Chicago, Illinois

Best CD Rates in Chicago

Top rate available to Chicago-area residents right now

Top CD Rate

4.30%

APY · 12-Month · via Raisin

Rates verified July 2026. FDIC/NCUA insured. Updated regularly.

Top CD Available

4.30%

Raisin · 12-Month

Best Local CD

4.25%

Consumers CU · 7-Month

National CD Avg

0.55%

FDIC National Average

⚠️

Chicago savers: most big banks are still paying close to nothing

The national average CD rate is just 0.55%. Right here in Chicagoland, local credit unions are paying up to 4.25% — nearly 8x the average. On a $50,000 deposit, that’s the difference between earning $275 a year and earning over $2,100. If your money is sitting in a big bank savings account, it’s losing ground to inflation every day.

Best CD Rates — Chicago Metro Area

Institution	APY	Term	Min. Deposit	Insurance	Notes
Raisin Online · Nationwide	4.30%	12 Mo	$1	FDIC	⭐ Top Rate
Consumers Credit Union Lake Forest, IL · Chicagoland	4.25%	7 Mo	$250	NCUA	🏆 Best Local
National Police FCU Chicago, IL · Public Safety Members	4.10%	6 Mo	$500	NCUA	Membership Required
Byline Bank Chicago, IL · New Funds Only	4.05%	8 Mo Promo	$5,000	FDIC	New Money Only
Consumers Credit Union Lake Forest, IL · Chicagoland	4.05%	13 Mo	$250	NCUA	Strong 13-Month
Marcus by Goldman Sachs Online · Nationwide	3.90%	12 Mo	$500	FDIC	Online Benchmark
Alliant Credit Union Chicago, IL · Open to All	3.90%	6 Mo	$1,000	NCUA	Chicago-Based CU

💡 Illinois Tax Tip for Chicago Savers

Illinois has a flat 4.95% state income tax on interest income. That said, 4.30% minus taxes still puts you way ahead of what most big banks pay. And if you’re retired with limited income, you may owe less than the full rate. A quick conversation with your accountant can clarify — but don’t let the tax tail wag the dog. Earning more before taxes still means more money in your pocket after taxes.

Best Money Market & Savings Rates — Chicago

Institution	APY	Account Type	Min. Balance	Insurance	Notes
Raisin Online · Via Partner Banks	4.30%	High-Yield Savings	$1	FDIC	⭐ Top Rate
Marcus by Goldman Sachs Online · Nationwide	3.90%	High-Yield Savings	$0	FDIC	No Minimum
Alliant Credit Union Chicago, IL · Open to All	3.10%	High-Yield Savings	$100	NCUA	Chicago-Based CU
Byline Bank Chicago, IL	2.50%	Money Market	$2,500	FDIC	Local Branch Access

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Disclaimer: Rates shown are for informational purposes only and are subject to change without notice. The Rate Desk compiles this information from publicly available sources including institution websites and rate aggregators. We are not a bank, credit union, or financial advisor. Always verify rates directly with the institution before opening an account. CD rates and terms may vary based on relationship status, branch location, or promotional availability. Byline Bank 8-month promotional CD requires $5,000 minimum new funds (new to Byline). National Police FCU membership is open to public safety employees and qualifying family members. Consumers Credit Union membership open to those who live, work, worship, or attend school in select Illinois counties — or join the Consumers Cooperative Association. FDIC/NCUA insurance limits apply. National average sourced from FDIC.gov. Rates effective as of dates noted on respective institution websites.