2.75% Reward Checking Account at Bank of Illinois

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Update 7/11/09: The top rate has fallen to 2.75% APY. Refer to the bottom of the post for the rate history.

Bank of Illinois is offering a reward type checking account that it calls VIP Elite Checking. It offers 2.75% APY for balances up to $25K (0.25% for above) and ATM fee refunds (up to $50 per month) if the following monthly requirements are met: 10 check card transactions, one direct deposit or recurring ACH and receive electronic statements. Regardless of meeting the requirements, there are no minimum balance requirements or monthly fees. The minimum initial deposit is $50.

Branches are located in Normal and Bloomington, Illinois. For those in Illinois who live closer to Chicago, check out Valley Community Bank's High Yield Reward Checking (see post). You can find reward checking accounts in other states in this post.

Bank of Illinois is FDIC insured (FDIC Certificate # 9268).

Rate History:
07/08/09: 2.75% APY up to $25K; 0.25% over; 0.15% base
04/06/09: 4.00% APY
12/21/08: 4.50% APY
05/30/07: 5.50% APY (Initial post)

Edit 3/10/09: Updated URL to checking account.
Comments
Anonymous
Anonymous   |     |   Comment #1
They now advertise 4.5% APY up to $25K, following the downward trend
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks. Yes, all these rate cuts are going to keep me busy updating these pages.
Anonymous
Anonymous   |     |   Comment #3
Along with the 4.5% APY goes 0.25% APY for amounts over $25K and if requirements are not met. ATM refunds up to $50.
Anonymous
Anonymous   |     |   Comment #4
Over $25K the rate is now0.15% APY.
Anonymous
Anonymous   |     |   Comment #5
Top yield has dropped to 4.00% APY. Other rates same.
3.25% 24-Month CD & 2.65% 12-Month CD at Bank of Illinois
Bank of Illinois is offering competitive rates on its two of its CDs: a 2.65% APY 12-month CD and a 3.25% APY 24-month CD. Minimum deposit is $500. The early withdrawal penalty is a little less harsh than average: 60 days of interest for the one year and 90 days for the two year. These rates are listed at the bank's CD rate table as of 4/14/09.

The bank continues to offer a high-interest reward checking account. I first reported on this in May 2007 when the rate was 5.50% APY...

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5.10% 9-Month CD at an Illinois Bank (Bank of Illinois).
Bank of Illinois is offering a special 5.10% APY 9-month certificate of deposit. The minimum deposit is $2,500.

The bank also offers a 5.50% APY reward checking account. I first reported on this checking account in this May 2007 post. The 5.50% yield is still holding.

Branches are located in Normal and Bloomington, Illinois. Bank of Illinois is FDIC insured (FDIC Certificate # 9268).

Thanks to the reader who emailed me info on this bank.





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