Savings Account with 3.50% Guaranteed to 3/31/09 at a Chicago Bank (First Nations)


First Nations Bank is having a pre-opening branch special with a 3.50% APY passbook savings account. The 3.50% yield is guaranteed to 3/31/2009. The minimum opening deposit is $500, and it must be opened by May 1, 2008 with funds not on deposit with First Nations Bank.

This special isn't listed at the bank's website. A reader sent me a scan of the newspaper ad. The scan of the ad is available here. One important detail in the ad is the statement "Limited Time Offer For Our Neighbors in the Gladstone Park Area." So if you live outside this Chicago area, you may not qualify. At the bottom of the ad, instructions state: "To open your new Promotional Passbook Savings Account, please bring this ad to: 7757 W. Devon Avenue Chicago, IL 60631 (773) 594-5900." Before driving to that office, I recommend calling and verifying that you would be eligible and if a printout of the ad would be adequate (if you don't have a newspaper copy).

The Statement Savings Account requires a $100 balance to avoid a $5/month maintenance fee. It includes online banking and an ATM card. The standard interest rate is very low at 0.25%. So it may not be a good long term account, but a liquid account with a rate guaranteed to stay at 3.50% for almost a year can be very nice especially when rates may continue to fall and stay low for some time to come.

The bank has been FDIC insured since 1976 (FDIC Certificate # 22282)

Thanks to the reader who emailed me the scan of this ad.
Related Pages: First Nations Bank, Chicago, savings account