Top 14 Best Banks in Illinois | 2020-2021 Ranking

2020-2021 Selection of the Best Banks in Illinois

Online Banking

Online banking is one of the most common services offered by modern banks, and this often also includes mobile banking functionality, with many of the services you would find by visiting a branch.

As more of our activities are now taking place online, consumers looking for the best Illinois banks and top Chicago banks are factoring in the ease of use and functionality of their mobile banking apps and online banking when they make their choice.

Credit Cards

Most banks in Chicago and across the Midwest have not only deposit accounts but also credit card products, with varying interest rates, reward offers, and other features and benefits consumers find attractive.

Loans

From mortgages to auto loans, often consumers will obtain loans from their Illinois bank, and in many cases, it might be the same bank they do their other business with.

If you’re pleased with the support you receive at your bank in Illinois, it makes sense that you may also want to go to them first for a loan.

How Do You Select the Best Bank in Illinois?

Choosing a bank can be a major decision, and it’s not one that should be done hastily.

Perhaps the most important factor to consider when selecting from the top banks in Illinois or any state is the fees they charge. Most Chicago banks charge fees on accounts and other services, but consumers should strive to find the lowest fees possible.

As well as saving money on fees, it’s essential to consider how you’ll earn money by choosing one Illinois bank over another. Midwest banks often compete with one another to have the lowest fees but the highest interest rates on deposits.

Don’t assume that all top banks in Chicago or elsewhere in Illinois will just offer similar rates, because you may end up missing out on a great deal. For example, while some Illinois banks charge a service fee for a checking account, others may offer fee-free checking.

Convenience is a third important consideration, although, with the rise of online and mobile banking, it’s less important to have branches located near your home or work or to work with a bank that has extended hours.

The top-rated Chicago banks included on our list, as well as the best banks in Illinois, offer online and mobile platforms in some form or the other.

However, if you need a notary service (which many Chicago area banks offer free to customers) or other in-person services, then the location of the bank you choose will be an important consideration for you.

Finally, think about the reputation and customer service offered by a bank. When you have questions or need help with anything involving your money, you want to be able to turn to a trusted advisor. If a bank has a poor reputation for customer service, you may not feel comfortable doing so.

How Do You Switch Banks?

After doing research, you may discover you’d like to switch Illinois banks– so how do you go about doing that?

The first step is, of course, is deciding which Illinois bank you’d like to move to, by comparing factors such as the ones mentioned above.

Once you’ve done that, you can then begin opening new accounts at the bank you select. It’s important to remember not just to open the accounts you need, but also to move any and all automatic transactions to your new bank in Illinois.

This can include recurring payments that are automatically drafted from your account, including those that are set up for online bill pay. You should also transfer automatic and direct deposits that are made into your account, such as from your employer or a PayPal account.

It’s a good idea to keep some money in your old account during the transition, in case there are any automatic or leftover payments you forget.

Once you do close your accounts, you’ll need to have documentation from the bank you’re leaving. Showing that everything is closed out and finalized officially because you don’t want to incur any continuing service fees thinking your account was already closed.

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2020-2021 AdvisoryHQ’s Selection Methodology

What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?

Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.

Detailed Review—Top Ranking Best Banks in Illinois

Below, please find a detailed review of each bank on our list of 2020-2021 best banks in Illinois. We have highlighted some of the factors that allowed these top Illinois banks to score so high in our selection ranking.

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Ally Review

Ally is a bank for the 21^st century, being an award-winning online bank that has changed the way people think about banking. While they may be a technology trendsetter, their roots go back nearly 100 years to the auto-lending industry.

Ally Bank offers many of the same types of services that you’d expect from any of the other Chicago banks where you can open a checking or savings account, apply for a home or auto loan, or invest in a CD or stocks and mutual funds.

The company employs a team of 8,200 and is part of the Allpoint® network, giving customers access to over 43,000 free ATMs across the U.S. They advertise that they’re able to offer great rates because they don’t have the expense of branches.

So, if you don’t mind doing all your banking online, Ally could be a great Illinois bank to try.

Key Factors That Allowed Ally to Rank as One of the Best Banks in Illinois

The list below highlights reasons Ally was selected for this ranking of the best banks in Illinois and the best banks in Chicago.

Interest-Bearing Checking

If you’re a fan of growing your money while it’s sitting in your checking account, Ally offers some of the best rates around on interest checking accounts.

They compare their interest checking with other top U.S. and Midwest banks, and their most generous interest rate comes out 3x better than the closest competitor. Ally interest checking rates are:

• 10% APY for less than $15,000 daily balance
• 60% APY for $15,000+ daily balance

Check deposits can be done through a smartphone app, and money transfers can be done using Zelle®, and you can even transfer using your voice through Amazon Alexa. One drawback is that you can’t deposit cash in your Ally bank account.

Other benefits include no monthly maintenance fees, and you can open your account online.

Help for First-Time Home Buyers

Buying a home for the first time can be daunting. Ally not only makes it easy to apply for a home loan online, but it also offers helpful information for first-time buyers so they can get the guidance they need to make an informed decision about home-ownership.

Ally’s page discusses the typical out-of-pocket costs when you first buy a home and things you should take into consideration during the planning process.

Ally is one of the banks in the Midwest that gives potential home buyers online tools that can make the entire home buying process easier and more manageable. Their tools include

• Monthly Payment Calculator
• Affordability Calculator
• Savings Goal Calculator

Self-Directed Trading

If you’re looking for one of the Chicago area banks that offers more than just checking and savings accounts and can also help you with your investment needs, Ally has your back.

Not only do they offer a variety of investment vehicles, such as ETFs, Certificates of Deposit, stocks, bonds, and more, they also offer the ability to do self-directed trading through their online tool.

You can trade commission-free for the first 90 days, and use their tools to research investments, analyze your portfolio, and make trades from anywhere. There’s no account minimum to get started.

Ally partners with market leaders to offer high-quality ETFs from Vanguard, GlobalX, iShares, and more.

Illinois Bank Review Summary

While some people may have a problem banking with an institution that doesn’t have any physical locations, Ally goes out of their way to support their customers via phone, chat, and multiple online tools designed to make banking easy.

These days, more people are using online banking apps even at more traditional Illinois banks, so for many, never going to a branch won’t really make much of a difference. The benefit is that due to less overhead, Ally can offer great interest rates. This innovative bank scores a 5-star rating.

Associated Bank Review

Associated Bank is known for strong community relationships and has roots reaching back to the late 1800s. It remains committed to a strong vision and defined values. This Midwest bank and financial services company demonstrates a consistent commitment to customers, colleagues, communities, and shareholders.

As part of Associated Bank-Corp., with headquarters in Green Bay, Wisconsin, this leader among Illinois banks has approximately 4,700 employees serving over a million customers on 200+ banking centers throughout 120 different communities.

Along with Illinois, locations of Associated Bank are also found in Minnesota and Wisconsin. They offer commercial financial services in five other states.

Key Factors That Allowed Associated Bank to Rank as One of the Best Banks in Illinois

The list below highlights reasons Associated Bank was selected for this ranking of the best banks in Illinois and the best banks in Chicago.

Security Center

With so many high-profile hacking and data theft scandals impacting credit card and particularly debit cardholders over recent years, Associated Bank strives to put security at the top of the priority list for their services, as well as when it comes to offering education and resources for customers.

The Security Center available from Associated Bank includes educational resources on topics ranging from fraudulent email to Internet purchases to why a VPN might not give you the protection you think when doing online banking.

There are also tools and guides to protecting yourself against a range of threats, updates on recent scams, and quick and easy links to the resources that customers need to report potential fraud or cards that may be lost or stolen. 

Refer a Friend

One of the signature offers from this top bank in Illinois is their Refer a Friend program. Under this program, when current customers refer anyone to the bank, and they open and use a new checking account, both they and the referred friend can receive a $50 Visa® Reward Card.

To do this, users first register their information online. They then provide contact information and valid information for the friend or family member they’re referring, or the offer can be shared on social media.

Once the friend or family member registers, opens a new account, and completes a set of requirements, within 4-6 weeks after the requirements have been met, both parties receive the $50 gift card.

The fact that account owners referring a friend can earn up to $500 a year for referrals is another way that Associated Bank stands out as one of the top banks in Chicago and Illinois.

Checking Benefits

Associated Bank is one of the best banks in Chicago and throughout all of Illinois and one consumer advantage that puts them in that position is their attractive checking account benefits.

These advantages include overdraft protection transfer service, the ability to order checks and bank online, and direct deposit. This is one of the Illinois banks that offers tiered checking options so customers can choose the account that fits their needs best.

Checking account holders from Associated Bank have free ATM access at more than 32,000 MoneyPass® surcharge-free ATMs throughout the country, which all boast advanced technology for efficiency and security.

Using these ATMs lets customers deposit multiple checks and cash without a deposit slip or envelope, anytime and anywhere.

Digital Payments

As a technologically advanced Illinois bank, Associated Bank offers many digital payment options for consumers.

These include:

• Apple Pay: This can be used in conjunction with Associated Bank MasterCard and Visa debit and credit cards to pay thousands of merchants across the country.

• Samsung Pay: For Samsung devices, this is created using Associated Bank debit or credit cards, offering easy payment options and simple setup.

• G Pay: G Pay by Google allows Android users to add a credit or debit card from your bank or link a PayPal account for quick and easy payments

Illinois Bank Review Summary

Associated Bank has proven itself in communities throughout the Midwest as a trusted banking partner that’s there for the long haul for its customers.

Through features like their Security Center and modern payment tools, they also show they not only have a rich history, but are also well-positioned for the future. We’ve scored Associated Bank with a 5-star rating.

Related: Best Banks & Credit Unions in Chicago, IL

First Midwest Bank Review

First Midwest Bank is considered one of the best banks in Chicago, Illinois, where its headquarters are located. As well as being considered a pick for the best bank in Chicago, First Midwest also maintains more than 100 locations across Illinois, Indiana, and Iowa.

This is also one of the Chicago area banks that offers multiple free ATMs around the world, being part of the Allpoint® network of more than 55,000 no-charge ATMs.

Services available from First Midwest Bank include consumer and business banking, as well as commercial and wealth management products and services.

Something that makes First Midwest Bank a top choice for many consumers among other Chicago banks is the fact that it combines the resources of a large Illinois bank with the customer service of an intimate community bank.

Key Factors Leading Us to Rank First Midwest Bank as One of the Top Banks in Illinois in 2020-2021

Listed below are some of the essential reasons First Midwest was selected as one of the leading banks in Chicago and the top banks in Illinois.

Instant Check Cashing

For customers who have checks that need to be cashed quickly, there are instant check cashing options available from First Midwest.

With this feature, money is immediately available, without the need to wait for a check to clear. Cash can be obtained regardless of account balance, and this feature requires no checking account to use.

Nearly any type of check can be cashed using Instant Check Cashing, including:

• Personal
• Payroll
• Business
• Insurance agency
• Cashier’s checks
• Money orders
• Two-party checks
• Traveler’s checks
• Rebates
• Stock dividends
• Tax refunds
• Tax preparation firm checks
• Government tax refunds
• Federal, state, and municipal government checks

Build-a-Buck

If you’re looking for a way to invest without having to come up with a large chunk of money at one time, this is one of the Midwest banks that has a special program to do that.

Their Build-a-Buck program offers a systematic and innovative investment vehicle. You can make small, regular deposits into automatically renewable Certificates of Deposit, which makes it easy for those who want to invest to do it without a huge upfront outlay.

Investors can deposit as little as $25 a month, which has to be set up through an automatic fund transfer from a First Midwest, checking, savings, or Money Market account. A $100 minimum initial deposit to open the account is required.

Student Checking

If you’re looking for the top banks in Illinois that help students get started with a banking relationship, First Midwest Bank may be among your top choices.

They offer student checking accounts for students between the ages of 16-23, that give them basic features without any monthly fee to eat into their account balance.

Some of the benefits that this Midwest bank offers in their student checking accounts include:

• Free ATM transactions at over 55,000 Allpoint® ATMs and First Midwest ATMs
• Free eStatements
• Free mobile and online banking
• Unlimited check writing privileges
• Upgrades, like a standard debit MasterCard and 0.25% discounts on secured consumer installment loans