Best Money Market Accounts in Illinois of July 2021

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.

Axos Bank High Yield Money Market Account

axos bank logo

$0

Monthly Fee

$1000

Min. To Open

0.60%

Est. APY

Overview

This is a great money market account which acts like a checking account in some aspects.

It comes with a debit card and check writing privileges but be careful not to go over the monthly limit of 6 transactions. Per transaction above the limit will be expensive, around $10 per transaction.

What we like

  • Reimburses domestic ATM fees twice a month
  • Interest compounded daily
  • Debit card and check writing allowed

What we don't

  • No physical branch
  • $1,000 to open account
  • 6 Monthly Transaction Limit

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$1000
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingAllowed
  • Debit Card UseAllowed

CIT Bank Money Market Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.50%

Est. APY

Overview

This money market account comes with a low intial deposit of $100 to open the account and comes with no monthly fees. Interest is compounded daily and paid monthly.

You'll earn the current APY rate regardless the amount you deposit in the account - there is no tiered system.

What we like

  • No monthly fees
  • $100 to open
  • Zelle & Paypal available

What we don't

  • No check writing
  • No physical branch locations
  • No tier for higher APY

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingN/A
  • Debit Card UseAllowed