Best Savings Accounts in Illinois of May 2022

Victoria Daniel

Being an economic hub and the 6th most populated state in the United States, Illinois is home to hundreds of banks. These banks provide a variety of both online and in-person high-yield savings accounts.

The goal is to find one most suitable for your financial needs when choosing a high-yield savings account. It is always important to compare the available options across the marketplace. Start by determining your needs and preferences. This will help you focus your search and what is important for you when opening an account.

Other factors to consider are the annual percentage yield (APY), required initial deposit, minimum balance requirements, account fees, ease of access, among other features. Also, consider the safety of your deposits such as FDIC insurance.

With so many factors to consider, choosing a high-yield savings account can be time-consuming and can become a hassle. We took an extensive look at some of the best savings accounts in Illinois.

Use our comprehensive review to find the best match for you today. 

CIT Bank Savings Builder

$0

Min. To Earn APY

0.90%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account. If you don't do either, you won't receive the higher end APY.

What we like

  • No monthly fees
  • FDIC Insured
  • No minimum balance fees
  • Online banking

What we don't

  • Minimum opening deposit
  • No ATM access
  • Tiered APY

Axos Bank High Yield Savings Account

axos bank logo
4.8

$0

Min. To Earn APY

0.61%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus

Quontic Bank High Yield Savings Account

quontic bank logo
4.6

$0

Min. To Earn APY

0.75%

Est. APY

Overview

Quontic Bank high yield savings account provides you with the opportunity to accrue interest at a rate 15x higher than the national average. Interest compounds daily and is paid into your account every month.

What we like

  • Mobile and online banking
  • Competitive interest rate
  • No monthly service fees
  • Interest compounded daily

What we don't

  • Limited access to physical branches
  • No sign up bonus
  • $100 minimum deposit requirement

First Citizens Bank Online Savings Account

$0

Min. To Earn APY

0.03%

Est. APY

Overview

First Citizen Bank savings account is an online account that charges no monthly fees, but you need to make a minimum deposit of $50 to open this account.

What we like

  • Mobile and online banking
  • Money management tools
  • No monthly service fees
  • ATM card available
  • FDIC Insured

What we don't

  • Limited no-fee withdrawals
  • High wire transfer fee