Cole Taylor Bank has a reward checking account called Smart Earners Interest Checking. Unlike the typical reward checking account, this has a monthly fee unless a $500 minimum balance is maintained. On the plus side, it has some competitive rates. The following are the rates if certain monthly requirements are met as of 9/5/2012:
- 2.50% APY on balances up to $25,000
- 0.25% interest rate for portion of balance over $25,000
- 0.05% APY on all balances if requirements are not met
- ATM fee refunds of up to $20 per month
Below are the monthly requirements to qualify for the above rates:
- 12 signature-based debit card purchases
- direct deposit of payroll or other payment
- online banking enrollment plus eStatements
A minimum average daily ledger balance of $500 is required to avoid a $20 monthly service fee. Minimum balance required to open account is $100.
High-Interest Checking Accounts for Large Balances
Cole Taylor Bank has a high-interest checking account that may appeal to those who have large balances. It's called the Wealth Builders Interest Checking account, and I first reviewed in last year. As of 9/5/2012 it pays 1.26% APY for balances up to $500,000 if two requirements are met: 1) online banking enrollment plus eStatements, and 2) 3 online bill payments each month.
There's a link to an online application for these accounts at the bank's Smart Earners page and the bank's Wealth Builders page. Under these links it states that it's only available to Illinois residents.
Cole Taylor Bank branches are located in Chicago and in several parts of the Chicago metro area.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 17.28% (average) based on June 2012 data. Please refer to our financial overview of Cole Taylor Bank for more details. The bank has been a FDIC member since 1978 (FDIC Certificate # 22599).
How These Checking Accounts Compare
There highest reward checking rate that's nationally available for balances of at least $25K is 2.52% APY at ABCO Federal Credit Union.
For large balances, the highest rate is 1.25% APY at Bank of Internet USA. This applies to all balances.
These rates are accurate as of 9/5/2012.
Searching for Reward Checking Accounts
To find reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.