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