First Midwest Bank CD

First Midwest Bank CD Review

First Midwest Bank CD are offered by First Midwest Bank, a bank founded in 1933 and based in Chicago, . First Midwest Bank CD are available in 4 states across the USA.

Key Takeaways

• Small selection of CD account types. First Midwest Bank CD only offers IRA and traditional CDs.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.41%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. First Midwest Bank CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of First Midwest Bank CD

First Midwest Bank CD FAQ

Are CDs from First Midwest Bank federally insured?

Yes, your First Midwest Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does First Midwest Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.
• IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but First Midwest Bank CD offers a CD that is specifically for retirement.

What CD rates does First Midwest Bank offer on its CDs?

First Midwest Bank CD offers an APY starting at 0.05% and ranging up to 0.41%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with First Midwest Bank?

First Midwest Bank CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for First Midwest Bank CD?

First Midwest Bank CD does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does First Midwest Bank CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

First Midwest Bank does not charge an early withdrawal fee.