Best Banks in Illinois
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
From the towering skyscrapers of Chicago to rural areas and suburbs, Illinois has diverse geography and demographics. No single bank is likely to meet the needs of all Illinois residents. But many of the top banks in Illinois come close.
Finding the best Illinois bank means determining what’s most important to you, from nationwide branches to high savings interest rates and choosing a bank that delivers. This guide reviews your top options for the best checking, certificates of deposit (CDs) and savings accounts in Illinois.
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GOBankingRates' editorial team is committed to bringing you unbiased bank reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our in-depth bank review methodology.
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TOP ILLINOIS BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in Illinois
Here’s a closer look at GOBankingRates’ selection of top banks in Illinois.
Gold Winner: U.S. Bank
U.S. Bank is one of the top national banks, with assets totaling $664 billion. GOBankingRates selected U.S. Bank as one of the best banks in Illinois for its Bank Smartly Checking, with low monthly fees that are easily waived and options to link a savings account for higher savings rates.
Best For
Investment Management
Personal Loans
Corporate and Commercial Banking
Home Loans
National Banks
$25 Minimum Deposit for Checking Accounts
U.S. Bank provides services for everyday banking and specialty services like loans, investments and commercial banking. The U.S. Bank app is user friendly and there are approximately 2,200 ATMs across 26 states.
Total Branch Locations
Over 2,200
Mobile App Rating
4.8 on the Apple App Store and 4.7 on Google Play
Other Products Offered
Everyday banking, investment management, corporate and commercial banking, home, vehicle and personal loans
Pros
- Diverse product offerings
- Extensive branch and ATM network
- 24/7 customer service
Cons
- Low interest rates on savings accounts
- Monthly maintenance fees
- High overdraft fees
Why We Like U.S. Bank
U.S. Bank offers a wide range of banking products, including checking, savings, loans and investment services, making it a one-stop solution for financial needs. It has an extensive branch and ATM network and a user-friendly app.
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Silver Winner: Fifth Third Bank
Fifth Third Bank is a regional bank with a solid foothold in Illinois, as well as many surrounding Midwestern states and as far south as Florida. The bank offers a full line of checking, savings and loan products. It stands out for its high CD rates that go up to .
Best For
Mobile Banking
No Minimum Deposit
Low Monthly Fees
Loan Options
Wealth Management
Resources for All Areas of Your Financial Life
Fifth Third Bank stands out for its Momentum Banking, which helps you set up your new account for direct deposit, gives you a free 90-day overdraft window, and then pays your direct deposit two days early. There's no minimum deposit and no monthly service fee.
Total Branch Locations
Over 1,000
Mobile App Rating
4.8 on the Apple App Store and 4.6 on Google Play
Other Products Offered
Checking, savings, CDs, credit cards, loans and wealth management services
Pros
- Help transfer your old account and set up direct deposit
- Different banking programs for all kinds of needs
- Award-winning mobile app
Cons
- Savings interest rate is low
- Express Checking has a $5 per month fee that can't be waived
Why We Like Fifth Third Bank
First Third Bank is among the top banks because it offers holistic banking services that can help you take charge of your finances. From help transferring your direct deposit to checking and savings accounts that work together, this is a bank that grows with you.
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Bronze Winner: First Mid Bank & Trust
Headquartered in Illinois, First Mid Bank & Trust initially served commercial and personal customers in rural areas of the state. It has grown to 80 branches across three states, but stays true to its commitment to serving the people of Illinois. The bank has garnered many accolades and awards across Illinois, Missouri and other states.
Best For
Competitive Interest Rates
Loan Options
Low Monthly Fees
Low Minimum Deposit
Digital Banking
Above Average Interest Rates
First Mid Bank & Trust is a top bank because of its personalized, local service and interest rates that are higher than the national average for savings and money market accounts. These accounts have low fees that are easy to waive by meeting daily balance requirements. First Mid Bank also offers a kids savings account, an IRA and an HSA.
Total Branch Locations
80
Mobile App Rating
4.8 on the Apple App Store and 3.4 on Google Play
Other Products Offered
Checking, savings, CDs, home loans
Pros
- Schedule automatic transfers
- Multiple checking account options
- Free mobile check deposits
Cons
- Debit transactions for savings may have fees
- High overdraft fees
- Minimum opening deposit required for checking
Why We Like First Mid Bank & Trust
With local branches, high APYs for savings accounts and interest-earning checking accounts, First Mid Bank is ideal for Illinois residents seeking personalized service. Benefits like insurance coverage and cash-back rewards are standard for Premier and Classic checking customers – free perks you won’t find at most larger banks.
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Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Research Methodology
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 27, 2025.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
How To Choose the Right Bank in Illinois
When choosing a bank, think about which features matter most to you — whether that’s strong community involvement, competitive CD rates or easy digital access.
Consider the following:
- National banks: Provide security, stability and a broad branch network that makes banking convenient. They’re also FDIC insured to protect your money.
- Regional banks: Offer the same FDIC protection but may have fewer branches. They can be a good middle ground between national reach and local focus.
- Local banks: Often understand the unique needs of rural Illinois customers and provide personalized service, though ATM networks are smaller, which can make it harder to avoid fees.
Final Take
Illinois offers a wide variety of banks to meet different financial needs, whether you value nationwide access, personalized local service or competitive rates. Explore the best banks in Illinois above and start your application today.
FAQs About Banking in Illinois
Here’s more information to help you find the best Illinois bank for your needs.- What is the best bank for high-yield savings in Illinois?
- U.S. Bank is a top pick for high yields. Yields on savings accounts go up to 3.00%.
- Which banks have the most ATMs in Illinois?
- If you’re looking for a bank with a broad-based ATM network in Illinois and across the U.S., choose a bank like Fifth Third Bank, which is partnered with the MoneyPass ATM network, with 40,000 locations nationwide.
- Are there any banks in Illinois with no monthly fees?
- You can find plenty of options for banks with no monthly fees or checking account fees that are easily waived in Illinois. Capital One and Discover, which both serve customers in Illinois, offer no-fee checking account options. Fifth Third Bank’s Momentum Checking also has no monthly service fee and no minimum balance.
More Resources for Banking
Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Dawn Allcot contributed to the reporting for this article.
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