Dedicated to Deposits: Deals, Data, and Discussion
Standard Bank and Trust Co.1.50%-$15kMy Green Checking
Accounts mentioned in this post. Rates as of August 22, 2014

High-Yield Reward Checking Account at Standard Bank and Trust Co. in IL & IN - Local Only


Standard Bank and Trust Co.

Update 5/08/2011: The balance cap has fallen from $50K to $25K.

Standard Bank and Trust Co. is offering a reward checking account called My Green Checking. The account has the following rates if certain monthly requirements are met:

  • 2.25% APY on balances up to $25,000
  • 0.31% APY on portion of balance over $25,000
  • 0.05% base rate if qualifications are not met
  • ATM fee refunds worldwide up to $12 per cycle

The monthly requirements include:

  • 12 signature based MasterCard debit card purchases
  • One direct deposit
  • Receive e-statements

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

  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Multiple accounts can be opened, but requirements must be met on each to receive the top rate

There's an online application at the My Green Checking micro-website, and it allows funding by an ACH transfer. However, I called the bank and I was told only residents of Illinois and Indiana are eligible to open accounts.

Branches are located throughout Chicagoland and Northwest Indiana.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 3/31/09 financial data. Standard Bank and Trust Co. has been a FDIC member since 1947 (FDIC Certificate # 16606).

Other Reward Checking Accounts

A top rate of 2.25% APY is currently low for reward checking accounts. On the plus side, a $50K balance cap is higher than the typical $25K cap. Hopefully, they set it at this rate with the intention of not having to make cuts any time soon.

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.

Account History:

  • 05/08/11: 2.25% APY up to $25K; 0.31% over; 0.05% base
  • 08/28/09: 2.25% APY up to $50K; 1.01% over; 0.10% base

  Tags: Indiana, Standard Bank and Trust Co., Illinois, checking account, reward checking account

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Comment #1 by Anonymous posted on
The lower rate is specifically because of the higher cap. $50,000 was on purpose, and is here to stay.

Most banks who offer a rewards checking account have a $25,000 cap; after that the rate drops dramatically, which averages out to about he same.