4.02% Reward Checking Account at Suburban Bank & Trust in Chicago - Local Only

Update 9/8/10: The bank has suspended opening new accounts.

Suburban Bank & Trust is offering a high-yield reward checking account called SBT Rewards Checking. The account has the following rates and features if certain monthly requirements are met:

• 4.02% APY on balances up to $15,000
• 0.15% APY on portion of balance over $15,000
• 0.05% base rate if requirements are not met
• ATM fee refunds up to $20 per month

The monthly requirements include:

• 10 debit card purchases
• One direct deposit or auto debit
• Receive e-statements

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

• $100 minimum initial deposit
• No monthly fees
• No minimum balance requirements
• Free online bill pay

There's an online application link at the bank's website and at its microwebsite. The application at the microwebsite states that you must visit a branch to complete the application process.

Branches are located throughout the Chicago metro area.

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 9/30/09 financial data. The bank has been a FDIC member since 1971 (FDIC Certificate # 20443).

Account History:

• 09/08/10: 4.02% APY up to $15K; 0.15% over; 0.05% base rate
• 01/25/10: 4.02% APY up to $25K; 1.01% over; 0.05% base rate