About a year ago, Providence Bank & Trust (Providence B&T) added a new rewards checking account, Achieve More Banking, earning 2.75% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.11% APY, with non-qualifying balances earning 0.03% APY.
|2.75*%||-||$15k||Providence Bank & Trust||Achieve More Banking|
|OTHER TIERS: 0.11% → $15k+|
The monthly qualification requirements include,
- At least 15 signature-based debit card transaction (minimum $10 each)
- At least one ACH debit or credit transaction
- Receive electronic statements
There is $7.95 monthly maintenance fee that will be waived if the qualification requirements are met. The minimum opening deposit for a Achieve More Banking account is $100. Unlimited check writing is available and a free debit card will be issued following account opening. ATM fees are not reimbursed, but Providence B&T belongs to the ALLpoint Network, providing access to more than 50,000 surcharge-free ATMs. There is a limit of one Achieve More Banking account per individual customer, and it may not be used as a commercial account.
Headquartered in South Holland, Illinois, Providence Bank & Trust has a brick-and-mortar presence in the greater Chicago metropolitan area and in Lake County, Indiana. According to the online application, “Deposit accounts are available to Illinois and Indiana residents in the following counties: Lake, Cook, Will, DuPage, Porter, LaPorte, and Lake (Indiana).”
Opening an Achieve More Banking account can be done online, or by appointment at any of 14 Illinois branches located in Bellwood, Chicago (4), Cicero, Frankfort, Oak Lawn, Orland Park, Palos Heights, Shorewood, South Holland, Villa Park, and Wheaton. There are also three Indiana branches located in Dyer, Munster, and Schererville, which are also by appointment only.
Providence Bank & Trust has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.79% (excellent) based on December 31, 2020 data. In the past year, Providence B&T has increased its total non-brokered deposits by $181.38 million, an excellent annual growth rate of 21.18%. Please refer to our financial overview of Providence Bank & Trust (FDIC Certificate # 57754) for more details.
Established in 2004, the original Providence Bank, LLC, was a de novo bank with 14 employees. The Providence Bank & Trust rebrand occurred in 2014, following the acquisition of First Choice Bank and Green Choice Bank. In early 2019, Urban Partnership Bank, a Chicago-based bank with six branches, was acquired, with total consolidated assets exceeding $1 billion. Currently the 50th largest bank headquartered in Illinois, Providence Bank & Trust was ranked a top 3 best-performing U.S. community bank of 2019 under $3B in assets by S & P Global Market Intelligence Small Business Award for Financial Services.
How Achieve More Banking Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the market area and have maximum qualifying balances of at least $15k, Providence Bank & Trust’s Achieve More Banking APY currently ranks fourth.
|Interest Rate||Account Name||Credit Union/Bank|
|3.30% APY||Vertical Checking ($20k max)||Evansville Teachers Federal Credit Union|
|3.01% APY||VIP Checking Platinum Tier ($15k max)||Market USA Federal Credit Union|
|3.00% APY||Shield Checking ($15k max)||INOVA Federal Credit Union|
|2.75% APY||Achieve More Checking ($15k max)||Providence Bank & Trust|
The above information and rates are accurate as of 3/25/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.