrawal penalties
  • No 12-month CD


4. Sallie Mae sallie mae Logo

  • Minimum Deposit: $1
  • APY: 4.70% to 5.40%
  • Terms: 10 to 14 months

Sallie Mae is a good option if you’re looking for the best CD rates in Illinois with low minimum deposit requirements.

You can still earn high APYs but deposit as little as $1; of course, the more you deposit, the more interest you’ll earn. Like most banks on our list, they offer great short and mid-term maturity dates to make it easy to reach your goals.

Sallie Mae has a unique no-penalty CD option. This means you can withdraw your funds before maturity and not pay a penalty. The tradeoff is a lower APY, but it can be worth it if you aren’t sure if you can tie up the funds.


  • No-penalty early withdrawal option
  • Only $1 to start
  • Interest compounds daily


  • A small selection of terms
  • No long-term option


5. Blue Federal Credit Union blue federal credit union Logo

  • Minimum Deposit: $1
  • APY: 5.00% to 5.25%
  • Terms: 9 to 15 months

Don’t let the fact that this is a credit union. Illinois residents can become Blue Federal Credit Union members by donating to the Blue Foundation. Once a member, you can take advantage of the high APYs on CDs they offer.

Like Sallie Mae, Blue Federal Credit Union offers traditional and no-penalty CDs. Of course, the no-penalty CDs have a slightly lower APY because of the ability to withdraw funds early.

If you withdraw funds early on the traditional CD, which they offer for 9 to 15 months, you’ll pay a penalty, so choose your CD wisely.


  • All CDs have high APYs
  • Opportunities for no-penalty CDs, if needed
  • Benefits of being a credit union member


  • Limited term options
  • A donation is necessary to become a member and invest


6. Quontic quontic Logo

  • Minimum Deposit: $500
  • APY: 4.30% to 5.05%
  • Terms: 6 months to 5 years

Quontic is a digital bank, but don’t worry; they offer plenty of options for human support to help you make the most of your investments. They offer trending CD rates, and all accounts are FDIC-insured, so you don’t have to worry about losing your funds should the bank close.

Applying for and opening a CD account takes less than three minutes, and you only need $500 to get the best CD rates in Illinois.

Interest compounds daily and is credited monthly, which is the best way to make your balance grow faster. Upon maturity, you have ten days to decide if you want to renew the CD or withdraw the funds without paying a penalty.


  • Large selection of CD terms
  • Interest compounds daily
  • Great customer support


  • No physical branches
  • There is no option for early withdrawal without a penalty


7. Discover® Bank discover Logo

  • Minimum Deposit: $2,500
  • APY: 2.00% to 5.00%
  • Terms: 3 months to 10 years

Discover® Bank is more than a credit card company; they offer high CD rates for Illinois residents to help you reach your financial goals.

You choose the term starting at three months and as long as ten years; however, they pay the highest rates at 12 and 18 months. If those terms fit within your goals, you can earn rates as high as 5%.

The early withdrawal penalties are steep at Discover® Bank, so choose the term you can leave untouched.

However, something many banks don’t offer is you can open an account but not fund it immediately. This allows you to lock in the rates, should they change, and gather your funds to start earning interest.


  • Short and long-term options
  • FDIC-insured
  • Clear about withdrawal penalties


  • Large deposit required
  • Best rates are only on 12 and 18-month terms


8. CIT Bank cit bank Logo

  • Minimum Deposit: $1,000 for standard CD; $100,000 for jumbo
  • APY: .2
  • Terms: 6 months to 5 years

CIT Bank has a large selection of CDs and pays some of the best CD rates in Illinois. They offer options including no-penalty and RampUp CDs.

This means you can withdraw funds early without penalty or add to your deposit. Like most banks, they have terms with the highest rates; for CIT Bank, those terms are 6, 13, and 18-month CDs.

You can manage your account completely online, and opening an account takes only a few minutes. Watch the rates, though, because some terms, such as the 12-month term, have a low APY, but they pay high rates on 6, 13, and 18-month CDs.


  • Offers many options, including a no-penalty CD
  • Options to ramp up your investment, if desired
  • FDIC-insured


  • Some terms have low APYs
  • High minimum deposit requirement


9. First Tech first tech federal credit union Logo

  • Minimum Deposit: $500
  • APY: 25% to 4.91%
  • Terms: 6 months to 5 years

First Tech is a credit union, so you must be a member, but if you are, you get access to great CDs, including bump-up options that allow you to bump up your rate if rates increase.

If you choose this option, know your initial rate may be lower, but you can increase the rate if rates increase during your term.

First Tech also offers traditional CDs with fixed interest rates and early withdrawal penalties if you cash in early. You need only $500 to invest and interest compounds daily to help you reach your financial goals faster.


  • Many attractive options, including Bump Up CDs
  • Large selection of terms
  • Protected by FDIC insurance


  • You must belong to the credit union
  • Early withdrawal penalties


Summary of the Best CD Rates in Illinois

Company APY Minimum Deposit Requirement Compounding Frequency
Valley Direct 4.6% to 5.6% $500 Daily
Bread Savings 4.5% to 5.5% $1,500 Daily
Ponce Bank 1.21% to 5.5% $1 Daily
Sallie Mae 4.7% to 5.4% $1 Daily
Blue Federal Credit Union 5% to 5.25% $1 Daily
Quontic 4.3% to 5.05% $500 Daily
Discover® Bank 2% to 5% $2,500 Daily
CIT Bank 0.3% to 5% $1,000 Daily
First Tech 2.25% to 4.91% $500 Daily

Types of CDs Available in Illinois

When looking for the best CD rates in Illinois, you must understand the types of CDs you can choose. Each has different requirements and benefits. Here are the most common options.

Short-Term CDs in Illinois

As the name suggests, short-term CDs are for short-term goals, usually those for less than one year. Some banks offer CDs with terms as short as a few days, but the longer the term you choose, the more interest you’ll earn.

Many people prefer shorter terms because they have to worry about early withdrawal penalties less. Most banks automatically renew CDs, so you can still get the high APY for another term if you don’t need the funds when the term expires.

Long-Term CDs in Illinois

Long-term CDs usually have terms ranging from two to five years. This means you must tie up your funds for a longer period. Watch the CD rates in Illinois offered on these terms; some are high, but some banks lower the APY for longer terms.

Like any CD, you should consider how long you can keep the funds untouched. You could pay hefty early withdrawal penalties if you withdraw funds early, especially with banks like Discover.

The key is choosing the term that meets your goals and knowing you can leave the funds without withdrawing them early.

Liquid CDs in Illinois

Liquid or no-penalty CDs allow you to access funds before maturity without a penalty. These CDs often have lower APYs to make up for the option to withdraw early, and they have a window when you can withdraw.

For example, you might need to wait until you’ve owned the CD for 30 days before you can withdraw the funds.

If you need the option to withdraw funds early, read the fine print. Ensure you’re getting a term you can handle and that your funds will be available soon enough should you withdraw them early.

Step Up/Bump Up CDs in Illinois

Tying up your funds for a long time can be scary. What if rates increase? Fortunately, some banks offer step-up or bump-up CDs. These CDs allow you to increase the rate if market rates increase. Read the fine print, though. Most only allow a one-time increase.

This works well for long-term CDs in Illinois. You get the reassurance that you can access higher rates without worrying about early withdrawal penalties. Each bank operates its step-up CDs differently, so be sure to find out how it works at each bank.

Add-on CDs in Illinois

Most CDs allow a deposit once when you open the account. If you have more money to deposit, you must open another account. Add-on CDs usually have terms when you can add funds, so determine the bank’s rules before choosing this option.

If you can’t find a suitable add-on CD, you can open another one with a different rate and term. Compare your options so you get the best CD rates in Illinois.

Our Methodology

The BankBonus team has reviewed dozens of brick-and-mortar banks, online banks, credit unions, and fintech companies offering CD accounts in Illinois.

To provide you with accurate recommendations for the best CD rates in Illinois, we used the metrics below to assess each account:

  • APY: First and foremost, we evaluate CD offers based on how competitive their APY is
  • Compounding schedule: Another major factor we consider is the account’s compounding schedule, prioritizing banks that compound interest daily rather than monthly or quarterly
  • CD terms: We also consider the variety of CD term lengths each financial institution offers
  • Account minimum: Additionally, we look at each CD’s minimum opening deposit requirements and any ongoing account minimums
  • User experience: We carefully consider the ease of applying and managing CD accounts on each bank’s website and factor in reviews of the mobile app from the App Store and Google Play Store
  • Customer service: In our review process, we also explore each institution’s customer service channels, hours of availability, and third-party reviews

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