4.50% Reward Checking Account at NorStates Bank in Northern Illinois - Local Only

NorStates Bank is offering a reward checking account called High Yield Checking. The account offers the following rates and features if certain monthly requirements are met:

• 4.50% APY on balances up to $25,000
• 1.01% APY on the portion of the balance over $25,000
• 0.15% base rate if qualifications are not met
• ATM fee refunds up to $25 per cycle

The monthly requirements include:

• 10 signature-based debit card purchases
• 1 direct deposit or automatic payment
• Receive e-Statements

Additional features of the account regardless of the monthly requirements include:

• $50 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Free online bill pay

It appears a branch visit is required to open an account. Branches are located in the northern Chicago metro area in the Illinois cities of Waukegan, Gurnee, Round Lake Beach, Round Lake, Winthrop Harbor and Antioch.

NorStates Bank has been a FDIC member since 1962 (FDIC Certificate # 18626).

Financial Health

Illinois has been hit hard by bank failures. Although you don't have to worry about your insured deposits, it is possible that a new bank that takes over a failed bank may end the reward checking program. So the financial strength of a bank is a consideration for picking a reward checking account.

Unfortunately, NorStates Bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 3/31/09 data) and 1 star (lowest) at Bankrate.com (based on 12/31/08 data).

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.

Tags: Illinois, checking account, reward checking account, NorStates Bank