Valley Community Bank is offering a savings account with a rate of 3.51% APY for balances of $100,000 or more. Balances under $100,000 only earn 0.25%. These rates are listed in the bank’s rate table as of 3/05/09.

Minimum initial deposit is $50, and a minimum balance of $100 is maintained, or else there is a $4 monthly fee.  Nine free withdrawals per quarter are allowed. One big downside is that interest is only credited quarterly.

The bank also offers a reward checking account which currently has a top rate of 4.01% APY on balances up to $100,000 (as of 3/08/09).

Valley Community Bank branches are located in several cities in the western suburbs of Chicago, Illinois.