Update 4/06/10: The top rate has fallen to 3.01% APY.
Devon Bank is offering a rewards checking account that offers the following rates if certain monthly requirements are met:
- 3.01% APY on balances up to $20,000
- 0.65% APY on balances over $20,000
- 0.15% base rate if qualifications are not met
The monthly requirements include:
- 10 debit card purchases (PIN or signature based)
- One direct deposit or ACH auto debit or online bill payment
- Receive e-statements
I can't find many details of this account on the bank's website. They have a flash-based presentation of the account on this page with the above details. One additional detail is that online bill pay is free. There's no mention of monthly fees or refunds of ATM surcharges. At the end of the presentation, it makes it appear you can apply by phone (866-683-3866) or at one of their branches.
Branches are located in Chicago, Glenview, Deerfield, Naperville and Wheeling. The bank has been FDIC insured since 1945 (FDIC Certificate # 13599).
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
03/27/10: 3.01% APY up to $20K; 0.65% over; 0.15% base
04/26/09: 4.15% APY up to $20K; 1.15% over; 0.15% base