Certificates of Deposit are ideal for those who don’t need immediate access to funds. With a higher rate of return, CDs are insured and help you save more — and faster — than with easy-access savings.
If you want higher returns, but don’t want to lock up your money in a long-term CD, you should consider CD laddering. With CD laddering, you separate your investment money into a few CDs that mature at different times – one year, two years, and three years, for example. When the short-term CD reaches maturity, you can take the cash if you need it – or reinvest it into another short- or long-term CD. This way, you’ll enjoy guaranteed returns along with some periodic liquidity.
CD rates in the Chicagoland area are competitive, and Liberty Bank can offer you some of the best CD rates in Illinois. That’s because we’re structured as a mutual bank, so we’re owned by the community. Without stockholders to please, we direct all of our profits back to customers in the form of lower mortgage rates, fewer bank fees, and higher savings yields – including higher CD yields.
|Term||Minimum to Open and Earn Interest||Compounding Frequency||Interest Payment Frequency||Available as an IRA|
|6 Month CD||$5,000||Daily||At Term||No|
|1 Year CD||$5,000||Daily||Quarterly||Yes|
|1 1/2 Year CD||$5,000||Daily||Quarterly||Yes|
|2 Year CD||$5,000||Daily||Quarterly||No|
|3 Year CD||$5,000||Daily||Quarterly||Yes|
|4 Year CD||$5,000||Daily||Quarterly||No|
|5 Year CD||$5,000||Daily||Quarterly||Yes|