Banking » Compare Banks » Best Banks In Illinois For 2023
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Best Banks In Illinois For 2023

Seeking interest-focused checking, excellent deposit rates, or abundant branches? Our Illinois bank picks have you covered.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

If you live in Illinois and need a bank that suits you best, you probably know there are many options out there. You can choose from small local banks to bigger ones that cover larger regions or national ones. And don't forget the ease of online banks, which are also available.

We considered several factors while making our selection. These include the number of physical branches they have, the variety of products they offer, the interest rates they provide for deposits, the quality of their online banking services, and how well they take care of their customers.

Best Illinois Regional And Community Banks

In Illinois, you've got a lot of different community and regional banks to pick from. We took a close look at some of them, and here are the ones that really stood out to us:

BMO Bank

bmo bank logo
bmo bank logo

BMO Bank

Checking Fees

$0 – $25

Money Market APY

1.00%

Savings APY

0.01%

CDs APY

0.05% – 4.50%

BMO Bank, previously known as BMO Harris, is a conventional retail bank catering to clients seeking a comprehensive range of personal banking solutions. Operating with a network of over 160 branches spread across 90 cities in Illinois, their services are incredibly accessible and convenient.

The bank distinguishes itself with its low fees, which are easily avoidable, and a variety of debit card options for customers to choose from. Notably, BMO maintains a low minimum opening balance requirement for both checking and savings accounts. Additionally, the bank offers a global presence and provides FDIC insurance for added security.

While BMO excels in providing a full suite of services, some of its deposit products may not be particularly noteworthy. Opening an account is hassle-free, with the option to complete the process online in just three simple steps or by visiting the nearest BMO bank branch

Fifth Third Bank

Fifth Third Bank logo
Fifth Third Bank logo

Fifth Third Bank

Checking Fees

$0 – $25

Money Market APY

0.01%

Savings APY

0.01%

CDs APY

0.01% – 5.00%

Fifth Third Bank is a regional financial institution that serves customers in Illinois. They have a strong presence in 80 cities, with nearly 150 branches in the state. The bank offers various checking and savings accounts, as well as lending products, credit cards, mortgages, lines of credit, and investing options.

They also provide a money market account and offer a range of CD terms for those who want to save and grow their money.  Another advantage of banking with Fifth Third is that they have low minimum deposit requirements for their accounts, and they offer access to a wide network of fee-free ATMs.

However, if you're looking for banks with the highest interest rates, you might want to check out other options. Also, it's worth noting that their customer service representatives may not be available 24/7, but they're still reachable even on weekends.

Huntington Bank

Huntington Bank logo
Huntington Bank logo

Huntington Bank

Checking Fees

$0 – $25

Money Market APY

4.49% / 4.59% / 4.70%

Savings APY

0.01% – 0.06%

CDs APY

4.34% – 5.39%

Huntington Bank is a prominent regional financial institution in Illinois, boasting an extensive network of 120 branches spread across 70 cities.

One of its key strengths lies in offering a basic checking account devoid of fees. Notably, the bank's 24-hour grace period on overdrafts offers a safety net for customers who accidentally overdraw their accounts, earning praise for its customer-centric approach. Huntington  also offers decent rates on money market accounts and specific CDs.

However, it is essential to be mindful of certain limitations. Huntington's interest rates on accounts are comparatively low, potentially impacting earnings on deposited funds. Additionally, some of their interest-bearing checking accounts mandate high minimum balances, which may pose challenges for individuals with limited funds seeking such options.

Best Illinois National Banks

We took a close look at some of the best banks in Illinois. We carefully studied and compared several important things about them.

We checked how many branches they have and where they are located. We also looked at the different products they offer. One thing we paid extra attention to was how well their deposit rates are, especially for CDs when compared to regular savings accounts.

U.S. Bank

us-bank-logo
us-bank-logo

U.S. Bank

Checking Fees

$4.95 – $6.95

Checking Promotion

Up to $500 Minimum deposit of Earn up to $500 by opening a new U.S. Bank Smartly® Checking account and Complete two or more direct deposits. Your bonus is determined by the total amount of your direct deposits: earn $300 when your direct deposits total $5,000 to $9,999 OR earn $500 when your direct deposits total $10,000 or more. needed. Expired on 09/06/2023

Savings APY

0.01%

CDs APY

0.05% – 4.90%

U.S. Bank has many products and services for you to choose from, like checking and savings accounts, a money market account, and CDs. They have more than 150 branches in Illinois spread across 100 cities. The bank has a wide network of ATMs, making it convenient for customers to access cash. They offer various checking account options to suit different needs.

If you want to grow your savings, they have a promotional CD with attractive high-rate choices. Their mobile app is highly rated by both iPhone and Android users, showing that it is easy to use and efficient.

However, there are some downsides. The interest rates on savings, CDs, and money market accounts are relatively low, which means customers may earn less from their savings. Also, not all checking accounts provide fee-free ATM withdrawals and overdraft protection, so there may be additional charges for account holders.

Bank Of America

Bank_of_America
Bank_of_America

Bank Of America

Checking Fees

$0 – $25

Checking Promotion

$100 $1,000 or more in direct deposits within 90 days is required. Promotion expired on 08/31/2023

Savings APY

0.01% – 0.04%

CDs APY

0.03% – 5.00%

Bank of America is a big US bank that offers lots of financial services like checking and savings accounts, credit cards, mortgages, loans, investments, and wealth management. They have over 110 branches in Illinois spread across 60 cities, so finding a branch is easy.

The bank has many branches, making it convenient for customers, and they also have user-friendly online and mobile banking for easy transactions. Bank of America credit card rewards programs are attractive to cardholders.

However, there are some downsides. Bank of America charges fees, which might not suit those looking for fee-free options. They have improved customer service, but some people still face occasional issues with responsiveness and support. Also, their interest rates on savings accounts and certain loans might not be the best.

Overall, Bank of America is a good choice if you can meet the requirements to avoid fees, need various financial products, and are interested in mortgage services.

Chase Bank

Chase_logo
Chase_logo

Chase Bank

Checking Fees

$0 – $35

Checking Promotion

$200 (Chase Total Checking) Expired on 01/24/2024

Savings APY

0.01% – 0.02%

CDs APY

3.00% – 5.00%

Chase Bank has lots of banking services for different needs, like checking accounts, savings accounts, credit cards, loans, investments, and business banking. They have over 250 branches in 120 cities in Illinois, which makes it easy to use their services.

The bank is great because it has many branches and ATMs, so you can get your money easily. They also have many credit cards to choose from.

But, there are some things to think about. Some of their accounts have high monthly fees, so you need to be careful. Also, their savings account and CD rates might not be the best compared to other banks.

Best Illinois Online Banks

When we searched for online banks in Illinois, we mainly checked their savings and CD rates. We also wanted to see if they have other services like checking accounts, loans, credit cards, and mortgages

Upgrade

UpgradeLogo
UpgradeLogo

Upgrade

Checking Fees

$0

Checking Promotion

$200 $200 welcome bonus when you start using a new Rewards Checking account and make 3 purchases with Upgrade OneCard

Savings APY

5.07%

CDs APY

N/A

Upgrade is a fintech company in the banking industry, offering a range of financial products such as checking, savings, and credit cards. Although not a bank itself, it partners with Cross River Bank to provide accounts and FDIC insurance, ensuring customers' funds are protected.

For those seeking free checking and cash back on debit card purchases, Upgrade presents a viable choice. They also offer competitive interest rates on high-yield savings accounts, making it an attractive option for savers. Furthermore, customers benefit from no monthly fees, ATM fee rebates, and extended phone customer service hours, enhancing the overall banking experience.

However, there are some limitations to consider. Upgrade lacks an overdraft protection program, and cash deposits and branch access are not available, which may be inconvenient for certain customers.

Ally Bank

ally bank
ally bank

Ally Bank

Checking Fees

$0

Checking Promotion

N/A

Savings APY

4.25%

CDs APY

3.00% – 5.15%

Ally Bank is a well-known online banking institution that offers a wide range of financial products to its customers. They have checking accounts, savings accounts, CDs, IRAs, mortgages, and auto loans. One great thing about Ally is that most of their accounts don't have any monthly fees, which is a money-saving benefit for their clients.

Ally Bank savings rates are very competitive as well a their CD rates. They also have convenient features like 24/7 customer service, mobile banking, and online bill payment, making managing finances easier for their customers.

However, it's important to mention that Ally Bank doesn't have physical branches because it operates online, which might not be suitable for people who prefer in-person banking. Moreover, when compared to traditional banks with physical locations, Ally might not offer the same variety of services.

FAQs

As of 2023, Chase Bank, BMO Bank, and U.S. Bank maintain the highest number of branches in Illinois, boasting over 150 branches each.

The perfect Illinois bank for you depends on what you prioritize – in-person service, savings options, or no-fee checking accounts. Discover our recommended banks above, each with its unique advantages.

In Illinois, the best CD rates change with different terms. Some banks offer the best rates for 2 year, while others have the best rates for 9 months. Take a look at our recommended Illinois banks for high CD rates and compare them with credit unions.

It's not easy to find the best savings rates, but in Illinois, a few banks and credit unions stand out. Discover some of the top options for high savings rates in Illinois for 2023.

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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