Expired - Reward Checking Account at a Chicago Bank (State Bank of Countryside)


Update 9/13/2011: It has been reported that the bank is ending this reward checking account effective 10/19/2011.

State Bank of Countryside has a reward checking account called Best Ever Checking that pays 3.58% APY on balances up to $25,000 (0.58% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH auto debit, and 3) receive electronic statements. If these are not met, the rate falls to 0.08%. There are no monthly service charges. The minimum opening deposit is $5, and a $5 minimum balance must be maintained.

It appears likely that they require a branch visit to open accounts. I've reported on many reward checking accounts from other Illinois banks, but this is the first that has offices in Chicago and its suburbs. The bank has been FDIC insured since 1975 (FDIC Certificate # 21952).

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Thanks to the FW member who posted on this reward checking account in this Fatwallet thread.

Rate History:
10/23/09: 3.58% APY up to $25K; 0.58% over; 0.08% base
09/01/09: 3.58% APY up to $25K
04/28/09: 4.08% APY up to $25K
04/13/08: 5.08% APY up to $25K; 1.08% over; 0.18% base
Related Pages: checking account, reward checking account

  |     |   Comment #1
Apparently there's a $50 opening bonus coupon in a local newspaper for State Bank of Countryside (the banker had a clipped coupon laying around and let me use it, forgot to ask which paper it was from). I didnt take a look at the coupon, but the banker said I needed a min $250 to open and there would be a $50 closing fee if I closed the account within 12 months. He applied the $50 bonus right away so I didnt have to wait days/weeks like other bank bonuses. The statement cycle starts the 3rd Wednesday of the month so transactions have to be posted a business day before that.
  |     |   Comment #2
do you know which paper it was?
  |     |   Comment #3
Their site says 4.08% now. They just changed it today (4/28) since I was planning on going over there today to open an account and the rate was 5.08% this morning.
  |     |   Comment #4
Dead.  Just got a letter that they are ending it as of October 19th.  They blamed it on the Durbin Amendment.

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