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[Please note: This page is part of the Chicago CD Rates archive. Most of these deals on this page are not current and no longer available. Please check the date of the post before getting too excited and driving to a bank an hour away. If you have any doubts whether the deal is available, contact the bank or credit union. For a list of more current rates, visit our homepage.]
4.00% Checking Account at BCU
BCU has a checking account with a great rate — and a few catches. BCU’s PowerChecking account is currently yielding 4.00% APY, better than almost money market or savings account you’re going to find. But a few caveats: The 4% yield is only available on the first $25,000 (it’s 1.00% APY for the portion of the balance about $25,000), the account must have direct deposit and e-statements, and complete a minimum of 10 “checking transactions” (including online bill pay, ACH deposit, ACH withdrawal, and signature-based debit transactions). Accounts not meeting all the requirements earn no interest. For someone paying a lot of bills online or making a lot of debit transactions, however, these requirements might be easy to make.
BCU is open to anyone who lives in Lake County (Illinois), DuPage County, McHenry County, Kane County, Cook County north of Route 58, the city of Schaumburg, or Kenosha County in Wisconsin. The best that I can tell, there are six area branches of BCU, listed below for your convenience:
- 415 South Main, Crystal Lake
- Lake Cook Road and Saunders Road, Deerfield
- 400 North Field Drive, Lake Forest
- 1485 Waukegan Road, McGaw Park
- West Belvidere Road and North Wilson Road, Round Lake
- 340 North Milwaukee Avenue, Vernon Hills
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