State Bank of The Lakes has a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds up to $20/cycle of ATM fees if the following monthly requirements are met:
12 Visa debit card purchases
one direct deposit or ACH debit
receive electronic statements
If these are not met, the rate falls to 0.15%. Minimum initial deposit is $100. There are no minimum balance requirements or monthly service fees. Multiple accounts can be opened, but requirements must be met for each account.
There's an online application, but it appears to require a branch visit to complete the application process. Branches are located in the Illinois cities of Antioch, Lindenhurst, Grayslake, Spring Grove and Lake Villa. The bank has been FDIC insured since 1934 (FDIC Certificate # 5744).
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: 05/01/08: 4.01% APY up to $25K; 1.01% over; 0.15% base rate
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