[IL only] Bridgeview Bank 5% APY On Balances Up To $3,000 (Coin Deposits Only) – No Requirements [Ending May 13th, 2019]

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: Illinois only, in branch only [Branch locations]
  • Direct deposit required: No
  • Additional requirements: None
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to 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.  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.
    William Charles
  • On April 9, 2019, 21:55

View Comments (40)

  • What a shame to see the pennywise account being taken away from customers w first midwest taking over.first midwest is simply bad for consumers just another chain bank wanting to offer near 0% rates,did call branch to confirm discontinuation

    • Agree. I will be closing it after the conversion. Actually might do it before then. No point in 'moving over'

      • I will be closing this week, before the conversion. I dont want to miss out on future bank bonus opportunities for "new members without an account in past 12 month" standard language with 1st Midwest if the opportunity arises.

  • Bridgeview bank is merging into First Midwest Bank. I don't know how this affects this account other than "Penny Wise Savings" will be converted to a "Statement Savings" account. I hope the rate stays the same.

  • So i've done this in fits and starts every time I pass through chicago and have a few hours to kill between flights. Stop by chase and get cash out of the ATM. Ask thr banker to change for coins, dollars if they have it but quarters if they don't. Haul it over to bridgeview next door or down the block depending on the branch and only once did they let me deposit rolled coins. It was a sealed case of quarters straight from the banks vendor. The rest had to be broken down out of their rolls right there in front of the teller. I got some odd looks from other customers lol.

    Overall though not bad, good interest every month. Though I did have a run in with 2 cops who happened to be walking on the street and wondered why I was hauling multiple boxes of coins around after stepping out of a chase.haha.

  • I have had this account (for my little one) for several years now.

    The point of this type of account is educational. To teach kids how interest works and to show them how to save money. They even give you a semi-transparent blue piggy with the bank logo.

    We have accumulated close to $900, but I have to admit that I do 'cheat' sometimes and get a roll of quarters from the bank or the grocery store from time to time. The largest deposit I made was a piggy which was 'full to the brim' and it was like $97 total.

  • FYI the limit on this account is now $5K instead of $3K according to the bank's home page. This makes it a significantly better deal IMO.

  • Forgive me if I missed this, but does every deposit have to be coins, or only the opening deposit?

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