Update 9/8/10: The bank has suspended opening new accounts.
Suburban Bank & Trust is offering a high-yield reward checking account called SBT Rewards Checking. The account has the following rates and features if certain monthly requirements are met:
- 4.02% APY on balances up to $15,000
- 0.15% APY on portion of balance over $15,000
- 0.05% base rate if requirements are not met
- ATM fee refunds up to $20 per month
The monthly requirements include:
- 10 debit card purchases
- One direct deposit or auto debit
- Receive e-statements
Additional features of the account regardless of the monthly requirements include:
- $100 minimum initial deposit
- No monthly fees
- No minimum balance requirements
- Free online bill pay
There's an online application link at the bank's website and at its microwebsite. The application at the microwebsite states that you must visit a branch to complete the application process.
Branches are located throughout the Chicago metro area.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1971 (FDIC Certificate # 20443).
- 09/08/10: 4.02% APY up to $15K; 0.15% over; 0.05% base rate
- 01/25/10: 4.02% APY up to $25K; 1.01% over; 0.05% base rate