Dedicated to Deposits: Deals, Data, and Discussion

4.01% Reward Checking Account at Galena State Bank & Trust Co. in Illinois

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Galena State Bank & Trust Co.
Update 4/02/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Galena State Bank & Trust is offering a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees up to $20 per month if the following monthly requirements are met:
  • 15 debit card signature-based transactions
  • one direct deposit
  • receive electronic statements
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements or monthly fees.

This bank is part of the same bank holding company that I mentioned in a previous post. Many of the banks in this holding company had been guaranteeing a 6.01% APY into 2009 and 2010.

According to the small print in the bank's checking page, it's not accepting accounts outside of its local service area. Branches are located in the Illinois cities of Galena and Stockton.

The bank has been FDIC insured since 1967 (FDIC Certificate # 19660).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
03/30/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required. Previously opened accounts still get 6.01% APY guaranteed through January 2010.
10/29/08: 6.01% APY; 1.51% over; 12/mo debit card purchases required

Edit 2/8/09: Automatic payment is no longer listed as an alternative to direct deposit.
  Tags: Illinois, Galena State Bank & Trust Co., checking account, reward checking account

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Comments
3 comments.
Comment #1 by BloggingBanks (anonymous) posted on
BloggingBanks
Thanks for the heads up on these rewards checking accounts.

Keep up the good work!

1
Comment #2 by Anonymous posted on
Anonymous
Correct me, but I only see a requirement for direct deposit, no ACH debit (or payment).

1
Comment #3 by Anonymous posted on
Anonymous
Top two rates have dropped: 4.01% APY up to $25K; 1.01% over. Base rate remains same.

1