For a city as big as Chicago, it might be a little hard to identify the “best banks” as numerous of the banks around operate with the best standard procedure you can find.
However, there are metrics to help us identify those banks that have kept the flag flying despite all the “chaos”.
Banks have been at the forefront of making dreams come true. From giving out loans to financing ideas, and helping the next guy keep a roof over his or her head, Banks have been there for us all.
And sometimes have screwed us over when we needed them most, but that’s not the issue right now.
According to Wikipedia, Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world.
In the history of banking, a number of dynasties — notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds — have played a central role over many centuries.
The oldest existing bank is Banca Monte Dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590).
While we are grateful for all that Banks has helped us achieve, we will have to “take it home”. We will be discussing the best banks with Chicago as our case in point.
We will also look at their various minimum deposit, the type of accounts they operate, and much more.
Best Banks In Chicago
While Chicago has a lot of banks with tens of branches in and around the city, there are still banks that stand out. And we’re going to look at some of these banks.
#10. Byline Bank
It is one of the best financial assistance and service providing banks in Chicago. This is one of the rare platforms which provide free checking no matter how many times you have used your debit card. Customers also get the unlimited check writing book consisting of standard checks. The most convenient services of this bank are undoubtedly one of the best.
#9. Chase Bank
Chase Bank has lots of branches and ATMs all over the country. It offers a great banking option and experience for its students’ customers. With the numerous branches and ATMs, students can afford to access their accounts where ever they might be.
They offer two types of student account; the Chase High school Checking and Chase College Checking accounts. Students between the ages of 13 to 17 are qualified to have these accounts. However, they will need an adult co-signer.
The bank is best for customers and students who need access to thousands of branches and ATMs across the country.
#8. MB Financial Bank
With MB Financial Bank you have access to the highest interest rates if you’re using its Red Checking account.
This high-yield checking account offers its Chicago customers the opportunity to grow their checking account balance at 1% APY.
However, this applies to accounts balances of $10,000 and below.
Another perk of the Red Checking account is the ability to receive reimbursement for other banks’ fees when you use their ATMs.
You’ll need at least $5,000 in your account each month to qualify. MB Financial caps their monthly reimbursements at $20 per account.
The bank is best for Chicagoans looking to grow their account balances according to solid interest rates.
Note: The bank is going through a merger process as they have been acquired by Fifth Third Bank.
#7. BMO Harris Bank
The bank has a low minimum deposit for checking accounts and Allpoint ATM access. They offer one of the best checking accounts and customers don’t have to worry about monthly fees. However, you must sign up for eStatements.
With BMO Harris, there aren’t any fees for standard account activity like using a BMO Harris or Allpoint® network ATM.
You just have to be careful to avoid more rare occurrences like using a non-BMO Harris ATM or over-drafting your account. Those kinds of actions can incur extra fees.
The bank is best for customers looking for a free checking account with the benefits of working with a big bank.
If you’re in Minneapolis you might want to know Best Banks In Minneapolis in 2022 | Rates, Account Types, Min. Deposit.
#6. WinTrust Bank
The bank offers online and mobile banking platforms, solid interest rates, and a variety of account options.
WinTrust has prompt and thorough customer service, this earned them top votes for a bank with overall satisfaction for banks in the Midwest in a customer satisfaction survey by J.D. Power.
The bank sells itself as a community bank, one that works to build a community with its customers.
Despite being on a smaller scale than Chase or BMO Harris, Wintrust immediately answers your phone calls with a human representative.
Chicagoans who want to take advantage of 132 Chicago branches with a small bank feel are best suited for this bank.
#5. PNC Bank
The bank has an opportunity for relationship rate boosts, an auto savings tool, and gives overdraft protection with a PNC checking account.
PNC Bank offers one of the best savings accounts and they are of two types, with one specifically for kids.
The PNC Standard Savings account offers the best deal with rates as low as 0.01% APY.
However, you can unlock better rates by linking a PNC checking account to your Standard Savings. It could also be done by making at least five qualifying purchases each month with your debit card or PNC Visa® credit card.
The bank is best known for East Coast and Midwest customers looking for a full suite of banking products and who value physical locations.
#4. CIT Bank
The bank has one of the best APYs on the market, no monthly fees, and a low $100 minimum.
CIT Bank’s Savings Builder account helps you save and offers a top-tier 0.45% APY when they either make $100 in monthly deposits or maintain a $25,000 account balance.
CIT is an online/ mobile-based bank and this can be very difficult for people joining the bank for the first time. This is because they do not have physical branches, and this naturally should affect their customer service. However, that isn’t the case. Their mobile app is well optimized for easy navigation and has a combined 3.5-star rating out of five, from Apple and Android users of their app.
The bank is best known for those who already have a large savings balance or can contribute frequently.
CIT offers these following other services in its account options:
#3. US Bank Chicago
The bank is perfect for small-scale business, has a moderate interest rate, and gives instant loans for motor or equipment.
It is recommended mostly for the Mini investment organizations or for merchant services. Its policies are devoid of any monthly maintenance charges and provide considerably proper interest rates.
Along with the multiple options with the account, it also provides support towards the real estate in capital investments for the money makers and financial organizations.
Most of its services lie in favor of providing financial benefits to the customers and account holders.
#2. Huntington Bank
The bank encourages low balance requirements, multiple geographical services with convenience, and instant customer support.
This bank also promotes the savings accounts by benefiting them from 0.10% to 0.15% additional APY while linking them to interest checking account.
It has gained enough name through its customer services and problem resolving attitude within a time limit. With the considerate customer support and instant valuation of the investments, this bank is remarkable.
#1. Ally Bank
The bank offers high APY, great customer service, and no fees or minimums. However, they have no branches.
The bank best suits those that are very comfortable with online and mobile banking.
Ally’s Interest Checking Account is a great pairing for savings customers who make consistent transactions and need ample access to cash.
Accounts with a minimum daily balance above $15,000 earn a 0.25% APY, whereas those under that threshold receive a 0.10% APY.
All customers receive a free debit card they can use anywhere, including 55,000 fee-free ATMs within the Allpoint ATM network.
If you’re forced to use an out-of-network ATM, the bank will cover up to $10 in ATM fees per statement cycle.
It’s Apple and Android mobile apps review average a 4.35 rating out of 5.
Conclusion
| Ranking | Bank | Account | Minimum Deposit | Interest Rates |
|---|---|---|---|---|
| 1 | Ally Bank | Savings | $0 | 0.50% |
| 2 | Huntington Bank | Savings | $0.01 | 0.2% |
| 3 | US Bank Chicago | Savings | $25 | 0.01% |
| 4 | CIT bank | Savings | $100 | 0.45% |
| 5 | PNC Bank | Savings | $25 | 0.01% |
| 6 | WinTrust Bank | Savings | $0 | 0.02% |
| 7 | BMO Harris | Savings | $25 | 0.5% |
| 8 | MB Financial Bank | Savings | $50 | 1.00% |
| 9 | Chase Bank | Savings | 0$ | 0.00% |
| 10 | Byline Bank | Savings | $1 | 0.05% |
While the above list represents the best banks in Chicago, it is not in its entirety a suggestion that other banks not listed are below par as there are many other banks there giving their best services.
However, the list was made for the convenience of the writer to have the article in shape. As accurate as they information above, it’s subject to change with new developments in the banking industry.
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