Ridgestone Bank is offering 5.50% APY on its money market account guaranteeed through 12/31/07 with a minimum balance of $40,000. A reader mentioned that this was advertised in yesterday's Chicago Tribune. This is not listed at the website, and in fact, the website is currently under construction. I called for further details. I was told that the rate for balances between $5K and $40K is 2.5% and the rate for balances under $5K is 1.3%. There's a $25 monthly fee for balances under $10K. The account does offer limited check writing with the first book of checks free. A branch visit is required to open this account. I was told this is also available at their Wisconsin branch.
The Chicago suburb branch is located at 10 North Martingale Road, Schaumburg, Illinois. The branch phone number is 847-805-9520 (toll-free 866-455-3848). The Wisconsin branch is in the suburbs of Milwaukee and is located at 13925 W. North Avenue, Brookfield, WI 53005. The branch phone number is 262-789-1011 (toll-free 888-789-1012). The bank is FDIC insured (Certificate # 34101).
Thanks to the reader who mentioned this special in the finding deals post.