Dedicated to Deposits: Deals, Data, and Discussion

4.01% Reward Checking Account at State Bank of The Lakes in Illinois

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State Bank of The Lakes
State Bank of The Lakes has a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds up to $20/cycle of ATM fees if the following monthly requirements are met:
  • 12 Visa debit card purchases
  • one direct deposit or ACH debit
  • receive electronic statements
If these are not met, the rate falls to 0.15%. Minimum initial deposit is $100. There are no minimum balance requirements or monthly service fees. Multiple accounts can be opened, but requirements must be met for each account.

There's an online application, but it appears to require a branch visit to complete the application process. Branches are located in the Illinois cities of Antioch, Lindenhurst, Grayslake, Spring Grove and Lake Villa. The bank has been FDIC insured since 1934 (FDIC Certificate # 5744).

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:
05/01/08: 4.01% APY up to $25K; 1.01% over; 0.15% base rate

  Tags: State Bank of The Lakes, Illinois, checking account, reward checking account

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Just got an email stating they will be dropping the rate to 2.51 and capping at 15,000 instead of 25,000.

2
Comment #2 by KenBDG posted on
KenBDG
Thanks for the update. Sorry to see the cuts. Did the email state when the change will become effective?

1
Comment #3 by Anonymous posted on
Anonymous
I'd like to see the calendar for the reward checking 12 monthly transactions stop/start dates. Is this posted online? Can you point me to it?

1
Comment #4 by pearlbrown posted on
pearlbrown
Many institutions don't post the qualification periods online.  Contact State Bank of The Lakes for details.

1