When managing your finances, choosing the right bank can make all the difference. With its diverse economy and vibrant communities, Illinois offers various personal banking options to meet various needs.
Finding the best personal bank in Illinois is crucial for achieving your financial goals, whether you’re looking for competitive interest rates, excellent customer service, or innovative financial products.
In this article, we explore the top personal banks in the state, highlighting their unique offerings and what sets them apart from the rest.
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Best Personal Banks in Illinois
Axos – Best Personal Illinois Banks Overall
Illinois-based Axos Bank is recognized as the top choice due to its digital-centric banking approach. Axos provides a competitive APY on its high-yield savings accounts, free domestic ATM fee reimbursements, and multiple checking accounts with no monthly maintenance fees.
Axos stands out among online business banks for its simplified cash deposit process. Business owners can deposit cash at any Allpoint or MoneyPass ATM without incurring additional fees. Axos automatically reimburses any ATM fees charged within the U.S.
Pros
- No monthly fees or required minimum opening deposit
- Unlimited transactions without fees and free incoming wire transfers
- All domestic ATM fees are automatically refunded
Cons
- No APY offered on the Essential Checking account
- A limited number of physical branches
- Lower APY on Money Market and CD accounts compared to competitors
>> Axos – Top Personal Bank Illinois >>
Chime – Best User-Friendly Interface
For Illinois residents, Chime Bank is an attractive choice for personal banking, known for its straightforward functionality, broad ATM coverage, and progressive financial tools. As a leading figure among online banks, Chime caters to both the tech-savvy demographic and those aiming to sidestep conventional banking fees.
Chime’s early direct deposit feature allows users to receive their paycheck up to two days sooner than traditional banks, offering enhanced financial agility. The bank provides access to over 60,000 fee-free ATMs across the Allpoint and MoneyPass networks. This extensive network ensures that Illinois residents can readily locate an ATM without extra charges, facilitating convenient cash withdrawals.
Pros
- No fees for monthly maintenance, overdraft, or foreign transactions
- Ability to access your paycheck up to two days early
- Competitive APY for accelerated savings growth
Cons
- Completely online, which might appeal to some
- Cash deposits require visits to Green Dot locations, which may involve fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
When it comes to saving accounts, SoFi stands out as a top choice. They offer a range of features that make saving money straightforward and rewarding. For instance, the high-interest rates SoFi provides can significantly boost your savings compared to traditional banks. This means your money grows faster, letting you achieve your financial goals sooner.
Not only does SoFi offer attractive interest rates, but they also have no account fees, which is a huge plus. Many traditional banks charge various fees that can eat into your savings, but with SoFi, you get to keep more of your hard-earned money. This fee-free approach makes it easier to manage your finances without worrying about unexpected costs.
Additionally, SoFi provides a seamless digital experience with its user-friendly app and website. This makes monitoring your account, transferring funds, and setting savings goals straightforward. You can do all of this from the comfort of your home or on the go, giving you complete control over your finances.
One of the best parts about SoFi’s savings accounts is the extra perks they offer. Members can use financial planning tools, career coaching, and exclusive events. These benefits make SoFi more than just a place to stash your cash. It becomes a partner in your financial journey, helping you make smarter money moves.
Overall, SoFi’s combination of high interest rates, no fees, digital convenience, and extra member benefits make it the best choice for saving accounts. It’s a modern solution designed to help you save smarter and achieve more with your money.
Pros
- Competitive interest rates on savings accounts that promote quicker savings accumulation
- No fees for monthly maintenance, overdrafts, or minimum balances
- A broad array of financial products, including student loan refinancing, personal loans, mortgages, and investment opportunities
Cons
- Primarily operates online, which might not be ideal for those who prefer traditional, in-person banking services
- Not as convenient for making cash deposits as brick-and-mortar banks
- While customer service is generally reliable, some users might miss face-to-face interactions to address more complex issues
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
Bank of America (BofA) can be a compelling choice for personal banking in Illinois for several reasons. As one of the largest and most established financial institutions in the United States, BofA delivers various benefits that meet diverse banking needs.
For those who prefer traditional banking, Bank of America, being one of the largest national banks in the U.S., offers much to appreciate.
The convenience and accessibility provided by a national bank are among the primary advantages of banking with Bank of America. With nearly 450 branches across Illinois, it’s easy to locate an ATM when needed and to access in-person assistance.
While their savings APY may not be as competitive as what online banks offer, Bank of America provides a wide array of other products, including credit cards, home and auto loans, and investments through Merrill.
Pros
- Extensive network of branches and ATMs throughout the state for easy access
- Wide range of financial products, including checking/savings accounts, credit cards, loans, mortgages, and investments
- User-friendly online and mobile banking platforms are equipped with advanced security features
Cons
- Monthly maintenance fees on certain accounts unless balance or activity requirements are met
- Lower interest rates on savings accounts and CDs compared to online banks
- Various service fees can be confusing and accumulate if not carefully managed
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
Upgrade has become a notable choice for personal banking in Illinois. It combines modern digital banking solutions with features designed to suit contemporary consumer needs. A key highlight is Upgrade’s high-yield savings account, which offers interest rates much higher than those typically available at traditional banks. This makes it an excellent option for those aiming to maximize their savings growth efficiently.
Upgrade’s dedication to customer service adds to its appeal. With a focus on excellent support, customers can access help through multiple channels, ensuring assistance is readily available. The bank’s clear and straightforward approach to its financial products helps users easily understand terms and conditions, steering clear of hidden fees and complex contracts.
As an Illinois personal bank account provider that delivers high returns on savings, accessible credit options, and top-notch customer service, Upgrade represents a modern banking solution that meets the demands of today’s financial landscape.
Pros
- Offers competitive interest rates on savings accounts, facilitating faster funds growth compared to traditional banks
- No monthly maintenance fees or minimum balance requirements
- Provides various financial products, including personal loans and the Upgrade Card, which merges the benefits of a personal loan with a credit card for flexible spending and effective debt management
Cons
- Primarily operates online, lacking physical branches for those who prefer face-to-face banking
- Cash deposits can be inconvenient due to the absence of a dedicated ATM network, necessitating alternative deposit methods
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
According to J.D. Power, for three consecutive years, U.S. Bank has earned the highest ranking for Customer Satisfaction. It boasts the lowest monthly fee among national banks, which can be easily waived. U.S. Bank’s digital banking tools provide a convenient user experience, underscored by the Keynova Group’s top ranking of its mobile app for three years in a row.
The 2017 J.D. Power U.S. Retail Banking Satisfaction Study placed U.S. Bank second overall. This study evaluates several criteria, including a bank’s ability to resolve customer issues, branch availability, fee structures, and product range. This rating offers valuable insight into the bank’s customer service capabilities.
Banking with U.S. Bank offers confidence due to its comprehensive range of financial products. Beyond standard savings and checking accounts, customers can also access money market accounts, credit cards, and various loans.
Pros
- No monthly service fee for the Silver Business Checking account
- Welcome bonus for new customers (terms apply)
- Access to 4,700 fee-free U.S. Bank ATMs and 2,900 branches nationwide
- No overdraft fees for amounts of $50 or under
Cons
- Low limits on cash deposits
- Terms and fees aren’t easily accessible on the bank’s website
- A limit of 125 fee-free transactions per month
>> Apply for a U.S. Bank Account Today! >>
Discover Bank stands out as a strong choice for personal banking in Illinois, especially for those who value the ease of online banking and competitive interest rates. A notable highlight is Discover’s high-yield savings account, which offers interest rates significantly higher than the national average, appealing to those aiming to maximize their savings.
Additionally, Discover’s certificates of deposit (CDs) also feature competitive rates, enabling customers to secure higher interest over fixed periods. This synergy of elevated returns on savings products distinguishes Discover from many traditional banks.
Pros
- Discover provides competitive interest rates on savings accounts well above the national average, facilitating faster growth of your funds
- No monthly maintenance fees, no overdraft fees, and no minimum balance requirements, simplifying financial management without the worry of unexpected fees
- Discover's certificates of deposit (CDs) offer high returns for fixed durations, which is ideal for long-term savings strategies
Cons
- Discover primarily operates online, which might not appeal to those who prefer face-to-face banking services
- Cash deposits can be challenging, as Discover doesn’t maintain a network of ATMs for depositing cash
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Illinois – Buyers Guide
Tips on Banking in Illinois
Finding a financial institution that aligns with your specific needs is crucial when navigating Illinois’s banking landscape. The state offers a variety of options, from large national banks to smaller regional banks, which often provide more personalized service.
Additionally, credit unions can be a great choice due to their competitive rates and lower fees. Consider what features are most important to you, such as customer service, fee structures, or the availability of digital banking tools.
Understanding and managing banking fees is essential for maximizing your financial health. Common fees include monthly maintenance fees, overdraft fees, and ATM usage fees, especially when using out-of-network ATMs. Many banks offer fee waivers if you meet certain criteria, such as maintaining a minimum balance or setting up direct deposits. Be proactive in exploring these options to reduce your overall banking costs.
The convenience of digital banking services cannot be overstated, especially in today’s fast-paced environment. Most banks in Illinois offer comprehensive mobile and online banking platforms that allow you to manage your accounts, pay bills, and transfer money from anywhere.
This is particularly useful for those who prefer to handle their banking needs remotely. Keeping an eye on interest rates for savings accounts, CDs, and loans is also wise, as rates can differ significantly between institutions and over time.
Illinois banks and credit unions offer a variety of loan and mortgage options. It’s beneficial to shop around and compare interest rates, terms, and eligibility requirements. State-specific programs, such as those offered by the Illinois Housing Development Authority for first-time homebuyers, can provide additional financial assistance or favorable loan terms.
Staying informed about local economic conditions and legislative changes impacting Illinois’s banking is vital. The state’s diverse economy, with strong agriculture, manufacturing, and financial services sectors, influences banking trends and stability.
You can successfully navigate the Illinois banking system and enhance your financial well-being by selecting the right financial institution, managing fees effectively, and leveraging digital tools.
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How to Choose the Right Bank in Illinois
Choosing the right bank is a crucial decision that can significantly impact your financial well-being. Whether you’re a resident of Illinois or a business owner looking for a reliable banking partner, these steps will help you make an informed decision.
1. Identify Your Banking Needs
Before you start comparing banks, it’s essential to understand your specific banking needs. Consider the following:
- Personal or Business Banking: Determine whether you need personal banking services, business banking services, or both.
- Types of Accounts: Identify the types of accounts you need, such as checking, savings, money market accounts, or certificates of deposit (CDs).
- Services and Features: Consider additional services like online banking, mobile banking, overdraft protection, credit and debit cards, loans, and investment options.
2. Compare Fees and Interest Rates
Fees and interest rates can vary significantly between banks. Pay attention to:
- Account Fees: Compare monthly maintenance fees, minimum balance requirements, ATM fees, and overdraft fees.
- Interest Rates: Look at the interest rates offered on savings accounts, checking accounts, CDs, and loans. Higher interest rates on savings and lower rates on loans are generally favorable.
3. Convenience and Accessibility
Convenience is a key factor in choosing a bank:
- Branch Locations: Ensure the bank has branches conveniently located near your home or workplace.
- ATM Network: Check the availability of ATMs in your area and any fees associated with using out-of-network ATMs.
- Online and Mobile Banking: Evaluate the bank’s online and mobile banking platforms for ease of use, functionality, and security features.
4. Customer Service and Support
Quality customer service can make a significant difference in your banking experience:
- Availability: Check the availability of customer service, including phone support, online chat, and in-branch assistance.
- Responsiveness: Look for banks with a reputation for responsive and helpful customer service.
- Additional Services: Some banks offer financial planning, investment advice, and other services that can be beneficial.
5. Special Considerations for Illinois Residents
Living in Illinois, there are specific factors you might want to consider:
- Local Banks and Credit Unions: Local banks and credit unions may offer personalized service and community-focused banking options.
- State Programs: Look for banks participating in Illinois state programs, such as first-time homebuyer assistance, small business loans, and student loan programs.
- Ethical Banking: If social responsibility is important to you, consider banks that invest in local communities and sustainable projects.
By taking the time to research and compare your options, you can find a banking partner that aligns with your financial goals and provides the support you need.
>> Axos – Top Personal Bank Illinois >>
Frequently asked questions
Most of these top banks offer a variety of account types, including:
- Checking Accounts: Basic checking, interest-bearing checking, and student checking
- Savings Accounts: Regular savings, high-yield savings, and money market accounts
- Certificates of Deposit (CDs): Various term lengths with competitive interest rates
- Retirement Accounts: IRAs and other retirement savings options
Fees can vary significantly by bank and account type. Common fees include:
- Monthly Maintenance Fees: Often waivable with minimum balance or direct deposit
- Overdraft Fees: Fees for overdrawing your account, with some banks offering overdraft protection
- ATM Fees: Fees for using out-of-network ATMs
- Transaction Fees: Fees for excess transactions on savings accounts
Opening an account typically involves:
- Selecting a Bank: Choose a bank based on your needs and preferences
- Gathering Documentation: Required documents usually include a government-issued ID, Social Security number, and proof of address
- Application Process: Complete an application online or in person
- Initial Deposit: Some accounts require an initial deposit to open
Traditional banks often offer lower interest rates on savings accounts and may charge higher fees than online-only banks. Despite this, they offer the benefit of physical branches for face-to-face services and cash deposits.
Important online and mobile banking features include:
- Mobile Check Deposit: Deposit checks using your smartphone
- Bill Pay: Pay bills electronically through your bank’s platform
- Funds Transfer: Easily transfer funds between accounts or to other people
- Account Alerts: Receive notifications for account activity
- Financial Management Tools: Tools to help manage your budget and track spending
To switch banks smoothly:
- Research and Compare: Find a new bank that meets your needs
- Open a New Account: Open the new account and transfer any necessary funds
- Update Direct Deposits and Payments: Change direct deposits and automatic payments to the new account
- Close Old Account: Close your old account to avoid fees once all transactions have cleared
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Bottom Line
Illinois residents have a wide range of excellent banking options. Institutions like Axos, Bank of America, Chime, or SoFi stand out for those seeking the widest access to comprehensive services.
Ultimately, the best bank for you will depend on your unique financial goals and lifestyle preferences. Whether you prioritize high interest rates, transparent fees, digital convenience, or strong customer service, Illinois offers a variety of banks to meet your needs.
>> Axos – Top Personal Banking Services in Illinois >>
Aeron Rupar
