CD Rates in Illinois for June 2026
Updated June 9, 2026
Written by
Edited by
Illinois residents have plenty of options for opening a high-earning certificate of deposit (CD). Choose an option that balances a term length you can handle with high earnings.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here’s an explanation for how we make money. Learn more about who we are and our promise to guide you through life’s financial journey.
How Bankrate works
How Bankrate works
Compare rates
See savings and CD rates from different banks and credit unions in one place, so you can quickly compare your options.
Choose an account
Check the rate, terms and requirements, then pick the account that helps your savings grow faster.
Continue to the bank
Click through to the bank or credit union to open your account and start earning interest.
How to compare the best CD rates in Illinois
-
Term
This is how long your money is held at the bank or credit union. CD terms often range from three months to five years. Sometimes institutions offer promotional CDs with unusual term lengths but higher rates — they're worth a look.
-
Yield
The annual percentage yield (APY) is the amount of interest a CD earns in one year, and includes compound interest. When you're comparing identical CD terms, the yield is the top factor for decision-making.
-
Minimum deposit
Minimums between $500 and $1,000 are common at institutions Bankrate tracks, but some don't have a minimum at all. Make sure the minimum fits what you can afford to invest.
-
Penalties and fees
You'll typically get charged an early withdrawal penalty if you withdraw money from a CD early, so they're a poor fit for emergency funds. The penalty is often several months of interest, but it varies depending on the institution and the CD's term.
No-penalty CDs exist but typically have worse rates than traditional CDs.
Online banks and credit unions often offer better rates than national and regional bank chains. Online banks have lower overhead, while credit unions are nonprofit and pass earnings to their members as higher APYs and lower fees.
You can search the internet for Illinois credit unions. Note they may call their CDs "certificates" or "share certificates," and make sure to check membership requirements before applying. Or visit the National Credit Union Administration (NCUA's) finder tool to search and confirm the credit union you go with is federally insured.
Illinois' biggest credit unions have a combined membership of more than 1.7 million members as of 2025's fourth quarter.
How to decide whether you want a long- or short-term CD
According to data Bankrate gathers, terms under six months typically have significantly lower yields than longer terms. Even if you find a high yield on a lower term, your deposit doesn't have as long to earn interest.
Next steps to take out a CD in Illinois
Research methodology
Since 1976, Bankrate has been a leading publisher of rates and personal finance articles. We help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.
Part of Bankrate’s editorial team is made up of a group of banking experts. These experts have collectively researched over 100 banks and review current details at least monthly to make sure readers stay up to date on the latest rates and bank products. If you see a star rating next to a product, that has been established by one of our banking experts, and is not influenced by partner status.
Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.