Illinois Banking Rates and News

Citizens Bank and Charter One regularly have checking account promotions with nice bonuses. Both are brand names of RBS Citizens, N.A. Citizens Bank branches are primarily located on the east coast and Charter One branches are located in the Midwestern states of Illinois, Michigan and Ohio. Charter One is currently listing a bonus of up to $175. I can’t find a similar one at Citizens Bank, but when I called Citizens Bank at 888-411-7442, the CSR told me that this same $175 bonus is available. (see update below) However, he said a new customer will need to visit a...

If you don’t want to lock your “safe” money up in long-term CDs, you probably won’t find short-term CDs appealing. Most CDs with terms under one year have rates that are lower than internet savings account rates. Every now and then you can find one that’s higher. That’s the case at Prairieland Federal Credit Union which is listing a special 6-month Jumbo CD with a 1.06% APY. Minimum deposit is $100,000. The rate and details are listed in this credit union’s promo page as of 5/8/2013. This is a limited time special. Hat tip to the...

Regions Bank is again advertising a checking account promotion in which you can earn $125. This is another big bank that lacks free checking so you'll have to be careful to avoid monthly fees. The offer requires a new customer open a LifeGreen Checking Account online with the promo code 125, have at least $500 in total direct deposits and at least 10 Visa check card purchases in the first 60 days. Offer is scheduled to end on 4/7/2013. The offer is listed in this Region's promotion page.

There's no mention of this offer on Region's home...

Update 3/20/13: The 5-year and 3-year CD rates have fallen.

The 2 percent CD has become an endangered species. It's even hard to find these for terms of 7 years. This is why I was pleasantly surprised to see the rate hike at The National Republic Bank of Chicago. It just increased its 5-year CD rate from 1.61% to 2.02% APY. Its 3-year CD rate also had a big jump. That went up from 1.11% to 1.51% APY. Minimum deposit is $1,000. These rates are listed in the bank's rates page as of 3/14/2013.

Thanks to DA member...

It has been awhile since I reviewed a new reward checking account. Most new reward checking accounts haven't been worthy of a blog post due to their disappointing low rates and/or balance caps. This one at Community Financial Services Bank (CFSB) is good enough to make it worthy of a blog post. CFSB's reward checking account isn't really a new account. We have been tracking its rates since 2010. However, the reward checking account name has recently changed from free eRewards Checking account to Kasasa Cash. The bank has also added a linked savings account called Kasasa Saver. Thanks...

BMO Harris Bank is offering a cash bonus of up to $200 for opening a personal checking account with qualifying direct deposit. Like most large banks, BMO Harris doesn't have a free checking account. So if you take advantage of this bonus, you'll have to be careful to avoid monthly service charges.

To qualify for the $200 bonus requires either the BMO Harris Portfolio Checking or the BMO Harris Select Checking. A $150 bonus requires the BMO Harris Everyday Checking.

Here's the link to the bank's promotion page: bmoharris.com/offerchecking2013.

The new checking account must be opened by March 31,...

I first reviewed Great Lakes Credit Union (GLCU) and its reward checking account (called Ultimate Checking) in 2011. The rate has remained the same, but the balance cap has gone down. Nevertheless, it remains a competitive reward checking account. When I first reported on this credit union, it appeared to be mostly a local deal for those in parts of Illinois and Wisconsin. There now appears to be a way for anyone to qualify for membership. Before I review the membership eligibility, below is a summary of the rates and features as of 3/8/2013:

• 4.00% APY up to $10,000
• 0.05% for...

It's rare to find a financial institution in major cities that offers top CD rates. A year ago I found one, but unfortunately, it's not easy to qualify for membership. The institution is Actors Federal Credit Union which has branches in New York City, Los Angeles and Chicago. Its 5-year CD and IRA CD rates continue to be very competitive. The 5-year CD has a 2.00% APY, and the 5-year IRA CD has a 2.15% APY. Minimum deposit is $500. These rates are listed in the credit union's rates page as of 2/19/2013.

As I mentioned above,...

Citizens Bank is offering a checking account bonus of up to $150. The bonus doesn't require too much work. One downside is that the checking accounts do have monthly service fees, but there are easy ways to avoid them. This promotion is scheduled to last until 2/28/2013. The details are listed at www.citizensbank.com/150. Here's summary of what's required to earn the full $150:

1. Open your first new personal checking account by 2/28/13
2. Get $50 when you setup direct deposit and have a single deposit of $500 or more clear your new checking account by 4/30/13
3. Get $50 when you...

The National Republic Bank of Chicago has recently increased the rate of its 1-year CD to 1.00% APY. Minimum deposit is $1,000. This rate is listed on the bank's rates page as of 1/30/2013.

The CDs can be opened online, but these may appeal more to those in the Chicago area who prefer to bank locally. Last year I reviewed this bank's online application and the CD details.

The bank has two branches in Chicago, but it's not a small bank with $1.08 billion in deposits as of September 2012.

The bank has an overall health score...

Most of the reward checking news in the New Year has been disappointing as several rate cuts have been reported. On the plus side, new reward checking accounts are still being launched at community banks and credit unions around the nation. I thought it would be useful to point out new ones at two Illinois banks.

For those of us who have been following reward checking for years, these new ones are often disappointing since the balance caps are lower than they used to be. The $25,000 balance cap used to be typical. Now, $15,000 and $10,000 balance caps are...

State Bank of India is a foreign bank, but it has U.S. branches with FDIC insurance in New York and Chicago. I first reported on the New York branch in 2005. They have long offered competitive CD rates. Currently, the NYC rates aren't noteworthy. However, the CD rates at the Chicago branch are very competitive. The best rates include:

• 1.51% APY 3-year CD
• 1.21% APY 2-year CD
• 1.16% APY 1-year CD
• 0.80% APY 6-month CD

These require a minimum deposit of $95,000. For a $2,500 minimum deposit, the rates are 10 basis points lower.

The bank also has a money market account with a...