4.00% Savings Account at Community First Bank Chicago

Community First Bank Chicago is offering 4.00% APY on its savings accounts. The minimum opening deposit is $50. The minimum balance to earn interest and to avoid $5 monthly fee is $300. There's a limit of 3 withdrawals per month. Each withdrawal over three costs $2.

I don't see any guarantees about how long this 4% will last. I've reported on this bank a few times since 2007. My last report was in March 2008 when the bank was offering a 4% 9-month CD. So this bank does have a record of high rates.

It appears that they may require a branch visit to open an account. The bank is located at 7555 N. Western Avenue, Chicago, IL 60645. It's a fairly new bank that was established in 2005. It's a member FDIC (Certificate # 57948).

Tags: Illinois, savings account