Rockford Bank & Trust is another Illinois bank that's offering a high-yield reward checking account. It's called the U Account, and it's offering the following rates and features if certain monthly requirements are met (as of 7/12/10):
- 4.00% APY on balances up to $25,000
- 1.00% APY on portion of balance over $25,000
- Refund of ATM fees of up to $20/month
Monthly requirements of the account include:
- 15 Visa Check Cards Credit transactions
- 1 direct deposit or direct debit
- Accept eStatements
- Enroll in Online Banking
Additional features of this account include:
- $100 minimum initial deposit
- No minimum balance
- No monthly service charge
- First order of checks is free
- Free Online Bill Pay
It appears that a branch visit is required to open the account. Branches are located in Rockford Illinois.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial, 2 stars (below peer group) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Rockford Bank & Trust financial overview). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 2005 (FDIC Certificate # 57927).
Other High-Yield Reward Checking Accounts
Rockford Bank & Trust's debit card usage requirement of 15 per month is a little higher than average. However, the average does seem to be rising. In the past the 10-per-month requirement was the most common, but now requirements of 12-per-month and 15-per-month are becoming more typical.
Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.