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And the reason??? DING DING DING DING DING… CD Rates suck at the moment. Stay tuned when the economy recovers.
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State Bank of Countryside has a Reward Checking Account yielding 5.08% APY. There are a number of catches: You must perform ten debit card transactions per cycle, have one direct deposit or ACH credit per cycle, and sign up for Internet banking with an online statement. In addition, the fine print says that you must log into Internet banking at least once every 60 days, and that there’s a $50 fee if you close the account in the first year. If your balance is higher than $25,000, you will only make 1.08% APY instead of 5.08%, and if you don’t meet all the requirements for the account, the base rate is 0.18% APY. Still, this might be a good account for people who use a debit card regularly regardless.
Also note this rate can change at any time.
State Bank of Countryside has six locations: one each in Burbank, Chicago, Countryside, Darien, Homer Glen, and Orland Park.
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CD Rates Chicago, is a website with information on the highest Illinois CD rates, money market rates, and savings rates, as well as other banking and financial steals and/or deals and information in the Chicago or surrounding area.
If you’ve seen any banking steals and/or deals that would be appropriate for us, please e-mail us at cdupdate@cdrateschicago.com. If you are a bank or a credit union, you can certainly send your best deals to us as well - if we think they need some attention, we’ll give them some.