Banking » Savings » 7 High Yield Savings Accounts In Illinois
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7 High Yield Savings Accounts In Illinois

Seeking a competitive savings account in Illinois? Check out our handpicked collection of the best options in the city
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: June 3, 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: June 3, 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.

For individuals residing in Illinois who are currently seeking an optimal savings account, a wide array of options is available for your consideration. In order to aid you in reaching an informed decision, we have compiled a decent list of some of the most exceptional choices accessible in Illinois.

These accounts are specifically designed to cater to diverse savings objectives, such as financing home improvements, funding your children's education, or accumulating funds for a down payment on a new property. They boast highly competitive interest rates, low or no fees, and convenient features.

Laurel Road High Yield Savings

Laurel road logo svg
Laurel road logo svg

Laurel Road High Yield Savings

Savings APY

5.15%

Minimum Deposit

$0

Promotion

None

Fees

$0

Laurel Road High Yield Savings is also available in Illinois and offers a great interest rate of 5.15% APY without any minimum deposit or monthly fees.

You can deposit money into the account in various ways, like transfers, wire transfers, direct deposits, mobile check deposits, or even sending checks through the mail. And don't worry; your money is protected because the FDIC insures the account.

Originally, Laurel Road focused on student loans, but now they provide other online banking services too, like savings and checking accounts, personal loans, and mortgages. In 2019, KeyBank acquired Laurel Road, so now their banking services are available all across the country.

Ally High-Yield Savings Account

ally bank
ally bank

Ally High-Yield Savings Account

Savings APY

4.2%

Minimum Deposit

$0

Promotion

None

Fees

$0

Customers residing in Illinois can benefit from the Ally High-Yield savings account, which presents a range of appealing features. Firstly, it offers a high APY of 4.2%, making it an extremely rewarding option for saving money.

Secondly, there are no monthly maintenance fees, ensuring that your savings are not diminished by additional charges. Additionally, no minimum balance requirements allow you to earn interest regardless of your account balance.

The account comes with 24/7 customer support, ensuring you can access assistance whenever needed. Ally also offers savings organization tools, enabling you to categorize your savings goals within a single account.

The “Round Ups” feature automatically transfers funds from your Interest Checking account to the High-Yield Savings Account when your transactions are rounded to the nearest dollar.

CIT Bank Platinum Savings

CIT-Bank-Logo
CIT-Bank-Logo

CIT Bank Platinum Savings

APY Savings

Up to 5.00%

Minimum Deposit

$5,000

Promotion

None

Fees

$0

The CIT Platinum Savings account is open to Illinois residents and offers one of the best interest rates in the market. To enjoy this great rate, you need to keep at least $5,000 in your account. If your balance drops below that amount, the interest rate will go down to 0.25%.

Compared to other popular online savings accounts, this rate is really competitive. The best part is that you don't have to worry about any monthly fees for this account. You can also manage it easily using the CIT Bank app. You can check your balance, transfer money, and even deposit checks with just a few taps on your phone.

Just so you know, CIT Bank is a part of First-Citizens Bank & Trust Company.

Ivy Bank High Yield Savings

Ivy Bank
Ivy Bank

Ivy Bank High Yield Savings

APY Savings

5.30%

Minimum Deposit

$2,500

Promotion

None

Fees

$0

The high-yield savings account offered by Ivy Bank provides Illinois residents a highly competitive interest rate of 5.30%, as of July 2024. This rate surpasses even the top savings accounts available in the market. While the minimum deposit required may not be exceptionally low, it remains reasonable for most customers.

Customers can use eTransfer, domestic wire transfer, or request a Treasurer's Check for withdrawals from the Ivy Bank Savings account. Similar to transfers, withdrawals can only be made payable to one or more account owners.

Ivy Bank operates as a division of Cambridge Savings Bank, a well-established Massachusetts state-chartered bank and Member FDIC, serving customers since 1834. With assets exceeding $6 billion, Ivy Bank was established to offer customers the same level of service nationwide.

LendingClub High-Yield Savings

lendingclub_logo svg
lendingclub_logo svg

LendingClub High-Yield Savings

APY Savings

5.00%

Minimum Deposit

$100

Promotion

None

Fees

$0

The Lending Club Savings account offers a favorable choice for residents of Illinois seeking to save money. It provides a competitive interest rate on savings, surpassing the offerings of most banks. Currently, you can earn 5.00% on all deposited funds. Additionally, there are no monthly fees and no minimum balance requirements after an initial deposit of $100.

Moreover, the account includes a convenient card that grants access to ATMs. By utilizing MoneyPass and SUM machines, you can withdraw cash without incurring ATM fees. However, please be aware that some ATM owners may charge a fee.

All banking activities, including account management, check deposits through mobile devices, and bill payments, can be conveniently performed online or through the mobile app.

Citi Accelerate Savings

citi logo
citi logo

Citi Accelerate Savings

Savings APY

4.45%

Minimum Deposit

$0

Promotion

$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023

Fees

$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period

The Citi Accelerate Savings account is recommended for Illinois residents who prefer traditional banking services. This account is part of Citi's comprehensive banking packages, which offer a wide range of services including banking, lending, and investment options. If you're seeking an all-in-one solution, the Citi Accelerate account could be a suitable choice for your financial needs.

Although the 4.45% APY is slightly lower than that of top online savings accounts, it remains competitive. Additionally, this account provides the convenience of setting up automated transfers from a linked checking account, making saving effortless.

By linking this account to a Citi checking account, you can also enjoy the benefits of overdraft protection. Furthermore, depending on your deposit, you may be eligible for a bonus.

CIBC Bank USA Agility Savings

CIBC Bank USA logo
CIBC Bank USA logo

CIBC Bank USA Agility Savings

APY Savings

4.52%

Minimum Deposit

$1,000

Promotion

None

Fees

$0

The CIBC Agility Savings Account presents an array of enticing features tailored to cater specifically to Illinois customers, rendering it an exceedingly alluring choice for augmenting your savings.

In order to initiate an Agility Savings Account, it is mandatory to make an initial deposit of no less than $1,000. Additionally, rest assured that there are no monthly charges imposed for account maintenance.

It is pertinent to note that CIBC strictly limits the online opening of personal money market and savings accounts to residents residing in specific counties across the four Midwest states.

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CD Rate: 5.00% – 5.20% APY
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Savings Rate: 5.21% APY
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Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
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The product offers that appear on this site are from companies from which this website receives compensation.

Could You Find Better Savings Account In Illinois?

Of course, you can. The savings account I mentioned earlier is just one example of the many account options you can find in Illinois and all over the country. Many banks and credit unions have a bunch of choices for people who want accounts like these.

When you're getting ready to open a savings account, it's a good idea to check out the interest rates and consider other important things. If you already have a bank account, you might want to ask if they have any special deals or rewards.

Those top-tier savings accounts I discussed are some of the best ones you can get. They have really good interest rates and usually don't charge you every month. Each account has different stuff that's good for different kinds of savers.

These options can be helpful for all sorts of people, like young folks, families who want things to be easy, and people who like banking online instead of going to an actual bank branch.

Choosing A New Savings Account: Factors To Consider

When selecting a new savings account, there are essential considerations to ponder beyond mere interest rates and minimum deposits:

  • Reputation and customer feedback: Read reviews from other customers to evaluate the bank's reliability, quality of customer service, and overall satisfaction of their services.
  • Quality of customer service: Verify if the bank provides helpful customer support through phone, email, or live chat, in case you require assistance.
  • Available online banking features: Look for features like mobile banking, bill payment, and budgeting tools, which can enhance your banking experience and simplify money management.
  • Accessibility of funds: Ensure that the online bank offers convenient methods to withdraw your money, such as online transfers or ATM access.
  • Account connectivity: If you hold accounts with other banks, check if you can link them to this online bank for seamless transfers and consolidated financial tracking.

Best Savings Accounts In Illinois: Ranking Methodology

The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Illinois. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:

  1. Rates And Terms (40%): We examined the savings rates offered by Illinois-based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
  2. Savings Account Features (30%): This category assessed the range of features tailored to Illinois savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Illinois-centric options earned higher scores.
  3. Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Illinois customers. Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
  4. Bank Reputation (10%): We considered the reputation of each Illinois-based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Illinois customers received higher scores.

Savings Accounts Reviews

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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