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Best Money Market Accounts in Illinois of February 2023

Mary Gilman

Illinois is home to hundreds of banks offering a wide range of money market accounts. The challenge is to find the right account for you.

Money market accounts offer you an opportunity to do more with your money. The competitive rates offered by banks allow you to earn interest with an FDIC-insured account safely. Before deciding on an account, shop around and compare the available options.

One main factor to consider is interest rates. Most banks offer high-interest rates, as this is the main differentiating factor. Also, while other banks offer the same rate regardless of the balance, others offer tiered interest rates so that you can earn more as your balance rises. Look out for an option that will maximize your earnings.

Another thing to look out for is the minimums, such as the minimum opening deposit and the minimum account balance to avoid additional charges and penalties. Some accounts charge no monthly fees, while others give you the option of waiving the fees if you meet certain requirements. Search for an account that gives you the best combination of features.

We compiled a list of some of the top money market accounts in Illinois. Use our comprehensive review to find the best match for you today.

Access to a debit card

0.25%

Est. APY

$0

Min. To Earn APY

Overview

Axos offers no monthly fees and no minimum balance requirement but requires $1,000 to open the account which you can take out after opening.

What we like

  • No monthly fees
  • Access to debit card
  • Access to check writing

What we don't

  • No physical branch
  • $1,000 to open account

Schedule payments with Bill Pay

1.55%

Est. APY

$0

Min. To Earn APY

Overview

Build your savings with an above-average APY.

What we like

  • No monthly fees
  • FDIC Insured
  • Bill Pay feature

What we don't

  • Online banking only
  • Excess transaction fees
  • Overdraft fee

Interest compounded daily

3.00%

Est. APY

$0

Min. To Earn APY

Overview

Quontic provides a money market account that offers a competitive interest rate, which accrues daily. Also, customers can receive a debit card for the account.  

What we like

  • Competitive interest rate
  • Interest compounded daily
  • Debit card available

What we don't

  • Transfer and withdrawal limits

Fee-free access to ATMs

3.83%

Est. APY

$0

Min. To Earn APY

Overview

UFB Money Market Account comes with a debit card (you must request it) and allows fee-free access to any ATM within the US. 

What we like

  • Access to ATMs
  • High APY
  • No minimum balance requirements
  • Compliementary debit card

What we don't

  • $5,000 minimum to avoid monthly fees
  • No physical branches