The Best Money Market Rates for Illinois Consumers

Illinois has long been a safe haven for those searching out the best financial investment options. But with recent volatility in the markets, Illinois consumers are increasingly looking towards more secure savings options such as money market accounts.

Money market accounts, which are offered by banks and credit unions, offer a higher rate of return than traditional savings accounts but with the added protection of FDIC insurance. Interest rates on money market accounts vary across Illinois, but rates can be surprisingly high when compared to more traditional savings accounts. Below we’ll explore some of the best money market accounts available in Illinois.

State Bank of Illinois

The State Bank of Illinois offers customers a 0.80% annual percentage yield (APY) on their money market accounts. With no minimum balance or maintenance fees, this bank is an excellent option for Illinois residents who don’t want the hassle of maintaining an especially high balance. Customers must open their money market accounts in person at a State Bank of Illinois branch.

First National Bank of Chicago

The First National Bank of Chicago offers a 0.75%-0.85% APY, depending on the balance held. While a minimum balance of $10,000 is required to obtain the higher APY, there are no monthly maintenance fees for customers. Plus, customers who sign up for the bank’s online and mobile banking services will receive an additional 0.05%-0.15% APY.

Merchants Bank of Chicago

Merchants Bank of Chicago offers an industry-leading 0.90% APY on their money market accounts. The minimum balance requirement for this higher rate is $2,500, and customers must open the account in person at a Merchants Bank of Chicago branch.

FAQ

Q: How can I find the best money market rates in Illinois?

A: The best way to find the best money market rates in Illinois is to compare the accounts offered by the banks and credit unions in your area. Be sure to compare the APY, minimum balance requirements and any extra benefits such as customer service.

Q: How do I open a money market account?

A: To open a money market account, visit the bank or credit union of your choice in person and bring proof of your identity, as well as any necessary documents such as your social security card. The bank will then provide you with the necessary paperwork to open your account.

With so many options available for money market accounts in Illinois, it can be difficult to decide which one is right for you. But by taking the time to do your research and compare the rates, fees and customer service offerings at different banks and credit unions, you can find the money market account that best suits your financial needs.

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