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.
|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|
|Number of monthly debit transactions required||15*|
|Is bill pay or automatic withdrawal required?||Yes*|
|Direct deposit required?||No|
|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.