Bankrate.com’s 2015 CD Early Withdrawal Penalty Survey collected data in Chicago and other cities for 5 of the most common CD maturities being sold today. This chart gives you an easy way to compare CD offerings by institution, metropolitan area and maturity using the survey data we collected in October of this year.

Compare Chicago CD rates

Chicago

Term Institution Minimum deposit Yield Penalty for early withdrawal Reduction in principal if accrued and unpaid interest is less than the penalty? Grace period on automatically renewable CDs Are early withdrawal penalties the same for retirement CDs?
3-month BankFinancial $1,000 0.25% Loss of 7 days’ interest if within 6 days of initial deposit; 100% loss of interest after 6 days Yes 7 days Yes
3-month Bank of America $1,000 0.03% 90 days’ interest on the amount withdrawn Yes 7 days Not offered
3-month BMO Harris Bank $1,000 0.05% 90 days’ interest Yes 10 days Yes
3-month Chase Bank $1,000 0.01% 1% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
3-month Citibank $500 0.05% 90 days’ interest on the amount withdrawn Yes 7 days Yes
3-month The Northern Trust Co. $25,000 0.03% 90 days’ interest on the amount withdrawn Yes 10 days Yes
6-month BankFinancial $1,000 0.3% 3 months’ interest Yes 7 days Yes
6-month Bank of America $1,000 0.03% 90 days’ interest on the amount withdrawn Yes 7 days Yes
6-month BMO Harris Bank $1,000 0.05% 90 days’ interest Yes 10 days Yes
6-month Chase Bank $1,000 0.01% 1% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
6-month Citibank $500 0.07% 90 days’ interest on amount withdrawn Yes 7 days Yes
6-month Community Savings Bank $2,500 0.2% Greater of all interest earned to date or 30 days’ interest Yes 7 days Not offered
6-month Liberty Bank for Savings $5,000 0.1% 6 months’ interest Yes 7 days Not offered
6-month Lisle Savings Bank $2,000 0.3% 91 days’ interest Yes 10 days Yes
6-month The Northern Trust Co. $25,000 0.03% 90 days’ interest on the amount withdrawn Yes 10 days Yes
1-year BankFinancial $1,000 0.5% 3 months’ interest Yes 7 days Yes
1-year Bank of America $1,000 0.05% 180 days’ interest on the amount withdrawn Yes 7 days Yes
1-year BMO Harris Bank $1,000 0.1% 180 days’ interest Yes 10 days Yes
1-year Chase Bank $1,000 0.01% 1% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
1-year Citibank $500 0.15% 180 days’ interest on amount withdrawn Yes 7 days Yes
1-year Community Savings Bank $10,000 0.3% All interest earned on amount withdrawn No 7 days Not offered
1-year Liberty Bank for Savings $5,000 0.3% 12 months’ interest Yes 7 days Yes
1-year Lisle Savings Bank $2,000 0.5% 91 days’ interest Yes 10 days Yes
1-year The Northern Trust Co. $25,000 0.05% 180 days’ interest on the amount withdrawn Yes 10 days Yes
2-year BankFinancial $1,000 0.85% 6 months’ interest Yes 7 days Yes
2-year Bank of America $1,000 0.1% 180 days’ interest on the amount withdrawn Yes 7 days Yes
2-year BMO Harris Bank $1,000 0.25% 180 days’ interest Yes 10 days Yes
2-year Chase Bank $1,000 0.05% 2% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
2-year Citibank $500 0.25% 180 days’ interest on the amount withdrawn Yes 7 days Yes
2-year Liberty Bank for Savings $5,000 0.45% 12 months’ interest Yes 7 days Not offered
2-year Lisle Savings Bank $2,000 0.7% 180 days’ interest Yes 10 days Not offered
2-year The Northern Trust Co. $25,000 0.2% 270 days’ interest on the amount withdrawn Yes 10 days Yes
5-year BankFinancial $1,000 1.75% 12 months’ interest Yes 7 days Yes
5-year Bank of America $1,000 0.15% 365 days’ interest on the amount withdrawn Yes 7 days Yes
5-year BMO Harris Bank $1,000 0.7% 180 days’ interest Yes 10 days Yes
5-year Chase Bank $1,000 0.25% 2% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
5-year Citibank $500 0.5% 180 days’ interest on the amount withdrawn Yes 7 days Yes
5-year Community Savings Bank $500 1.4% 180 days’ interest Yes 7 days Not offered
5-year First Savings Bank of Hegewisch $1,000 1.5% 365 days’ interest on the amount withdrawn Yes 7 days Not offered
5-year Liberty Bank for Savings $5,000 1% 12 months’ interest Yes 7 days Yes
5-year The Northern Trust Co. $25,000 0.5% 270 days’ interest on the amount withdrawn Yes 10 days Yes

Bankrate.com's CD Early Withdrawal Penalty Survey studied 100 banks and thrifts from the top 10 metropolitan markets Oct. 1-13, 2015. Included were the top 5 banks and the top 5 thrifts by deposit size in each market. The top 5 credit unions from across the country by assets also were surveyed. In some instances, the institution did not offer all maturity periods.

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