bank rates

Earn 2.76% APY With A “Rising Rate” CD

First Midwest Bank caught our eye with a novel 32-month certificate of deposit whose rate increases every eight months.

The “Rising Rate CD” starts with a not-bad 1.76% APY, graduates to 2.05% APY for the second eight months, then goes to 3.05% APY and finally to 4.05% APY.

rising rate cd

It works out to an average annual return of 2.76% over the full, 32-month term.

That’s more than twice the national average for 30-month CDs and very close to what the best 30-month CDs are paying.

The minimum deposit is $5,000 and it must be new money or funds that have not been deposited at First Midwest in the past 90 days.

You must also buy your CD at one of First Midwest’s branches in Illinois, Indiana and Iowa, and live in one of those states (or Wisconsin).

Click here to compare this deal with the best CD rates from dozens of other banks in our extensive database.

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