American National Bank of DeKalb County is offering northern Illinois residents a very good high-yield checking account.
It’s paying 4.25% APY on balances up to $25,000.
That’s a quarter-point more than you can earn with the best nationally available high-yield or reward checking accounts.
American National, with branches in DeKalb and Sycamore, limits this account to a swath of northern Illinois that reaches as far east as suburban Chicago.
Call the bank at (800) 200-6344 to find out if your zip code is on the eligibility list.
If it is, you can apply online through Kasasa Cash, a Web site that opens new accounts for many small banks.
The rules to qualify for the 4.25% return are pretty standard — make 12 debit card purchases per month, and one direct deposit or automatic bill payment per month, and get all of your statements online.
Balances over $25,000 earn only 0.85%, and should you fail to meet the qualifications you’ll only earn 0.05% on your balance for that month.
If you’re unfamiliar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will explain all the rules.