Illinois is home to Chicago, one of the most populous cities in the U.S. But whether you live in Chicago, Joliet, Carbondale, or one of the many small towns in Illinois, there’s a bank for you.
The state is home to a wide range of bank branches, from large, national banks to small banks and credit unions. When you’re ready to shop banks in Illinois, there are several factors to consider.
10 Best Banks in Illinois
1. BMO Harris
Although BMO Harris is a regional bank, it’s headquartered in Chicago, so it has a heavy Illinois presence. The bank has been around since 1882 and has long been considered one of the best banks in Illinois.
In addition to branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin, BMO Harris also offers ATM access through the MoneyPass network. They have a checking account option with no monthly maintenance fees, as well as a robust mobile banking app to manage your account.
Fees:
- No monthly service fee
- $15 overdraft fee
Balance requirements:
- $25 opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at 40,000+ BMO Harris and MoneyPass ATMs nationwide
- $3 fee for out-of-network transactions
Interest on balance:
- 0.01% APY on savings
Additional perks:
- Spending habit analysis available in mobile app
- Competitive loan rates
2. U.S. Bank
Illinois residents looking for a national bank should check out U.S. Bank. U.S. Bank has ATMs across Illinois and the rest of the country, and a full selection of savings accounts and checking accounts, as well as an online banking option.
Currently, one of U.S. Bank’s best deals is its Bank Smartly Checking account, which pays interest on your balance and currently offers a $300 sign-up bonus. What makes this one of the best checking accounts, though, is that if you enroll in Smart Rewards, you’ll earn rewards based on your account balance.
Fees:
- $6.95 monthly fee (waived with qualifying direct deposits or minimum balance)
- $36 overdraft fee (waived up to $50)
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at 4,700 ATMs nationwide
- $2.50 transaction fee for each out-of-network ATM
Interest on balance:
- Up to 0.05% APY on Bank Smartly checking
- 0.01% APY on savings
Additional perks:
- Automatically move up interest tiers as your balance grows
- Additional rewards for seniors, children, military, and veterans
3. Chime
Chime is another online bank that operates without local branches. You’ll have everything you need in the app, with online banking features like peer-to-peer payments and an ATM locator.
You can also sign up for a Chime High-Yield Savings Account and earn interest rates of 2.00% APY on your balance. With automatic savings features, money can be automatically moved from your checking account to savings to help you set money aside for the future.
Fees:
- No monthly fees
- No overdraft fees
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $2.50 transaction fee for out-of-network ATMs
Interest on balance:
- 2.00% APY on savings accounts
Additional perks:
- Spot Me covers up to $200 in overdrafts
- Round Ups feature automatically moves money into savings
4. Huntington Bank
Huntington Bank is a regional bank with branches in Illinois, Ohio, Colorado, Florida, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. There are multiple tiers of checking accounts, but if you’re looking for the basics, the Asterisk-Free Checking Account is fully free with no minimum balance requirement.
Before choosing this bank, check for branches and ATMs in your area. Cash withdrawals are only fee-free at Huntington-owned ATMs. But if you’re fine with relying on mobile banking apps for all of your banking services, you’ll likely find everything you need while traveling.
Fees:
- No monthly service fee
- $15 per-transaction overdraft fee after balance goes $50 in the negative
Balance requirements:
- No minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at more than 1,600 Huntington Bank ATMs nationwide
- $3.50 fee for each out-of-network transaction
Interest on balance:
- Up to 0.06% APY on savings
Additional perks:
- View current account balance without logging in
- Standby Cash offers quick access to credit line
5. Chase
Those who prefer a national bank might like Chase Bank, which has branches throughout Illinois, as well as 47 other states (excluding Alaska and Hawaii). New customers can qualify for a $200 bonus by opening an account and setting up direct deposit within 90 days.
There are multiple checking account options, but Chase Total Checking is the most popular. There’s a $12 fee each month, but if you’re taking advantage of the bonus, direct deposit accounts waive the fee as long as at least $500 is coming in each month.
Fees:
- $12 service fee per month (waived with $500 in qualifying deposits or $1,500 daily balance)
- $34 per transaction (waived with Overdraft Assist)
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required ($1,500 to waive $12 monthly fee)
ATMs:
- Fee-free at more than 16,000 Chase Bank ATMs nationwide
- $3-$5 fee for each out-of-network transaction
Interest on balance:
- Up to 0.01% APY on savings
Additional perks:
- $200 bonus for new checking account with direct deposit
- Checking accounts available for children ages 6 to 17
6. CIT Bank
CIT Bank is an online-only bank that is geared toward helping you set money aside for the future. One notable product is the CIT Platinum Savings account, which offers 4.75 APY on balances of $5,000 or more if you deposit at least $100 monthly.
But CIT is great if you’re in the market for a checking account, too. With CIT eChecking, you get one of the rare interest checking accounts that comes with no monthly fees or minimum balance. Although there are no ATMs or branches, CIT does refund up to $30 a month for non-network ATMs.
Fees:
- No monthly service fee
- No overdraft fee
Balance requirements:
- $100 minimum deposit to open
- No minimum daily balance required
ATMs:
- No CIT ATMs available
- Up to $30 monthly in non-network ATM fees refunded
Interest on balance:
- Up to 0.10% APY on checking
- Up to 0.25% APY on checking with $25,000+ balance
- Up to 4.75% APY on savings
Additional perks:
- Up to 1.00% APY on savings with $100 monthly deposit
- Up to 5.00% APY on CDs
7. Fifth Third Bank
Another regional bank with a heavy Illinois presence is Fifth Third Bank out of Ohio. You’ll find branches in Illinois, Ohio, Florida, Georgia, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
Fifth Third Bank offers a variety of account options, but the most popular checking account is Momentum Checking, which has no monthly fee. Your checking account comes with Extra Time, which notifies you of insufficient funds so that you can avoid overdraft fees.
Fees:
- No monthly service fee
- $37 overdraft fee
Balance requirements:
- No minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at more than 40,000 Fifth Third and MoneyPass ATMs nationwide
- $3 fee for out-of-network transactions
Interest on balance:
- 0.01% APY on savings
Additional perks:
- Identity theft monitoring available through Trilegiant for a fee
- Fifth Third Extra Time notifies you of overdrafts to let you deposit money by the end of the day
8. PNC Bank
PNC is one of the larger regional banks, with a presence in 27 states, including Illinois. Currently, you can earn a bonus of up to $200 when you open a checking account and enroll in qualifying Virtual Wallet products.
Where PNC really excels is in its online and mobile banking offerings. Its checking account comes with no monthly service fees or minimum balance requirement, and Low Cash Mode lets you manage things when funds get low.
Fees:
- No monthly service fees
- $36 maximum overdraft charges per day in Low Cash Mode
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $3 transaction fee for out-of-network ATMs
Interest on balance:
- 2.00% APY on savings
- 4.30% APY on high-yield savings account
Additional perks:
- $200 bonus with Virtual Wallet signup
- Low cash mode helps you when funds are low
9. Ally
While there are no physical branches, Ally Bank builds everything you need into its online and mobile banking platforms. You’ll not only get a free checking account with no fees or minimum daily balance requirement, but both checking and savings accounts offer interest on your balance.
There are some activities that mobile banking can’t handle, though. Ally has you covered on those, too. You’ll have fee-free access to 43,000 AllPoint ATMs in Illinois and nationwide. One downside is that you can’t deposit cash at partner retailers as you can with some other online-only accounts.
Fees:
- No monthly service fee
- No overdraft fees
Balance requirements:
- No minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at more than 43,000 AllPoint ATMs nationwide
- Up to $10 in fees at non-AllPoint ATMs reimbursed per statement cycle
Interest on balance:
- 0.25% APY on checking
- 3.75% APY on savings
Additional perks:
- Spending buckets help you budget
- Access to paycheck up to two days early
10. GO2Bank
Another online banking option open to Illinois residents is GO2Bank. You can do most of your banking through their app, including mobile check deposit, online bill pay, and the ability to manage your account.
One unique thing this mobile bank offers is the ability to deposit cash at retailers nationwide. GO2Bank’s savings accounts come with 4.50% APY on balances up to $5,000.
Fees:
- $5 per month (waived with eligible direct deposit)
- $15 per-transaction overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at 55,000+ ATMs nationwide
- $3 transaction fee for out-of-network ATMs
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Earn up to 7% by purchasing e-gift cards in the app
- Deposit cash at 90,000+ retail locations nationwide
Illinois has plenty of options, whether you go with an Illinois bank or one headquartered elsewhere. The best banks in Illinois combine low fees with features that make banking convenient for you. Don’t rule out online bank options, since you can easily find one with all the features you need, along with fee-free access to local ATMs.
Finding the Best Banks in Illinois
With so many options, it can be tough to narrow down the list of the best banks in Illinois. Whether you choose a local, national, or regional bank, though, it’s important to find the one that offers what you need. Here are some features to consider in your search for a new bank.
FDIC Insurance
When you turn your money over to someone else, you’ll want to make sure it’s safe. If the economy crashes or a bank fails, you won’t want to lose your money. In the U.S., the Federal Deposit Insurance Corporation covers consumers. But that coverage is limited to $250,000 in principal and interest per depositor, per account. Additionally, investment products aren’t covered, although your money market account, individual retirement accounts, and other types of savings account options likely are.
It’s also important to note that not all banks are insured by the FDIC. Whether you’re going with a large, corporate bank or opening a checking account online, research to make sure it’s FDIC insured. Also, pay close attention to limits and make sure you don’t exceed $250,000 with each account.
ATM/Branch Access
At one time, you’d have to rely on local branches and ATMs to deposit checks and withdraw cash. But thanks to tools like Apple Pay and Samsung Pay, you don’t even have to pull out your wallet to make a purchase. Still, you’ll occasionally need some cash, which is why the best banks in Illinois go beyond digital solutions.
Whether you choose a national bank or you open an account online, pay close attention to how you’ll get that help when you need it. Many online bank accounts now partner with ATM networks like AllPoint and MoneyPass to give you that option. Some let you deposit cash through local retailers for a fee.
Low Fees, Great Features
It’s easier than ever to find a checking account with no monthly fees. Even those that do charge monthly maintenance fees will sometimes waive them as long as you have your paycheck electronically deposited or maintain a minimum balance from day to day.
But as you’re researching the best banks in Illinois, it’s important to consider all the costs. If you choose a fee-free online banking option, for instance, but you’ll be paying $10 or more a month for ATMs, it might be worth it to go with one of the national banks that charge a small monthly fee.
Advantages and Disadvantages of Local Banks
National banks have a heavy presence throughout Illinois, but some of the best banks in Illinois are smaller and more community-based. Here are some advantages of going with a local bank:
- May provide more personal service
- Savings account interest rates may be more competitive
- Might have lower rates on auto loans and personal loans
- Credit score requirements can be more flexible
There are a few disadvantages, as well, including:
- Online banking features might not be as developed
- ATM access may be limited while traveling
- May have fewer specialized accounts
Savings Accounts
It can be easy to look around for the best checking accounts when you’re planning on making a switch. But saving for the future is important, too. You might find a local bank has lower fees on checking, but a national bank offers better interest yields on its savings accounts. When the benefits outweigh the costs, it could affect your choice.
There are a few other things to consider in a savings account. Some have an initial deposit, while others require a sizable balance for their higher interest rates. Furthermore, consider how often you’ll need to withdraw funds from the account. Many savings accounts limit you to six fee-free withdrawals and transfers per statement cycle under Regulation D.
Other Products and Services
Although checking accounts and savings accounts are top priority with a bank account, there are some other things to consider. You may find the best banks serve as a one-stop shop for all your lending needs, from money market accounts to CDs to mortgage loans. You may instead be someone who prefers to bank with multiple banks.
It’s also important to look at the payment features your bank offers. Your bank account will likely come with a debit card. Can you earn rewards for using it? If your Illinois bank has credit card options, check for perks, rewards, and APR with those as well. Some financial institutions offer bonuses for new accounts or credit card sign-ups, and that can be another way to cut costs with a new bank.
