Dedicated to Deposits: Deals, Data, and Discussion

3.51% Savings Account for $100K+ at Valley Community Bank in Illinois

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Valley Community Bank
Valley Community Bank is offering a savings account with a rate of 3.51% APY for balances of $100,000 or more. Balances under $100,000 only earn 0.25%. These rates are listed in the bank's rate table as of 3/05/09. Minimum initial deposit is $50, and there is a $4 quarterly service charge unless a minimum balance of $100 is maintained. Nine free withdrawals per quarter are allowed. One big downside is that interest is only credited quarterly.

The bank also offers a reward checking account which currently has a top rate of 4.01% APY on balances up to $100,000 (as of 3/08/09). For those looking for one place to handle a large savings balance. These two accounts may make a good combination. I have more details on the reward checking account in this post.

When I contacted the bank for that previous post, I was told that a branch visit is required to open accounts. Branches are located in several cities in the western suburbs of Chicago.

The bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at Bankrate.com and 3 stars (adequate) at BauerFinancial. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1996 (FDIC Certificate # 34187).

Thanks to the reader who emailed me news of this savings account.

Edit 3/08/09: Corrected reward checking rate.

Related Pages: Valley Community Bank, Illinois, savings account

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
I have a Valley Comm Bank rewards checking account. I have had it for about a month and I like the account. However, the account I have has a top rate of 4.01. What am I missing here. The checking account does require a branch visit but if you are close enough to drive there you should considerate it if you can keep 100000 in the account.

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Comment #2 by Anonymous posted on
Anonymous
The 4.51% post above may be a typo. In an earlier post, the reward checking rate dropped to 4.01% on 2/10/2009. The bank's website also shows this same rate.

http://bankdeals.blogspot.com/2007/04/601-reward-checking-account-at-illinois.html

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Yup, it must have been a typo since the reward checking post had been updated to 4.01% in February. Thanks.

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