First American Bank in Elk Grove Village, Illinois, offers Everyday Rewards Checking with a below-average annual percentage yield and a middling balance cap. Bankrate’s 2016 High-Yield Checking Survey breaks down the returns you can get with each account and the hoops you’ll have to jump through to get them.

First American Bank
Notes: Everyday Rewards Checking: Available nationally. *15 transactions — a combination of debit card purchases and automatic payments — required each month. Balance above $15,000 yields 0.15%, if requirements are met. ATM fee refund: Up to $20 per month, if requirements are met. Monthly fee: $4.95 if requirements are not met.
Location Elk Grove Village, IL 
Is it offered nationwide? Yes
APY % 1%
Default APY 0.03%
Number of monthly debit transactions required 15*
Is bill pay or automatic withdrawal required? Yes*
Direct deposit required? No
E-statements required? No
Balance cap $15,000
APY above cap 0.15%

*See notes section for more details.

Bankrate.com canvassed banks, thrifts and credit unions Feb. 16-22, 2016, and displays data on 56 high-yield checking accounts.

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