Some might think that a 2.00% APY interest rate for a 5-year-CD is not impressive, but with the downward movement of CD interest rates at the opening of 2012, American Eagle Bank’s offer (Chicago only) is not bad at all. In fact, it would be good for depositors to explore this deal before the rate falls further. The minimum deposit is also very friendly. You only need to maintain $1,000 to take advantage of this high yield. Now, all you need to worry about is the long term of the CD. It is still one of the top CD rates in the country today, especially considering the low balance requirement.

There are also shorter termed CDs offered by the bank, but their yields are not as tempting. They can be considered some of the best CD rates in Chicago, but not nationwide:

• 1.50% APY for a 3-year CD
• 1.75% APY for a 4-year CD
• 2.00% APY for a 5-year CD

Both of these top CD rates have a $1,000 minimum balance requirement as well. Depositors also love the lenient early withdrawal penalty set by the bank. According to the fine print of the bank’s rate table, the penalty is only 90 days of interest for all CDs with terms adding up to more than a year.

If there’s anything depositors must be wary of, it’s the financial institution’s weak health rating. It was only given two out of five stars by DepositAccounts.com and one out of five stars from Bankrate.com. The bank is federally insured, though, so while it seems risky, you’re not throwing your money to the sharks either. To know more about the bank’s insurance, check FDIC Certificate #58514.