bank rates

Illinois Deal: 4.25% On Rewards Checking

Everyone is cutting their high-yield checking accounts. Or are they?

American National Bank of Dekalb County offers this rate on deposits up to $25,000.We’ve seen a small group of resilient local institutions that have resisted the urge to slash and burn rewards checking rates.

Last year, when we included American National Bank of DeKalb County in a post about banks rewarding customers with iTunes freebies, we noted it offered 4.25% APY on its Kasasa cash checking account.

Six months later, the Illinois bank located about 60 miles west of Chicago still offers that rate for balances up to $25,000.

And that tops the best nationally available deal of 4.09% APY offered by Consumers Credit Union of Waukegan, Ill.

To qualify for the highest rate at American National, customers must make 12 debit card transactions per month, have one direct deposit to or automatic transfer from the account, and sign up to receive eStatements.

It only takes $50 to open the rewards checking account. An account balance greater than $25,000 earns 0.85% APY. If you don’t meet the qualifications one month, you’ll only earn 0.05% APY.

The Kasasa Cash account is designed to be paired with a Kasasa Saver account, with a 1% APY. That rate is also well above the national average, and it’s continued to hold up while the rates on many of the top deals available nationwide have declined.

American National’s rate is only a bit below the best nationally available rate of 1.25% APY offered by Salem Five Direct, the online division of Salem Five Bank, serving the Boston area.

Like the Kasasa Cash account, it takes a $50 deposit to open the Kasasa Saver account. No monthly fees are charged if the account balance remains above $50.

You must be a resident of DeKalb County to take advantage of this offer.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on May 18th at 06:58 am

    These deals are still available as of May 18, 2011.

  2. Mike Cetera said:
    on October 3rd at 09:57 pm

    The top rate is now only good on balances up to $15,000.