2.25% APY $10,000 - $24,999
2.50% APY $25,000 - $49,999
2.75% APY $50,000 - $99,999
3.00% APY $100,000 and higher
This promotion is not listed at the bank's website. It was advertised in the Chicago Tribune, and I confirmed it via the bank's online chat system. According to the CSR, you are required to open a checking account with a debit card to qualify. The Totally Free Checking qualifies.
$75 Checking Account Bonus - DD Not Necessary
The bank also has a $75 bonus for opening the Totally Free Checking. This is listed on the website. According to the CSR, you can't take advantage of both the checking and MMA promotion. You can only have one or the other. Signing up for the checking earns you $25 in gift cards. An additional $50 gift card can be earned if you activate one or more of the following: 1) online statements, 2) online bill payment, or 3) establish direct deposit.
According to the CSR, you can apply over the phone. However, if you're outside their market area, the application will require approval by a bank manager. So this looks like primarily a local deal.
There's a hard credit inquiry in the application process according to the CSR. This can temporarily ding your credit score.
Branches are located throughout Chicago and its suburbs.
The bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate.com (based on 9/30/08 data) and 3.5 stars (good) at BauerFinancial (based on 12/31/08 data). The bank has been FDIC insured since 1945 (FDIC Certificate # 16250).
Credit for this find goes FW member dimsumkid who mentioned it on the FW Liquid Account thread.