Banking » Compare Banks » Best Banks In Illinois For 2024
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Best Banks In Illinois For 2024

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.  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.
Interest Rates Last Update: April 15, 2024
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.  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.
Interest Rates Last Update: April 15, 2024

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:

Huntington Bank

Huntington Bank logo
Huntington Bank logo

Huntington Bank

Checking Fees

$0 – $25

Money Market APY

Up to 4.49% / Up to 4.59% / Up to 4.70%

Savings APY

0.01% – 0.06%

CDs APY

0.05% – 5.13%

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.

Huntington Bank checking features
Huntington Bank checking features (Screenshot from Huntington Bank)

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.

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% – 5.20%

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. Customers can also create savings goals:

CREATE SAVINGS GOAL
Fifth Third allow users to set savings goals (Screenshot from Fifth Third app)

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.

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

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PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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% – 0.25%

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

$200 Requirements to Receive the $200 Online Only Offer Bonus: (1) Open a new Bank of America Advantage Banking account online using offer code TWA200CIS by January 31, 2024, to be enrolled in this offer. (2) Set up and receive Qualifying Direct Deposits totaling $2,000 or more into that Bank of America Advantage Banking account within ninety (90) days of account opening. is required. Promotion expired on 01/31/2024

Savings APY

0.01% – 0.04%

CDs APY

0.05% – 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.

BofA set an appointment with specialist
(Screenshot from Bank Of America app)

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

$300 (Chase Total Checking) Expired on 7/24/2024

Savings APY

0.01%

CDs APY

3.00% – 4.75%

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

5.21%

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.

 

Upgrade Premier Savings Overview
Upgrade Premier Savings Overview (Screenshot taken by our team from Upgrade app, rates may not be updated)

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% – 4.50%

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.

Ally savings dashboard
Ally savings dashboard and activities (Screenshot taken by our team from Ally app)

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 2024, 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 2024.

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How We Picked The Best Bank In Illinois: Methodology

The Smart Investor team conducted an extensive review to identify the best banks in Illinois. We assessed them based on four main categories, each with specific features:

  1. Financial Products and Services (40%): We evaluated the range and quality of financial products and services offered by each bank, including checking accounts, savings accounts, CDs, loans, credit cards, and investment options. Banks offering a diverse array of financial products with competitive rates and terms received higher ratings in this category.
  2. Banking Features and Tools (30%): This category assessed the availability and functionality of banking features and tools, such as transfer options, the ability to set savings goals, account linking capabilities, mobile app usability, check deposit options, and other features important for banks. Banks offering a comprehensive suite of features and user-friendly tools earned higher scores.
  3. Customer Experience (20%): We closely examined the overall customer experience, including the ease of account opening, communication with customer service representatives, the usability of online banking platforms and mobile apps, and the responsiveness of customer support. Banks with user-friendly interfaces, efficient digital banking tools, and responsive customer service received higher ratings.
  4. Bank Reputation (10%): Our team analyzed each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and any notable awards or recognitions received. Banks with positive reputations and a history of providing excellent service to customers in Illinois received higher ratings.

Within each category, we assigned weights to various features and qualities to ensure a comprehensive evaluation of each bank.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  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.
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UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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