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3.33% Reward Checking Account at Peoples Bank of Kankakee County

POSTED ON BY

Peoples Bank of Kankakee County
Update 11/09/09: The top rate has fallen to 3.33% APY. Refer to the bottom of the post for the rate history.

Peoples Bank of Kankakee County has a reward checking account called Electric Blue Rewards Checking. The account offers the following rates and features if certain monthly requirements are met:
  • 3.33% APY on balances up to $50,000
  • 0.50% APY on balances over $50,000
  • 0.25% base rate if qualifications are not met
  • Refund of ATM fees nationwide (up to $5 per transaction, $25 per cycle)
The monthly requirements include:
  • 12 debit card purchases
  • One direct deposit or auto payment
  • Access internet banking
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free online Bill Pay
The "Open Now" button on the Electric Blue Rewards Checking page takes you to the CheckingFinder application. I contacted the bank, and according to the CSR, if you open the account from this online application, it's available to any US resident. Update 7/21/09: The checking page now states "To apply online - You must be a U.S. Citizen or a Permanent Resident Alien residing in Illinois." So it appears they've changed their policy, and they now only allow Illinois residents to apply.

This is a small two-office bank located in Illinois. The bank has been FDIC insured since 1962 (FDIC Certificate # 18566).

Other Reward Checking Accounts

It's nice to see another nationwide reward checking accounts. It's also nice to see one with a cap of $50K instead of $25K. As you can see in my nationwide reward checking list, there are very few with caps over $25K. Note, small banks often change their policies regarding availability of their accounts, especially when they offer some nice rates or features. So please consider this possibility if you apply.

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:
11/03/09: 3.33% APY up to $50K; 0.50% over; 0.25% base
07/21/09: The account is no longer available nationwide. The bank now only accepts applicants from Illinois.
04/28/09: 4.01% APY up to $50K; 1.00% over; 0.50% base

  Tags: Illinois, Peoples Bank of Kankakee County, checking account, reward checking account

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Comments
Comment #1 by Anonymous posted on
Anonymous
This is a question about Bank2's reward checking account. Can you please update and comment on the decline in Bank2's ratings since you first posted on it? I opened an account in March with $10,000 and because of the ease of use--and small amount of $$ needed to fulfill the monthly debit requirement, I was considering putting in another $10,000 for the rate. But now I'm concened about its drop in ratings on Bankrate and Bauer. Is a 2-star from Bankrate a red flag? That's a two-star drop since you posted. Should that deter a conservative investor from doing business with Bank2?

2
Comment #2 by Anonymous posted on
Anonymous
First of all, why not leave your comment on the Bank2 post, instead of here on an unrelated post?

To answer your question, no. As long as you are below the FDIC limit there is no more risk of loss of principal from a zero star bank than from a five star bank.

1
Comment #3 by Anonymous posted on
Anonymous
So when they don't specify signature based debit card purchase, will both debit and credit processed transactions qualify?

1
Comment #4 by Anonymous posted on
Anonymous
Top rate has fallen to 3.33% APY.

1
Comment #5 by Anonymous posted on
Anonymous
I can confirm - now %3.33 APY. FIVE DAYS after I started my acount with them! This is getting ridiculous.

1
Comment #6 by Anonymous posted on
Anonymous
Same thing happened to me. This has the stench of the 'ol bait and switch. Seems like the rate that is in place when you sign up should at least be in effect for some g'teed period of time. Ah well, just another way for banks to **** the consumer.

1
Comment #7 by Anonymous posted on
Anonymous
Checked into this account after the above comments. Their website states this is a variable rate high-yield checking account. Not a guaranteed rate. Thus, do not believe there was any bait & switch or the such. Emailed FI and was told this was only the 2nd time they had changed rates since product was introduced in 10/2007.

1
Comment #8 by Anonymous posted on
Anonymous
The rate is now down to 3.01% APY.

1
Comment #9 by Anonymous posted on
Anonymous
Received a letter from this bank today.  It states that effective October 1st they are reducing interest rate to 2.26 percent on balances up to 25,000.   Previously, they were paying 3.01 percent up to 50,000.  So not only reducing rate, but also no longer paying the highest rate, 2.26, up to 50K. only to 25 k now.

1