Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
First American Bank (IL)1.50%-$15kEveryday Rewards Checking
Accounts mentioned in this post. Rates as of July 29, 2014

Competitive Reward Checking Account Available Nationwide at First American Bank

POSTED ON BY

First American Bank (IL)

First American Bank has a reward checking account called Everyday Rewards Checking. According to a bank’s CSR, people from any state can apply for this account online or by phone. Thus, I’m labeling this account "nationally available". This isn’t a hot deal so new applications shouldn’t flood the bank. Hopefully it will remain nationally available. Thanks to the DA reader who emailed me news of this account.

The current rate and balance cap are respectable, but there are some nationally available reward checking accounts with higher rates and balance caps. Another downside with the Everyday Rewards Checking is that it’s not a free account. If you don’t meet the monthly requirements, you not only miss out on the high interest rate, you’ll also be charged a monthly fee. The vast majority of reward checking accounts including all of those powered by BancVue are free checking accounts.

Below is a summary of the Everyday Rewards Checking rates and features as listed at the bank’s Everyday Rewards Checking page as of 2/20/2014:

Rewards when monthly requirements are met:

  • 2.00% APY on balances up to $15,000
  • 0.15% rate on portion of balances over $15,000
  • Up to $20 in ATM Fee Refunds per month
  • $4.95 monthly fee will be refunded

If the monthly requirements are not met, the rate falls to 0.03% for the entire balance.

To qualify for the above rewards, the customer must perform 15 qualifying payments during the monthly statement cycle. Qualifying Payments include:

  • Checks
  • online Bill Payments
  • ACH Debits
  • outgoing Wire Transfers
  • Debit card purchases

Minimum opening deposit is $100. There’s a limit of one account per household. Online bill payments and mobile banking is free.

The nice thing about this account is that you can meet the monthly requirements without debit card purchases.

Nationally Availability

The bank is currently accepting applications from any state. Applications can be done by phone or online. The phone number and the link to the online application is on the bank’s Everyday Rewards Checking page.

Please note that banks often don’t keep reward checking accounts nationally available. Bank management often changes their minds and restricts accounts to their market area. First American Bank is a sizable bank so it may stay nationally available.

Bank Overview

First American is an Illinois-chartered, privately held bank with nearly 50 Chicago area locations and $2.89 billion in assets.

The bank has an overall health grade at DepositAccounts.com of a B+ with a Texas ratio of 15.19% (above average) based on September 2013 data. Please refer to our financial overview of First American Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 3657).

How This Reward Checking Compares

The nationally available reward checking account with the highest rate and balance cap is the Ovation Checking account at INOVA Federal Credit Union. This has a 3.00% APY for balances up to $20K. The highest rate and balance cap at a bank is 2.50% APY for balances up to $15K. This is available at Lee Bank, and the account is called CACHEChecking. These rates are accurate as of 2/20/2014.

To find other reward checking accounts that are available nationwide or in your state, please refer to our high-interest reward checking account table.

To learn more about high-interest reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.


  Tags: First American Bank (IL), checking account, Illinois

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Comments
10 Comments.
Comment #1 by cwalk (anonymous) posted on
cwalk
Why do they even bother?  This isn't competitive at all...

3
Comment #2 by Anonymous posted on
Anonymous
To much husttle to even think about the opening such account.

5
Comment #3 by gli (anonymous) posted on
gli
Thanks for the heads up - it is nice to have an option that does not 'require' DD and does not strictly say that signature based debits are the req.

To the two folks above me... in this environment... 2% interest is indeed competitive against similar offerings or have you not seen interest rates at banks/credit unions etc...?

$296 or so per year in interest for a few transactions each month is nothing to sneeze at. YMMV

3
Comment #4 by jib2424 posted on
jib2424
Anyone know of any good deposit account deals out there right now?

2
Comment #5 by gregk posted on
gregk
Check out this website.  It's designed to answer your question.

3
Comment #6 by jib2424 posted on
jib2424
I haven't seen anything that looks particularly good since the PenFed  3%.  Do you know of anything good right now?

3
Comment #8 by gregk posted on
gregk
Inova CU's 3% (20,000 ceiling) RCA  is alright, but I agree, - nothing looks very good in historical terms.  If one has available funds, however, you do the best you can given the alternatives.  I loaded up with the 3% PenFed CD's, have 3 Inova RCA's, some other RCA's paying around 2%, and what's left is in Connexus CU's 1.15% (high balance) Money Market Account. 

3
Comment #10 by Anonymous posted on
Anonymous
Try opening a checking account with INOVA...Impossible! Even if you have an excellent credit score & you have a high net worth...DECLINED!.

1
Comment #7 by Anonymous posted on
Anonymous
I don't know.  Does anyone else think that requiring FIFTEEN transactions per month in order to avoid  a fee is a little bit silly?

5
Comment #9 by Anonymous posted on
Anonymous
Sick of these reward checking accounts...They give with one hand & take back with the other.... 2% on 15k is $25/month...but you need to spend at least that or more doing 15 debit transactions. Banks have a large spread between the money we deposit ,practically interest free & their loan/interest rates they charge if we go to them for a loan or mortgage...When are they going to give back to their  customers without making us WORK for IT!

2