West Town B&T (IL/NC) Offers 1-Year Guaranteed APY On Checking


Deal Summary: Personal Classic Checking Account, 1.50% APY on all balances, rate guarantee for one year following account opening

Availability: Market area includes the greater Chicago metropolitan area and Eastern North Carolina.

West Town Bank & Trust (West Town B&T) has added a Personal Classic Checking account that earns 1.50% APY, which is guaranteed for one year following account opening.

The requirements to qualify for the 1.50% APY are few and easily fulfilled:

  • Minimum balance of $100 to open the account and earn the 1.50% APY.
  • At least one recurring monthly Direct Deposit (must be within 30 days of account opening).
  • Opening deposit (minimum $100) must be new money, but subsequent deposits do not.

There is a $10 monthly service fee that can be waived by maintaining a minimum $2.5k balance. If the $2.5k minimum balance is maintained, an unlimited amount of monthly checks is permitted, but there will be a charge of 10¢ per check over 25, if the $2.5k balance is not maintained.


Headquartered in North Riverside, Illinois (Cook County), West Town Bank & Trust’s market area is Chicago and Eastern North Carolina.

Opening a Personal Classic Checking account must be done in person at any of two suburban Chicago branches, located in North Riverside and Cicero, and the two North Carolina branches, located in Edenton and Winterville, which operate as Albemarle Bank & Trust, A West Town Bank.

Bank Overview

West Town Bank & Trust has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 14.33% (above average) based on December 31, 2016 data. In the past year, West Town B&T has increased its total deposits by $19.77 million, an excellent annual growth rate of 11.45%. Please refer to our financial overview of West Town Bank & Trust (FDIC Certificate # 28151) for more details.

West Town Bank & Trust was established in 1922 as the West Town Savings and Loan Association located in Cicero, Illinois. The Bank remained a Savings and Loan for 70 years, and in 1992 was changed to a mutual savings bank and re-branded as West Town Savings Bank. In 2009, the Bank was recapitalized through the efforts of a group of investors from North Carolina, and two new branches were opened, and operated as Albemarle Bank & Trust, A West Town Bank. A February 2017 PR Newswire press release announced an upcoming merger to be completed in the 2nd or 3rd quarter.

West Town Bancorp, Inc., Raleigh, North Carolina ("West Town") (OTC: WTWB), parent company
of West Town Bank & Trust, North Riverside, Illinois ("WTBT"), and Sound Banking Company, Morehead City, North Carolina ("Sound Bank") (OTC: SNBN) jointly announced today that they have signed a definitive merger agreement pursuant to which Sound Bank will be merged with and into WTBT. Upon completion of the transaction, the combined bank will operate under the name "Sound Bank" from branch offices in both North Carolina and Illinois.

How the Person Classic Checking Account Compares

When compared to other Reward Checking Accounts (RCA) within the market area, the Personal Classic Checking Account’s APY isn’t that impressive, but the lack of balance cap makes up for the 1.50% APY. A better comparison would be to 1-year CDs, since the rate is guaranteed for one year following account opening.

Therefore, when compared to the 338 similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area, West Town Bank & Trust’s Personal Classic Checking APY currently equals that of Connexus Credit Union’s 12-month Certificate. Unlike the vast majority of 1-year CDs, the Personal Classic Checking only requires a $100 opening deposit, has no limit on the number of additional deposits or “withdrawals,” and has no stated balance cap. It’s one of the very few instances I can remember where you can have your cake (1.50% APY on all balances) and eat it (unlimited deposits/withdrawals) too.

The above rates are accurate as of 4/6/2017.

To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.

Top 7-Year CD Rate at West Town Savings Bank in Illinois

West Town Savings Bank is offering a 7-year CD and IRA CD with a 3.24% APY. Minimum deposit is $1,000. The bank used to offer a competitive 5-year CD, but that rate is currently only 2.12% APY. These rates are listed at the bank's rates page as of 1/6/2011.

For those looking for the highest CD rate, you'll need to go long. It used to be fairly easy to get at least 3% APY for 5-year terms, but now it's getting tough to find 7-year CDs with yields above 3%. The...

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Competitive Long-Term CDs at West Town Savings Bank in IL - Local Only

West Town Savings Bank is offering some competitive long-term CDs. The most competitive is a 4.06% APY 7-year CD. The 5-year CD is a little less competitive at 3.29% APY. Minimum deposit is $1,000, and these are also available in an IRA. These rates are listed at the bank's rates page as of 5/02/2010.

It appears that a branch visit is required to open an account. Branches are located in the Illinois cities of Cicero and North Riverside which are in the western suburbs of Chicago.

The bank's ratings for safety and...

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