Bridgeview Bank is being acquired by First Midwest Bank. As part of this acquisition these penny wise accounts will become statement savings accounts and earn 0.02% APY. This is due to happen on May 13th. If you are using this account it would make sense to move funds into a high yield savings account after this change. Hat tip to reader Alex F
Limit is now $3,000 again
Limit is now $5,000 instead of $3,000. Thanks to reader Alexander F for letting us know.
They also have a checking bonus for $175 you might want to consider at the same time.
Offer at a glance
- Interest Rate: 5% APY
- Minimum Balance: None
- Maximum Balance: $3,000 for 5% APY, balances $3,000-$10,000 earn 0.50% APY
- Availability:Â Illinois only, in branch only [Branch locations]
- Direct deposit required: No
- Additional requirements: None
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees: None
- Insured: FDIC
The Offer
- Bridgeview Bank is offering a 5% APY interest rate on balances up to $3,000 on their Penny Wise account. There are no requirements to earn this 5% rate. Â The catch is that only coin deposits are allowed (and no rolled coins).
The Fine Print
- Consumer accounts and new money only.
- Coin-only deposits are permitted.
- No rolled coins, cash, check, or electronic deposits are allowed.
- Withdrawal Limitations: 6 free per month $3.00 per withdrawal thereafter.
- Annual Percentage Yield (APY) for Pennywise Savings is 5.00% for balances up to $5,000.00; 0.50% for balances $5,000.01 – $10,000.00; and 0.10% for $10,000.01 and above. APY is accurate as of 1/15/17. Your interest rate and APY may change at any time.
- Interest will be compounded and credited to your account every month.
- If you close your account before interest is credited, you will not receive the accrued interest. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
- Offer not available to those who have closed savings or money market accounts within 90 days. Fees may reduce earnings. Offer subject to change, is non-transferable, and cannot be combined with any other offer. Account opening is subject to approval.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
5% APY account with no requirements is great. Having to deposit coins only is a nightmare, especially when they don’t allow rolled coins at all. Reader Curmudgeon (who sent this offer in) suggests this possible solution:
- Order $5,000 in quarters from a bank you don’t like
- Break them open into a burlap sack
- Haul it over to Bridgeview bank
I think this is a stupid promotion by Bridgeview, I hope they have good machines to count coins because this just seems like a nightmare for their bankers perspective. If you can be bothered maxing out the account then it’s obviously an awesome interest rate. View other high interest rate accounts by clicking here.
