8 Best Banks in Illinois 2024

The state of Illinois is home to some of the best banks and credit unions in the country.

Prospective account holders looking for a new bank account are in luck as the Prairie State offers a wide selection of quality financial institutions that span national banks, community banks, and Illinois credit unions.

In this article, we will look at the best banks in Illinois and the top things you should consider when choosing a bank.

8 Best Banks in Illinois

Here are the best banks in Illinois that you can open an account with today:

  1. US Bank: Best for Overdraft Protection
  2. BMO Bank: Best for Checking Account Options
  3. Fifth Third Bank: Best for Early Access to Direct Deposit
  4. Bank of America: Best for Unique Discounts & Perks
  5. PNC Bank: Best for Large ATM Network
  6. Regions Bank: Best for Senior & Student Checking
  7. Bank & Trust Company: Best for Community Banking
  8. Chase Bank: Best for Bank Promotions

1. U.S. Bank us bank Logo

Best For: Overdraft protection

U.S. Bank is the fifth largest bank in the U.S. Its parent company is U.S. Bancorp, based in Minnesota and serves the West and Midwest. They have over 2,000 branches and thousands of ATMs.


U.S. Bank has a few checking accounts, including one reserved for students. They also have a Safe Debit Account for those who do not want checks or overdrafts and a Smartly® checking account with special rewards and discounts. Most of the checking accounts have monthly fees, but they offer several ways to waive them.

U.S. Bank offers one traditional savings account and several MMAs (Money Market Accounts).

They also offer many credit cards, debit cards, CDs, and loans – including home, vehicle, and personal loans. They also have business and commercial banking products.


  • Large selection of financial services and products
  • Offers a checking account with rewards
  • Many branches


  • Low-interest rates
  • Most accounts have fees


U.S. Bank Logo

up to $800

U.S. Bank : Business Checking
Available nationwide

U.S. Bank Logo

up to $700

U.S. Bank : Smartly® Checking
Open online


2. BMO Bank bmo bank Logo

Best For: Checking Account Options

BMO Bank, formerly BMO Harris Bank, headquartered in Chicago, is among the top 15 largest banks in the U.S. It operates branches in many states, including Illinois. The bank has over 500 branches and over 1,000 ATMs in its network.


BMO Bank has some of the state’s best checking accounts, with three available options. You can open all accounts online in just under five minutes. Smart Advantage is the most basic account with no monthly fees or minimum balance. You can withdraw cash from over 40,000 ATMs nationwide. However, opt for the Premier account, and you will receive unlimited fee rebates when withdrawing from out-of-network ATMs.

BMO Bank offers one of each type of savings account – savings, money market, and CD. The Savings Builder account has no monthly fee but a minimum opening deposit of $25. For the first year, you’ll get a $5 reward each month if you save at least $200. The interest rate is 0.010%.

BMO also offers a line of MasterCard credit cards, IRAs, mortgages, lines of credit, and business and commercial banking products.


  • Free checking and free savings accounts
  • Large ATM network
  • Low minimum opening deposit requirements


  • Low-interest rates
  • Only one savings account option


3. Fifth Third Bank fifth third bank Logo

Best For: Early access to direct deposit

Fifth Third Bank is a regional bank operating throughout the Midwest with 1,100 branches and 2,400 ATMs. Its name comes from a merger between Third National Bank and Fifth National Bank.


Fifth Third Bank offers three checking accounts. The traditional account, Fifth Third Momentum Checking, has no monthly fees or minimum deposit. You also get your paychecks up to two days earlier! Plus, you get extra time to settle overdrafts with no overdraft protection transfer fee.

Fifth Third also offers many savings accounts, including traditional savings and money market accounts and several specialized accounts. The traditional savings account has monthly maintenance fees of $5.00, which can be waived when meeting any of the set criteria – including having an eligible checking account. The APY interest rate is 0.01%

Fifth Third Bank carries many financial products and services, including credit cards, health and life insurance, investment options, and business and commercial banking.


  • Wide range of products and services
  • Early access to direct deposit
  • Highly rated mobile apps


  • Low-interest rates
  • Saving accounts have monthly service fees


4. Bank of America bank of america Logo

Best For: Unique discounts and exclusive perks

Bank of America is the second-largest bank in the country.


Bank of America offers three checking accounts. The most basic is SafeBalance. It costs $4.95 monthly, which can be waived when meeting certain criteria, including enrolling in Preferred Rewards. It has no overdraft fees or checks – with a setting upgrade required to get these two perks.

Bank of America’s Advantage Savings Account has a monthly fee of $8 and a minimum opening deposit requirement of $100. The account has several perks and features, including up to 10% cash back from participating merchants and round-ups from your debit card. The standard APY rate is 0.01%, but it can go up to 0.04% if you’re a member of the bank’s Preferred Rewards program.

Bank of America also offers CDs, IRAs, credit cards, mortgages, auto loans, investment services through Merrill, and business banking products.


  • Can earn cash back on savings account
  • Large national presence
  • Can open an account online or in-person


  • No free checking or savings account
  • Low APYs


5. PNC Bank pnc bank Logo

Best For: Large ATM network

PNC Bank is one of the largest banks in America, measured by the number of branches and ATMs. Its retail operations mainly focus on the Western U.S., with over 2,300 bank branches and almost 60,000 ATMs.


PNC’s checking account works slightly differently than checking accounts at other banks. It’s called Virtual Wallet and allows you to combine checking and savings accounts into one virtual wallet. There are three virtual wallet checking accounts, with monthly service fees starting at $7.00, but there are ways to waive them. You can also earn a welcome bonus of between $50 and $400 when opening a new account.

In addition to the Virtual Wallet savings account, you can open a standard savings account. The standard savings account has a monthly fee of $5.00, which you can avoid if you meet the criteria. APY rates vary between 0.01% and 0.03%.

PNC Bank also offers credit cards, debit cards, prepaid cards, and loans, including student loans, auto loans, and mortgages. They also offer small business and corporate banking products.


  • Welcome bonus
  • Offers combined checking and savings accounts
  • Large ATM network


  • No free accounts
  • Charges overdraft fees


6. Regions Bank regions bank Logo

Best For: Senior and student banking

Regions Bank is a regional bank serving 15 states in the South and Midwest. It has over 700 branches and was named the bank with the best overall reputation in a survey carried out in 2016.


Regions Bank offers a selection of checking accounts, including specialized accounts for seniors and students. Their Regions Now Checking Account comes with a monthly fee of $5.00, which the bank doesn’t waive. Alternatively, you can opt for LifeGreen Checking or Preferred Checking – both of which can have the monthly fee waived when meeting the criteria.

Regions Bank also has a few savings accounts, with monthly fees starting from $0.00. There is a minimum account opening deposit set at $50 when opening the account online and $5.00 when opening the account in a branch – provided you also set a recurring monthly deposit into the account. The APY is 0.01% but may vary depending on your location.

As a full-service bank, Regions Bank offers several other products and services, including credit cards, investment options, loans, mortgages, and business banking products.


  • Free savings account
  • Many account options
  • 24/7 customer service


  • Higher opening deposit requirement when opening a savings account online
  • Low APYs


7. Bank & Trust Company bank and trust Logo

Best For: Small-town, community feel banking

Bank & Trust Company is a small bank based in Litchfield, Illinois. It has seven branches with a strong focus on the community.


Bank & Trust Company offers three different checking accounts. The most basic account is called DiamondBasic Checking and has no monthly fees. The minimum deposit required to open the account is $100. It includes a debit card and online and mobile banking. Alternatively, you can opt for DiamondNow, which offers interest, or DiamondPlus, which includes perks such as roadside assistance and insurance.

Bank & Trust Company also offers two savings accounts – a standard account and an account designed for kids. The standard account requires a $100 deposit to open, with interest paid on balances of $100 and over.

Bank & Trust Company also offers debit and credit cards, loans, and business banking products.


  • Free checking and savings accounts
  • Low minimum opening deposit requirement
  • Unique perks with its DiamondPlus account


  • Missing some of the products and services offered by larger banks
  • Low APYs


8. Chase Bank chase bank Logo

Best For: Bank promotions

Chase Bank is the largest bank in the U.S., with operations in 60 countries. It operates more than 4,700 branches and more than 16,000 ATMs in the U.S. alone.


Chase Bank offers a total of eight different checking accounts. There are no minimum deposit requirements to open the accounts. The most basic account is Chase Secure banking, with a fixed fee of $4.95. The other accounts come with a monthly fee ranging from $12 to $35, which are waived if you meet the requirements. Currently, new Chase customers opening an eligible checking account can also get a $300 welcome bonus.

Chase Bank offers two checking accounts with monthly fees of $5 and $25, respectively. Regardless of which account you choose, you can have the fee waived when meeting the requirements.

Chase also offers credit cards, debit cards, loans, home equity, mortgages, business, and commercial banking.


  • Vast selection of products and services
  • Large ATM network
  • Overdraft options


  • Low APY
  • Most accounts have monthly fees


How to Choose the Best Bank in Illinois

At BankBonus.com, we’re committed to providing consumers with the resources they need to select a bank or credit union.

  • Understand different types of banks: You have access to traditional banks, online banks, credit unions, and neobanks. It’s important to understand the differences between them and determine which type of institution aligns best with your preferences.
  • Choose the right account: Checking, savings, money market, and certificate of deposit accounts are the most common types of bank accounts. Understand what each offers and choose a bank with the type of account(s) you need.
  • Look for low-fee banks: Account fees can add up quickly. As you compare bank accounts, look for an account that doesn’t charge unavoidable monthly maintenance fees, overdraft fees, and ATM fees.
  • Consider branch and ATM access: If having access to branches matters to you, choose a bank with physical locations. Regardless, you should prioritize banks that have a vast ATM network or reimburse ATM fees.
  • Compare account features: Determine which features you’re looking for. A few common bank account features to consider are interest, cashback, mobile features, cash deposits, and minimum account balance requirements.
  • Check out reviews and ratings: It’s crucial to pick a reputable bank. To get an idea of a bank’s customer experience, you can read expert reviews and look to sources like TrustPilot, the Better Business Bureau, and J.D. Power.
  • Read the fine print: Don’t sign up for an account without understanding the terms and conditions. Make sure the account is FDIC or NCUA insured and get a sense of its requirements, fees, and expiration dates for bank bonuses.
  • Look at the bank’s additional products: If you want to manage all of your finances under one roof, look into each bank’s additional products. A lot of banks also offer credit cards, wealth management, investment accounts, and loans.

Our Methodology

The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews. We evaluated digital financial platforms, online banks, regional banks, and national banks with a presence in Illinois.

Our assessment of each bank factors in these considerations:

  • Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
  • Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
  • Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
  • Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
  • Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
  • User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
  • Branch and ATM access: To gauge convenience, we also look at each bank’s branch and ATM availability and consider their ATM reimbursement policies.
  • Customer service: In our review process, we also explore their customer service channels, hours of availability, and third-party reviews.

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