Best Banks in Chicago
Written by
Imelda Lo
Edited by
River Jean-Noel
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The best banks in Chicago offer a mix of accessibility, worthwhile account features and top-tier customer service. While there are plenty of good banks, you’ll need to narrow down your options to choose the right fit for your situation.
We take a look at many factors below to help you explore the best banks in Chicago.
The Best Banks in Chicago for Branches
For savers who prefer to manage their money with the help of a physical branch location, a large network of physical branches is critical. Below is a look at some of the banks with the most physical branch locations in Chicago.
| Best Banks | Number of Branches in Chicago |
|---|---|
| Chase | 91 |
| Bank of America | 78 |
| Fifth Third Bank | 42 |
| PNC Bank | 33 |
| Wells Fargo | 21 |
| Marquette Bank | 20 |
| Hyde Park Bank | 16 |
| BMO Harris | 8 |
| Citi | 5 |
The Best Banks in Chicago for Customer Service
Most savers want to work with a bank known for quality customer service. After all, you’ll want a bank representative to treat you well if you run into any issues. J.D. Power’s 2024 Retail Banking Satisfaction Study provides insight into how a financial institution treats its customers.
As a note, the regional average for the banks below was 655 out of 1,000 points.
| Bank Name | Overall Customer Satisfaction Index Rating (out of 1,000 points) |
|---|---|
| Wintrust Community Banks | 696 |
| Citi | 671 |
| Chase | 669 |
| PNC | 657 |
| Bank of America | 656 |
| Fifth Third Bank | 649 |
| Huntington | 633 |
| BMO | 625 |
| U.S. Bank | 625 |
| Old National | 524 |
The Best Banks in Chicago for Overall Experience
Bauer Financial is an independent firm that rates banks and credit unions based on their financial strength and other factors. The table below highlights some of the top-rated banks serving Chicago, according to Bauer Financial.
| Bank Name | Bauer Rating (out of 5 stars) |
|---|---|
| Albany Bank and Trust | 5 stars |
| Belmont Bank and Trust | 5 stars |
| Beverly Bank and Trust | 5 stars |
| BMO Bank | 5 stars |
| Burling Bank | 5 stars |
| CIBC Bank USA | 5 stars |
| Community Savings Bank | 4 stars |
| First Bank Chicago | 5 stars |
| First Eagle Bank | 5 stars |
| Liberty Bank for Savings | 5 stars |
| Lakeside Bank | 5 stars |
| Hyde Park Bank | 5 stars |
| Gold Coast Bank | 5 stars |
The Best Regional Banks Serving Chicago
GoBankingRates compiles a list of top regional banks across the nation. In terms of the best regional banks that serve the Midwest, including Chicago, here’s what we found:
- Fifth Third Bank. With dozens of branches in Chicago, many can find a lot to like about Fifth Third Bank. The financial institution offers a range of specialized accounts, including checking, savings, CDs, money market, and more. While most accounts come with a low monthly fee, savers can have those waived if they meet certain requirements. Unfortunately, the APYs offered are on the lower end. But the large physical network of branches could make the convenience worth the cost.
- The Huntington National Bank. Huntington National Bank shines by offering accountholders relatively small amounts of credit, ranging from $100 to $500, which you can repay over three months without incurring interest charges beyond the 5% cash advance fee. With a handful of branches around town, Chicago residents can pop in to handle banking business in person.
The Best Online Banks that Serve Chicago
For Chicago residents who don’t necessarily want access to a physical branch, online bank options might be a better fit. While you won’t have access to a branch location, online banks tend to offer accounts with higher APYs and lower fees.
Below is a look at some of the top online banks serving Chicago:
- Ally Bank. Savers seeking a large selection of deposit products with minimal fees and high APYs may like what Ally Bank has to offer. For example, you can currently snag a 4.20% APY without any monthly maintenance fees.
- Discover Bank. Discover offers popular credit card options. But it also offers a range of deposit products. For example, Discover’s fee-free savings account comes with a 4.25% APY.
- EverBank. EverBank’s high-yield savings account offers an eye-popping 5.05% APY, which most savers will find difficult to resist. Beyond attractive savings account interest rates, EverBank offers a range of other deposit products, loans, and credit cards.
- Synchrony Bank. Synchrony Bank‘s robust ATM network of almost 70,000 fee-free ATMs makes access to cash a breeze through its money market account. Savers comfortable will locking up their funds for an extended period of time might prefer the 12-month CD, with a 4.80% APY.
How To Choose the Right Bank
As you look for the right bank, your specific needs will come into play. Take the time to consider what a particular bank can offer you before jumping into a relationship with a new financial institution. Below are some details to consider as you seek out a new bank.
- Reputation. Ideally, you’ll work with a bank that has a track record of top-tier customer service. A positive banking experience can help you move your finances in the right direction.
- Convenience. Consider how you prefer to handle your banking business. If you want an in-person touch, then a bank with a large network matters. If you prefer to handle everything online without the need to go to a branch, then an online bank with robust digital tools is ideal.
- Interest rates. If possible, you’ll want to work with a bank that offers a competitive APY for your savings. Shop around to find the top APY for your hard-earned dollars.
- Available accounts. The type of accounts a bank offers can make a difference in how you set up your financial life. If possible, seek out a bank that offers all of the accounts you want in one place.
Final Take
It’s encouraging to know that there are plenty of top-tier options for savers looking for the best banks in Chicago. The right bank for you will depend on the features you value most. Explore all of the best bank options before opening a new bank account.
Sarah Sharkey contributed to the reporting of this article.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
