Bank of Illinois (IL) is currently offering “VIP Elite Checking,” a rewards checking account. It has a 5.50% APY for balances up to $25K; a pretty high rate that seems even better than Washington Mutual’s Savings/Checking account deal.

In addition, ATM fees are refunded if you meet these requirements: 10 check card transactions, 1 direct deposit or recuring ACH, and opt for electronic statements. There are no minimum balances or monthly fees on the account. The minimum initial deposit is $50.

The Bank of Illinois is also offering for a limited time a promotional 5.30% APY 9-month CD with a minimum deposit of $500.

Bank Branches are located in Normal and Bloomington, Illinois. Bank of Illinois is FDIC insured. For more information, contact their main branch at 309 452-1186, or via their online contact form.