4.01% Reward Checking Account at Galena State Bank & Trust Co. in Illinois

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Update 4/02/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Galena State Bank & Trust is offering a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees up to $20 per month if the following monthly requirements are met:
  • 15 debit card signature-based transactions
  • one direct deposit
  • receive electronic statements
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements or monthly fees.

This bank is part of the same bank holding company that I mentioned in a previous post. Many of the banks in this holding company had been guaranteeing a 6.01% APY into 2009 and 2010.

According to the small print in the bank's checking page, it's not accepting accounts outside of its local service area. Branches are located in the Illinois cities of Galena and Stockton.

The bank has been FDIC insured since 1967 (FDIC Certificate # 19660).

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.

Rate History:
03/30/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required. Previously opened accounts still get 6.01% APY guaranteed through January 2010.
10/29/08: 6.01% APY; 1.51% over; 12/mo debit card purchases required

Edit 2/8/09: Automatic payment is no longer listed as an alternative to direct deposit.
Comments
BloggingBanks
BloggingBanks (anonymous)   |     |   Comment #1
Thanks for the heads up on these rewards checking accounts.

Keep up the good work!
Anonymous
Anonymous   |     |   Comment #2
Correct me, but I only see a requirement for direct deposit, no ACH debit (or payment).
Anonymous
Anonymous   |     |   Comment #3
Top two rates have dropped: 4.01% APY up to $25K; 1.01% over. Base rate remains same.
4.01% Reward Checking Account at an Illinois Bank (Riverside Community)
Update 4/04/09: The yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Riverside Community Bank has a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20 per cycle) if the following monthly requirements are met: 1) 15 signature-based debit card purchases, 2) one direct deposit and 3) electronic statements. If these are not met, the rate falls to 0.25%. The minimum opening deposit is $25. There are no monthly service...

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