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CentralFederal Savings and Loan Association

Banner picture for the Savings page for Central Federal Savings and Loan


Central Federal has many types of accounts to satisfy all kinds of needs. 

Whether you are saving for a home, college, or retirement we have what you need to make saving a little easier.  We also offer specialty accounts like Christmas Club and Kid Saver Accounts that make saving at Central Federal a little easier and a little more fun!

Passbook Savings

After an initial deposit of $100, you will enjoy the convenience and security of our Passbook Account.  Unlimited in-person deposits and withdrawals are just some of the great features.  Plus, at Central Federal, you still get an actual "Passbook!"  Current rates.

Min. Opening DepositUnlimited In-person Deposit & WithdrawalMonthly StatementsTiered Interest Rates

Statement Savings

Unlimited in person deposits and withdrawal privileges while earning a competitive rate are the hallmarks of this account.  A monthly statement and free ATM card are some of the standard features with this account.  Current rates.

Min. Opening DepositUnlimited In Person Deposit & WithdrawalMonthly StatementsTiered Interest Rates

Christmas Club Account

Central Federal’s Christmas Club Account may be just the stocking stuffer you are looking for.  After an initial deposit of just $10, you will be on your way to a less stressful Holiday Season.  Make deposits as often as you like and in October we will send you a check for the balance so you can make your holiday purchases.  Current rates.

Min. Opening DepositUnlimited Deposit & WithdrawalMonthly StatementsTiered Interest Rates

Kid Saver Account

Healthy financial habits are a part of a healthy lifestyle.  Central Federal can help you teach your child or grandchild the value of a dollar by opening a Kid Saver Account.  With a small opening deposit of $10, you will be on your way to showing your child financial responsibility.  Bring them with you to the bank to deposit their birthday, holiday, or allowance funds and they will see first-hand how a little bit of savings can grow.  Current rates.

Min. Opening DepositUnlimited Deposit & WithdrawalMonthly StatementsTiered Interest Rates

Safe and secure—that is the best way to describe this great alternative to a traditional savings account.  A Certificate of Deposit (CD) offers higher yields, protection against fluctuating interest rates, and FDIC Insurance gives this account a definite advantage.  Central Federal offers a wide variety of CDs to fit your personal savings needs, with terms beginning at six months on up to five years.

Need some monthly income?  We can also design your account to provide you with a monthly interest check.  Just ask a Central Federal Personal Banker for details. Current rates.

Certificates of DepositMin. Opening DepositInterest compounded daily, credited monthlyPenalty for Early Withdrawal*Additional Deposits PermittedAutomatic Renewal Feature
182 Day CD$2,500YesYesNoYes
Regular 12 Month CD$2,500YesYesNoYes
Regular 18 Month CD$500YesYesNoYes
Regular 24 Month CD$500YesYesNoYes
Regular 30 Month CD$500YesYesNoYes
Regular 3 Year CD$500YesYesNoYes
Regular 4 Year CD$500YesYesNoYes
Regular 5 Year CD$500YesYesNoYes

*Daily balance is the amount of principal in the account each day. Withdrawals may reduce APY on accounts.  Penalties for early withdrawals may be imposed. Rates subject to change.

Individual Retirement Accounts (IRAs) are one of the easiest ways to save for your retirement.  Whether you are just starting out, or looking to rollover an existing plan from your employer or another financial institution, we can assist you with the process.  Central Federal offers both Traditional and Roth IRAs so you can take full advantage of the tax breaks which benefit you most:

  • Competitive interest rates
  • Variety of terms
  • Traditional and Roth IRAs
  • Generous grace period
  • Automatic renewal

We can also arrange to have your distributions mailed monthly, quarterly, or annually.  Just ask a Personal Banker for details.

Min. Opening DepositTransfer IRA DepositsRollover IRA DepositsDeposits FDIC Insured
Up to $250,000


5953 W. Cermak Road
Cicero, IL 60804


6940 W. Ogden Avenue
Berwyn, IL 60402

La Grange Park

1921 E. 31st Street
La Grange Park, IL 60526