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5.00% Reward Checking Account at Bank of Edwardsville in Illinois - Local Only

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TheBank of Edwardsville
Bank of Edwardsville is offering a reward checking account called TheClub Checking. The account has the following rates and features if certain monthly requirements are met:
  • 5.00% APY on balances up to $25,000
  • 0.50% base rate if qualifications are not met
  • Refunds up to 5 foreign ATM fees nationwide
The monthly requirements include:
  • 12 debit card purchases
  • One online bill pay
  • Receive estatements
  • Combined balance of $2500 in TheClub Checking & any of the savings accounts
Additional features of the account regardless of the monthly requirements include:
  • $50 minimum initial deposit
  • No minimum balance requirement (if savings account greater than $2500 OR have an outstanding loan balance of $10,000 or more)
  • $10 service charge if you do not meet the combined balance or loan requirements
Although an online application is available, a branch visit is also necessary. Branches are located in Edwardsville, Belleville, Swansea and O'Fallon. Edwardsville is home to Southern Illinois University (SIUE).

The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data).

The bank started over 140 years ago and has been a FDIC member since 1934 (FDIC Certificate # 1039).

Other Reward Checking Accounts

Note that a companion savings account is necessary at this bank. Some static, minimal funding ($100) would meet the requirement. Similar, but different, concepts interlinking echecking with esavings would be Community First Bank in Arkansas and Metro Credit Union in Massachusetts.

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: TheBank of Edwardsville, Illinois, checking account, reward checking account

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
on 9-22-09 I was told you could open acct by mail and have your signature notarized. No bank visit would be nexcessary. fran

2
Comment #2 by Anonymous posted on
Anonymous
Hard pull on Experian 1 day after application. Was told they use Chex Systems only!

1
Comment #3 by Anonymous posted on
Anonymous
Yes, LOCAL only, just confirmed with CSR; so do not waste any time on this if you are not local!

1
Comment #4 by Anonymous posted on
Anonymous
4.60% now.

1
Comment #5 by Anonymous posted on
Anonymous
Companion savings account requires minimum of $200 to avoid a $2 monthly maintenance fee.

Statement start date is distributed throughout the month for new accounts.  Open an account on the 4th and the statement cycle date was set to the 14th.  Depending on when the account is opened, the date set for the cycle start, the time required for the debit card to arrive in the mail (a week in my case), the time required to meet the on-line bill pay requirement, it may be impossible to meet all the requirements to receive the higher interest rate for the first statement cycle.  May want to open the account with a minimum balance for the first statement cycle and then increase the balance for the second statement cycle.

1
Comment #6 by 51hh posted on
51hh
Rate dropped to 4.60%.

2
Comment #7 by Anonymous posted on
Anonymous
What is the interest rate now?

1