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0.88% Reward Checking Account at an Illinois Bank (Valley Community)

POSTED ON BY

Valley Community Bank
Update 11/22/09: The top rate has fallen to 0.88% APY. See bottom of post for the rate history.

Valley Community Bank is offering a reward checking account called the Premium Reward Checking with a yield of 0.88% APY for balances up to $100,000 (0.25% for above) if you meet the monthly requirements of 15 debit card transactions, receive statements electronically and have one or more direct deposit or ACH auto debit. Meeting these conditions will also qualify you for refunds of all ATM fees. The rate falls to 0.25% if you don't meet these requirements. There are no minimum balance requirements or monthly fees.

Branches are located in several cities in the western suburbs of Chicago. I was told by the banking rep that a branch visit is required to open the account.

The bank is FDIC insured (FDIC Certificate # 34187).

For other high yield reward checking accounts. please refer to my summary of the best checking accounts.

Rate History:
11/20/09: 0.88% APY up to $100K
08/17/09: 2.51% APY up to $100K
03/23/09: 3.01% APY up to $100K
02/10/09: 4.01% APY up to $100K
01/29/08: 5.01% APY on balances up to $100,000, 0.25% for above.
04/24/07: 6.01% APY on all balances (initial post)

  Tags: Valley Community Bank, Illinois, checking account, reward checking account

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Comments
11 Comments.
Comment #1 by Sick of Debt (anonymous) posted on
Sick of Debt
Is all those requirements worth the extra % though? I think it's way too many hoops to jump through just for a little bit more percentage. And if you miss doing enough transactions, your in a worse position than you started with. Or you will spend money you weren't planning to just to make sure you have enough transactions.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I guess it depends on how much you have in the checking account and how easy it is for you to use the debit card. That's really the toughest requirement. The auto debit is just paying a utility bill automatically from your checking.

1
Comment #3 by Anonymous posted on
Anonymous
I spoke with the bank and they stated you must open the account in person!

1
Comment #4 by Steve (anonymous) posted on
Steve
For anyone interested, their online banking has a free ACH out feature where you can send money out to any financial institution that has a routing number and bank account number. No depositis to verify. You just set it up and you can start transfering. They don't allow for ACH pulls however.

1
Comment #5 by Anonymous posted on
Anonymous
After Jan 1, 2008, this went down to 5.01% It may be even lower today but I am not sure

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post. I noticed that the bank doesn't mention that reward checking account anywhere on their site now (the reward checking page is still listed but there's no link pointing to it). I wonder if they've been disappointed with it.

1
Comment #7 by Anonymous posted on
Anonymous
The website now has a banner running on the homepage still listing 5.01% with 100K cap.

1
Comment #8 by Anonymous posted on
Anonymous
Expectedly, considering the $100K cap, the top rate has dropped to 4.01% APY.

1
Comment #9 by Budgetboy (anonymous) posted on
Budgetboy
Down to 3.01% now.

1
Comment #10 by Budgetcents (anonymous) posted on
Budgetcents
Down to a paltry 2.51% now. I guess it is time to move on! :(

1
Comment #11 by Anonymous posted on
Anonymous
Another huge drop, maybe FDIC related?

1