Best Banks and Credit Unions in Illinois

In many states, local banks are popular options for their tendency to offer higher interest rates, more flexible terms and lower fees than larger national institutions. Bank officials often live within the communities they serve, giving them specific knowledge and understanding of their customers’ needs.

That's also the case for the Prairie State, where many banks — including community and regional banks — operate in the Prairie State. Money researched leading financial institutions based on their account options, fees and annual percentage yields (APYs) to identify the best banks in Illinois for 2024-2025:

• WinTrust - Best Overall
• BMO Harris - Best for Money Market Accounts
• Citi - Best for CDs
• Old National - Best for Students
• PNC - Best for Savings Accounts

*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.

WinTrust is a community bank that operates over 75 branches in Illinois. It has a variety of account options, including free checking accounts, CDs and even accounts for children with low monthly fees. Through WinTrust, you can also take advantage of free financial education resources, safe deposit boxes and other perks.

WinTrust does require a minimum deposit of $100 for checking accounts, which is higher than some banks. Additionally, it doesn't disclose its APYs online; you have to contact a branch for details.

BMO Harris offers APYs on its money market accounts that are significantly higher than the national average. While some banks require you to deposit thousands to open a money market account, BMO Harris has a minimum opening deposit requirement of just $25.

BMO Harris operates hundreds of branches in Illinois, so you can easily find a branch or ATM near you. However, the bank tends to offer lower-than-usual APYs on savings accounts, and most of its deposit accounts have monthly fees.

While many banks have CDs, Citi offers several different types of CDs, including fixed-rate, step-up and no-penalty options. Plus, its promotional-rate CDs have higher-than-average APYS. The bank requires just $500 to open a CD — a lower-than-usual minimum — and you may qualify for a higher interest rate if you're an existing Citi customer.

However, the maximum CD term is five years, which is a shorter maximum than some other banks offer. Citi's rates for savings accounts tend to be on the low end, but rates vary by location.

High school and college students can take advantage of Old National's student accounts to get access to checking accounts without a monthly fee. Plus, they'll be able to access their money at ATMs and banking centers located near over 100 colleges and universities. Through Old National, students can also use the bank's budgeting tools to establish strong financial habits and better their money management skills.

Be aware, though, that the student account does have a monthly fee if the student opts for a paper statement, and unlike other banks, Old National doesn't have a special savings account for students.

With PNC's Virtual Wallet, you can take advantage of a checking account, reserve checking account and savings account all in one. And as a new customer, you can qualify for hundreds of dollars in promotional offers.

Although PNC has monthly fees on most deposit accounts, its fees are fairly low. Also, the bank offers higher-than average APYs on certain CD terms, helping you grow your money over time. However, PNC has lower APYs on its savings and money market accounts.

How we chose the Best Banks of 2024-2025

To determine our list of best banks for 2024-2025, Money evaluated hundreds of the largest retail banks, credit unions, regional and state banks and online banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.

To identify the best banks and credit unions in Illinois, we researched leading financial institutions operating within the state. We researched account offerings, deposit minimums, rates and fees, as well as the number of branches each institution operates in the state.

You can read our full methodology here.

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