Bank of Illinois is offering a reward type checking account that it calls VIP Elite Checking. It offers 2.75% APY for balances up to $25K (0.25% for above) and ATM fee refunds (up to $50 per month) if the following monthly requirements are met: 10 check card transactions, one direct deposit or recurring ACH and receive electronic statements. Regardless of meeting the requirements, there are no minimum balance requirements or monthly fees. The minimum initial deposit is $50.
Branches are located in Normal and Bloomington, Illinois. For those in Illinois who live closer to Chicago, check out Valley Community Bank's High Yield Reward Checking (see post). You can find reward checking accounts in other states in this post.
Bank of Illinois is FDIC insured (FDIC Certificate # 9268).
07/08/09: 2.75% APY up to $25K; 0.25% over; 0.15% base
04/06/09: 4.00% APY
12/21/08: 4.50% APY
05/30/07: 5.50% APY (Initial post)
Edit 3/10/09: Updated URL to checking account.