Certain rates on this table are from BestCashCow.com advertisers.
Compensation may impact the order in which rates appear.
This is to inform our readers that BestCashCow has received compensation for the placement of this bank offer.
If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!
Multiple roadblocks trying to set up a savings account with Forbright and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and ...
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I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???...
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I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account.
Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary.
Accelerate Savings w...
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Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although...
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag...
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Tried to enter information on line to open a 5 year CD, multiple time and wasn't accepted. Talked to a live person who was of no help at all. My credit score is over 800 and I have plenty of money in oth...
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Have done business with "Hope's" San Diego branch for a few years. Always courteous and helpful. Looking forward to doing business with them in the future.
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Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although...
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While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w...
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after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with...
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Upon entering the Savanna Location, I 1st waited and waited and then was told it was gonna be a few minutes; Therefore when one's app once I got to deposit money they tried to tell me it was too late. To...
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Upon entering the Savanna Location, I 1st waited and waited and then was told it was gonna be a few minutes; Therefore when one's app once I got to deposit money they tried to tell me it was too late. To...
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You people did a very good job with our loan. You where very prompt in sending the overrun within a few days of the last payment ! Thank You !
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You people did a very good job with our loan. You where very prompt in sending the overrun within a few days of the last payment ! Thank You !
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On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous.
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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This bank has changed from what it used to be some years ago.
I used to have an account, got loans through them. Did all my banking through this establishment.
They were a hometown proud financial insti...
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Upon entering the Savanna Location, I 1st waited and waited and then was told it was gonna be a few minutes; Therefore when one's app once I got to deposit money they tried to tell me it was too late. To...
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You people did a very good job with our loan. You where very prompt in sending the overrun within a few days of the last payment ! Thank You !
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Le agradezco a la Sra. Clara por hacerme confiar nuevamente. Mi propia Historia comenzó en 2010 cuando estaba buscando cómo conseguir un sueño en Sudáfrica y gasté todo el dinero que tenía e incluso ...
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This bank has changed from what it used to be some years ago.
I used to have an account, got loans through them. Did all my banking through this establishment.
They were a hometown proud financial insti...
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ABSOLUTELY RIDICULOUS how this place is still around in Wheeling. Taking any more than 3 days on a loan check is UNEXCUSEABLE. Having an 800 plus credit rating. A SENIOR. Wanting to move out ofa big hou...
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Community Partners Savings Bank aka Marion County Savings are dishonest, incompetent, deceitful and they break the FCRA laws. They lie and trick you to get as much money as they can out of you, greedy for ...
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I witnessed an appallingly racist exchange at the window this morning, and the teller had just been perfectly polite to me. On top of the rudeness I've come to expect from a couple of their tellers, this p...
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I witnessed an appallingly racist exchange at the window this morning, and the teller had just been perfectly polite to me. On top of the rudeness I've come to expect from a couple of their tellers, this p...
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ABSOLUTELY RIDICULOUS how this place is still around in Wheeling. Taking any more than 3 days on a loan check is UNEXCUSEABLE. Having an 800 plus credit rating. A SENIOR. Wanting to move out ofa big hou...
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Community Partners Savings Bank aka Marion County Savings are dishonest, incompetent, deceitful and they break the FCRA laws. They lie and trick you to get as much money as they can out of you, greedy for ...
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All rates listed are Annual Percentage Yield (APY).
The APY rate in a savings account or money market account is a variable rate that is subject to
change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.
BestCashCow strives to maintain the most accurate rates.
If you believe a rate is not accurate, please let us know.
ILLINOIS SAVINGS ACCOUNT ENVIRONMENT
The banking system in Illinois is structured in a similar way to other states in the United States. It consists of various types of financial institutions that provide banking services, including commercial banks, community banks, credit unions, savings banks, and savings and loan associations.
Commercial banks: These are large, for-profit institutions that offer a wide range of financial services to consumers, businesses, and other organizations. They typically have branches across the state and may also operate nationally or internationally.
Community banks: These are smaller, locally owned and operated banks that focus on serving a specific community or region. They often have a close relationship with their customers and cater to their unique banking needs.
Credit unions: These are not-for-profit financial cooperatives owned by their members, who typically have a common bond such as employment or membership in a particular organization. Credit unions offer similar services as banks but often have lower fees and may provide better interest rates on loans and savings accounts.
Savings banks: These institutions specialize in accepting and safeguarding savings deposits, and they typically offer mortgages and other lending services. They may be owned by shareholders or mutually owned by their depositors.
Savings and loan associations: Also known as thrifts, these institutions focus on providing home mortgages and other consumer loans. They traditionally focused on residential lending but may also offer other banking services.
The Illinois banking system is regulated by state and federal authorities, including the Illinois Department of Financial and Professional Regulation and the Office of the Comptroller of the Currency. Banks in Illinois are also members of the Federal Reserve System, which provides oversight and stability to the overall banking system in the United States.
FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES
Why do savings rates vary so much?
Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.
BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.
What is the difference between a savings account and a money market account?
The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.
What does annual percentage yield (APY) mean?
Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.
How do I choose the right savings account and should I consider CDs?
Begin your search with the table here on BestCashCow.com that you have found.
In addition to checking online savings rates, you should also check local bank rates and local credit union rates.
If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs).
While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates.
Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.
8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK
Find a bank with a location convenient to you. Location counts.
Choose a bank with good rates. Rates are important to get continued growth of your capital.
Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.
SAVINGS & CD CALCULATOR
Find out how much extra money you can earn
by moving your bank money into an account that pays more.
