Competitive Reward Checking Accounts at Cole Taylor Bank - Illinois Only

POSTED ON BY

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.

Availability

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.

Bank Overview

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.

Comments
Top Long-Term CD Rates at Cole Taylor Bank in Illinois

Cole Taylor Bank just made some big rate increases on its long-term CDs. Its 3-, 4- and 5-year CD rates are now very competitive. The standard 4-year and 5-year CD rate is 2.00% APY. The standard 3-year CD rate is 1.75% APY. Minimum deposit is $1,000. There's also a promotional 5-year CD rate of 2.00% APY. Minimum deposit is $10,000, and new money is required. It's strange that the standard 5-year rate is the same as the promo rate. Perhaps this promo rate will last longer. These rates are listed...

Continue Reading
Top Rate on Interest Checking Account at Cole Taylor Bank - Illinois Only

Cole Taylor Bank is offering a checking account called Wealth Builders Interest Checking with competitive rates. It's a little like a reward checking account in that there are some requirements to qualify for the premium rate, but the requirements are much less. Also, the balance cap is much higher. The downside is the premium rate is much lower. However, it's still very competitive as compared to internet savings accounts.

The account details are listed at the bank's special Wealth Builder page. The premium rate is 1.15% APY for balances up to...

Continue Reading
4.30% 15-Month / 4.00% 7-Month CD at a Chicago Bank (Cole Taylor)
Update 8/16/08: The 15-month CD special yield has fallen from 4.40% to 4.30% APY. The title has been modified to reflect this change.

Cole Taylor Bank has again increased some of its promotional CD rates. The special 15-month CD yield increased from 4.10% to 4.40% APY. There's also a special 24-month CD with a yield of 4.50% APY and a special 7-month CD with a yield of 4.00% APY. The other special CDs have the same rates that I reported in my last post in July: 5.25% APY 60-month, 4.75%...

Continue Reading
5.15% 60-Month CD at a Chicago Bank (Cole Taylor)
Update 8/23/08: The CD yields have fallen. New yields are 5.15% APY for 60-month and 4.30% APY for 15-month. The title has been modified to reflect this change.
Update 8/08/08: The yield on the 15-month CD special has gone up from 4.10% to 4.40% APY.

Cole Taylor Bank has again increased the rates on some of its CD promotions. The latest new rates include a 5.25% APY 60-month CD and a 4.10% APY 15-month CD. It's also offering other competitive rates that I first mentioned in this July 14th post: 4.00% APY...


Continue Reading
4.00% 11-Month / 4.75% 36-Month CD at a Chicago Bank (Cole Taylor)
Update 7/19/08: The 36-month CD yield has fallen from 5% to 4.75% APY. The title has been modified to reflect this change.

Cole Taylor Bank has increased rates on its CD promotions. The latest promotions include a 4.00% APY 11-month CD, a 4.10% APY 15-month CD, a 5.00% APY 36-month CD and a 5.10% APY 60-month CD. The minimum deposit is $10,000, and new money is required.

My last report on this bank was in June when 11-month CD was at 3.75% and the 15-month was at 4%.

It appears a branch visit...





Continue Reading

More Past Offers