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.
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)