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2.75% Reward Checking Account at Bank of Illinois


Bank of Illinois
Update 7/11/09: The top rate has fallen to 2.75% APY. Refer to the bottom of the post for the rate history.

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).

Rate History:
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.

Related Pages: Illinois, Bank of Illinois, checking account, reward checking account

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Comment #1 by Anonymous posted on
They now advertise 4.5% APY up to $25K, following the downward trend

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Yes, all these rate cuts are going to keep me busy updating these pages.

Comment #3 by Anonymous posted on
Along with the 4.5% APY goes 0.25% APY for amounts over $25K and if requirements are not met. ATM refunds up to $50.

Comment #4 by Anonymous posted on
Over $25K the rate is now0.15% APY.

Comment #5 by Anonymous posted on
Top yield has dropped to 4.00% APY. Other rates same.