Best Banks in Illinois

The best banks in Illinois can positively impact your financial future thanks to their interest rates, fees, or features. Start your hunt in this article.

Illinois is home to a wide range of banks, from major players to community-focused institutions. This gives residents plenty of options, like everyday checking accounts and high-yield savings.

But with so many choices, how do you find the right one? Whether you're looking for innovative banking solutions or competitive interest rates, the top banks in the Bay State won't let you down.

Keep reading to discover the best banks in Illinois and which ones are worth your time.

6 Best Banks in Illinois

The right bank will vary depending on your needs. Consider the bank's features, fees, advantages, and disadvantages when making your decision.

Chase Bank: Best Overall

If you want a bank with a strong footprint in Illinois, Chase Bank is a great option. With over 200 branches statewide, most of them located in Chicago, it offers easy access to banking services.

Chase offers a one-stop-shop for your financial needs, from banking to credit cards to investments.

Chase Total Checking®, its most popular account, has no minimum opening deposit and easy requirements to waive the monthly fee. A helpful perk is Chase Overdraft Assist℠, which can spare you from overdraft fees if you're only slightly overdrawn by $50 or less.

They also offer a range of other checking options, including a second-chance account, debit card for kids, and private client banking for high-net-worth customers.

The highly-rated Chase Mobile® app lets you easily manage your money on the go. You can receive and send payments, set up autosave, budget, manage credit cards, and more.

Plus, Chase frequently offers bonuses for new customers, so check out their current promotions before opening an account.

Pros:

• Over 4,700 branches & 15,000+ Chase ATMs nationwide
  
• Variety of checking options and financial products
  
• Free checking for kids and students
  
• Highly rated mobile app

Cons:

• Requirements to waive monthly fee
  
• Low interest rates on savings accounts

Member FDIC

Chase Total Checking® - $300 Bonus

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Offer Details

• New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking^® account with qualifying activities
• Chase Mobile^® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
• Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
• Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
• Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
• With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

Huntington Bank: Free Checking Account

Huntington Bank is a regional bank operating in 11 states, primarily in the Midwest. With 100+ branches in Illinois alone and over 1,600 ATMs nationwide, it offers seamless banking despite its regional focus.

Why Choose Huntington Bank:
Huntington Bank is a solid choice if you're looking for a free checking account, thanks to its Asterisk-Free Checking. Apart from being a free account, it comes with other perks like $50 overdraft forgiveness and early direct deposit up to two days in advance.

You can also get access to Standby Cash, which is a $500 line of credit for eligible checking customers. You can use the full amount for a small fee and have three months to pay it back. It’s also interest-free if you set up automatic payments.

Pros:

• Free checking option
  
• Interest checking options available
  
• Perks like Standby Cash and 24-Hour Grace

Cons:

• Low interest rates on savings accounts

Fifth Third Bank: Great Checking Options

Fifth Third Bank is another top-performing regional bank. Though it operates in just 11 states, it boasts a strong local presence in Illinois with 150+ branches across various cities.

Why Choose Fifth Third Bank:
With a variety of checking accounts to choose from, Fifth Third Bank is a great choice for anyone looking for both traditional and specialty checking options.

For instance, the Fifth Third Momentum Checking account has no monthly service fees or minimum balance requirements, giving you easy access to your money without extra costs. You’ll also enjoy perks like unlimited check writing and identity theft monitoring for added security.

New accounts benefit from no overdraft fees for the first 90 days. The Extra Time feature also allows you to deposit funds by midnight ET the next business day to cover any overdrafts.

Pros:

• Free checking account available
  
• Interest-earning checking options available
  
• Student banking available

Cons:

• Low interest rates on savings accounts
  
• Branches are only in 11 states

PNC: Best Virtual Wallet

PNC is a solid choice for those seeking both a national reach and a strong local presence. It boasts over 2,000 locations nationwide, with 140+ branches in Illinois alone.

Why Choose PNC:
PNC Bank's standout offering is its Virtual Wallet, which brings together three accounts in one: Spend for everyday expenses, Reserve for short-term goals, and Growth for long-term savings.

Whether you get the basic Virtual Wallet or upgrade it, you can get perks like higher interest earning potential (on the Growth account), ATM fee reimbursements, and more.

What's more, if you're not a fan of going to the bank, PNC’s top-rated mobile app makes managing your finances simple. You can track spending, set savings goals, monitor your budget, and receive low-balance alerts—so you’re always in control of your money, no matter where you are.

Pros:

• 2,600+ locations & approximately 60,000 PNC and partner ATMs
  
• Good APY on high-yield savings account
  
• Useful digital banking tools
  
• Student bank account available

Cons:

• Low interest rates on some checking and savings accounts
  
• High-yield savings available in select states only
  
• High balance requirements to waive fees on some checking accounts

BMO: For Personal Banking

BMO ranks second in Illinois for branch presence with over 180 locations statewide. However, this shouldn't be surprising as it is actually headquartered in Chicago.

Why Choose BMO:
BMO works great if you're looking for a range of personal banking products, from checking and savings accounts to CDs and IRAs.

The most popular choice for everyday use is the BMO Smart Advantage Checking account. It has no monthly fees if you choose e-statements and no minimum balance requirements. You just need to make a small deposit to get started.

This straightforward account also offers perks like in-branch support and a debit card with fee-free access to 40,000+ BMO and Allpoint ATMs.

Similar to its competitors, BMO also offers handy digital banking tools like BMO Total Look to manage accounts, track expenses, and set financial goals. You can also do mobile check deposits, easy money transfers, and get free access to your credit score.

Pros:

• Variety of checking options and financial products
  
• Free checking account available
  
• Interest-earning checking account available
  
• No-fee, no-impact access to credit score

Cons:

• Low interest rates on savings account
  
• Higher balance requirements to waive monthly fees on some accounts

Member FDIC

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Ally Bank: For Digital Banking

With no physical branches in Illinois or any other state, Ally Bank is a great option for those who prefer digital banking.

Ally Bank is a solid pick if you want strong interest rates and don't mind only banking online. It charges no monthly fees and offers competitive returns on savings.

The Ally Savings Account offers a solid 3.60% APY with no minimum balance. One standout feature is the "buckets" tool, which lets you divide your savings into different goals (like for emergencies or a new car). This helps you track your progress and stay organized.

If you need a checking account, the Ally Bank Spending Account got you covered. It has no monthly fees, no overdraft charges, and access to early direct deposit to keep your cash flow running smoothly.

Pros:

• 75,000+ no-fee Allpoint and MoneyPass ATMs
  
• Interest-earning checking account
  
• Competitive APYs compared to traditional banks
  
• Handy digital banking tools

Cons:

• No physical branches
  
• No cash deposit

How to Choose the Best Bank

Before settling on a bank, it's important to consider these factors:

Monthly Fees
Be mindful of some banks' monthly fees, as these can quickly drain your funds. To keep your money safe and growing, search for a bank with no fees or where you can easily meet the requirements to avoid them.

Branch and ATM Access
While online banking is incredibly convenient, having nearby branches and ATMs makes a big difference. Choosing a bank with local branches gives you easier access to your money and the benefit of in-person assistance whenever you need it.

Online Banking
A user-friendly online banking system is essential because it makes managing your money a breeze. When you're busy and can't get to the bank, a great online or mobile banking app lets you access your funds quickly and easily with just a few taps.

Products and Services Offered
Choosing a bank with a variety of services is a game-changer. Start with a checking account and easily add a savings account or other services as needed. This convenience makes managing your finances stress-free.

Now that you know the criteria to keep in mind, understanding the different types of banks can further help you decide which to go for.

Types of Banks in Illinois

Below are the different types of banks you'll find in Illinois:

National Banks
National banks, chartered and supervised by the U.S. Treasury, offer a wide range of financial products like banking, credit cards, loans, and investments. These banks typically provide convenient access to services with branches and ATMs across multiple states.

Regional Banks
Regional banks, on the other hand, serve specific geographic areas such as a state or region. They have fewer branches than national banks but offer more personalized services.

Online Banks
Online banks offer financial services without physical locations. Everything is handled through their website or mobile app, and you can usually withdraw cash at ATMs.

They often offer higher interest rates, no service fees, and lower balance requirements because they do not have the cost of maintaining branches.

Our Methodology

This list was created by focusing on FDIC-insured banks with physical branches in the state, emphasizing convenience and community support. Key factors such as branch locations, online banking, and service offerings were evaluated.

Reputable online-only banks were also included, as they are gaining popularity among those seeking higher APYs on their savings.

The research was based on publicly available data from bank websites and financial reports. While efforts were made to provide a comprehensive review, the findings reflect information accessible to the public.

Bottom Line

Illinois has a wide range of financial institutions, from big national banks to smaller, community-focused options. Whether you value accessibility, great rates, or local service, there's a bank you may find suitable for you.

Many of them even offer bonuses for opening an account. If you find an interesting bank, check out our review of it to learn more.