Highest Yielding Savings Account Rates for Illinois, IL

Includes Online Banks, Local Banks and Credit Unions / Updated December 3, 2022

All rates listed are Annual Percentage Yield (APY).
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  • 4.01% Reviews Online Rate - Money Market Account
    $2,000 Min. to Earn APY

    External transfers are limited to $5,000/day and are not free.

    | November 22, 2022 |

    The lady was nice on the phone but too many issues not ironed out. Would opt for a very slightly lower rate in order not to play guinea pig. More Reviews

  • 4.00% Reviews Online Rate - High Yield Money Market
    $1,000 Min. to Earn APY

    External transfers are limited to $30,000 per week.

    | November 28, 2022 |

    It is a small bank and that is a tad annoying, but the experience has been good. More Reviews

  • 3.91% Reviews Online Rate - High Rate Money Market
    $5,000 Min. to Earn APY

    Bank reports that this rate is for new customers only.

    | November 22, 2022 |

    Pretty neat cycle here. They raise their rate. I think my rate was raised. Learn later that the higher rate is for a different account. Call and bicker and then need to apply for a new account. Meanwhile, ... More Reviews

  • 3.90% Reviews Online Rate - Online Savings Account
    $1 Min. to Earn APY

    | October 25, 2022 |

    Here is a warning. Unlike other online banks, if you try to set up an link in order to withdraw money from an external account by verifying two small deposits, it will be rejected by the bank. They only... More Reviews

  • 3.85% Reviews Interest Savings Account
    $0 Min. to Earn APY

    | November 12, 2022 |

    Easy to set up. I had some difficulties with internet access after a few months, but CSR was easy to reach. I may move my money to CDs with them if they stay competitive. Good experience overall. More Reviews

  • 3.82% Reviews Online Rate - Online Money Market
    $50 Min. to Earn APY

    Bank does not offer ACH processing. Customers need to initiate ACH from outside bank.

    | October 13, 2022 |

    Seems to be run by one really nice young lady who is working her ass off to answer the phone. I feel so sorry for her, but the absence of a transfer process made this one too difficult for me. More Reviews

  • 3.75% Reviews Fitness Savings
    $100 Min. to Earn APY

    Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).

    | October 2, 2022

    easy workaround - open account with minimum balance, download app, do your steps, fund your account at end of month. easy. More Reviews

  • 3.64% Reviews Online Rate - High Yield Savings
    $1 Min. to Earn APY

    | October 30, 2022 |

    I got into this one and a couple of other small Utah banks last years when I saw that they were a little higher than national rates (something like 0.70% versus 0.50%). Whatever I made with this adjustme... More Reviews

  • 3.60% Reviews Online Rate - Online Savings
    $0 Min. to Earn APY
  • 3.60% Reviews Savings Connect
    $100 Min. to Earn APY

    | October 13, 2022 |

    I just banks by their hold times and this one is out of hand now. Fortunately, they do have a call back option (and they do call back much later). My prior experiences with the bank would lead to a 5-st... More Reviews

  • 3.60% Reviews Online Rate - Online Savings Account
    $1,000 Min. to Earn APY

    | October 11, 2022 |

    Never a problem. More Reviews

  • 3.60% Reviews Online Rate - Online Savings Account
    $5,000 Min. to Earn APY

    Online transfers limited to $1,500 per day and $10,000 per month.

    | September 17, 2022 |

    online transfer limits are a real problem so i closed account and won't go back. More Reviews

  • 3.50% Reviews Online Rate - High Interest Savings Account
    $0 Min. to Earn APY

    | October 25, 2022 |

    Here is a warning. Unlike other online banks, if you try to set up an link in order to withdraw money from an external account by verifying two small deposits, it will be rejected by the bank. They only... More Reviews

  • 3.50% Reviews Online Rate - High Yield Money Market Account
    $0 Min. to Earn APY
  • 3.50% Reviews Online Rate - High Yield Savings
    $100 Min. to Earn APY

    Outbound transfers limited to $10,000/day or less.

    | November 15, 2022 |

    I have no idea who runs this or who the target customer is, but they sure made me feel dumb to be associated with them when I called to try and sort out simple matters. Then, they basically told me that th... More Reviews

  • 3.50% Reviews Online Rate - Online Savings Account
    $2,500 Min. to Earn APY

    | September 20, 2022 |

    Quite pleased with this one so far. Rate is consistently above anything else. I am just hoping they continue to be in the top tier of competitiveness! More Reviews

  • 3.35% Reviews Online Rate - High-Rise Savings
    $5,000 Min. to Earn APY

    Rate available for new accounts only.

  • 3.27% Reviews Online Rate - Agility Savings Account
    $1,000 Min. to Earn APY

    | October 26, 2022 |

    The best bank in Canada by far. But, not competitive in the US at all. The good news is that I could move everything out to buy treasuries in my brokerage account with two clicks (unlike Synchrony which wa... More Reviews

  • 3.25% Reviews Online Rate - High Yield Savings
    $0 Min. to Earn APY

    External transfers may take up to 3 business days and may be limited to $25,000/day.

    | October 20, 2022 |

    I have been banking with Synchrony for 7 years and am still amazed at how little they know about Banking 101! The eternal hold button works though! Will send letters looking for paperwork that was submitte... More Reviews

  • 3.25% Reviews Online Rate - Online Savings
    $0 Min. to Earn APY

    | September 18, 2022 |

    Let's see. A bank with a name like "LendingClub" that is focused on predatory straight cash lending in an economy that has gone from flush with cash to a deep recession (depression?) and that has a website... More Reviews

  • 3.25% Reviews Online Rate - Personal Savings Account
    $0 Min. to Earn APY

    | July 18, 2022 |

    And how is this an online bank if they are inundating me with invitations to a customer appreciation free movie showing in some remote location in Utah? More Reviews

  • 3.25% Reviews Online Rate - Premium Savings Account
    $0 Min. to Earn APY
  • 3.25% Reviews Online Rate - Money Market
    $1 Min. to Earn APY

    Bank reports that this rate is for new customers only.

    | October 13, 2022 |

    might be a good as a local bank, but not set up as an online bank More Reviews

  • 3.25% Reviews Online Rate - Online Savings
    $1,000 Min. to Earn APY

    External outbound transfers are limited to $25,000 per day.

    | June 21, 2021 |

    This account is great. Had first opened an online savings account and then I locked into the 18-month No Penalty CD. While interest is still lost if you get out before a quarterly payment date, it provides... More Reviews

  • 3.25% Reviews Online Rate - ConnectionPlus Savings
    $2,500 Min. to Earn APY

    ConnectionPlus Savings. New customers only, but existing customers may transfer assets online to new account.

    | April 12, 2022 |

    Opened account at the branch and discovered that I was only getting 0.20% and three months passed before I figured it out. Be careful with this one. More Reviews

  • 3.20% Reviews Online Rate - Online Money Market Account
    $0 Min. to Earn APY

    | August 30, 2022 |

    It is ludicrous in this day and age to have an account where it takes so long to get your money. This may be Sallie's racket, but I am out. More Reviews

  • 3.04% Reviews Online Rate - Money Market Savings
    $100 Min. to Earn APY
  • 3.01% Reviews Online Rate - Savings Account
    $500 Min. to Earn APY
  • 3.00% Reviews Online Rate - 360 Performance Savings
    $0 Min. to Earn APY
  • 3.00% Reviews Online Rate - High Yield Savings Account by American Express
    $0 Min. to Earn APY
  • 3.00% Reviews Online Rate - Online Savings Account
    $0 Min. to Earn APY

    | November 9, 2021 |

    Higher rate but same old bank. Still engages in a process of not crediting deposits for two days after they are drawn. As a result, any transfers initiated after Wednesday will miss earning interest over t... More Reviews

  • 3.00% Reviews Online Rate - Online Savings Account
    $0 Min. to Earn APY

    | August 1, 2022 |

    Hard to imagine how Ally got to be so bad, but 1 hour to speak with anyone on the phone is just not good business. It however is slightly better than my other bank which is CIT which hangs up on me. More Reviews

  • 3.00% Reviews Online Rate - Online Savings Account
    $1 Min. to Earn APY
  • 3.00% Reviews Online Rate - Online Savings Account
    $1 Min. to Earn APY

    | December 7, 2021 |

    I've been unable to log on all evening because of the AWS outage. Also, I waited on hold for over 1 hour before giving up. Unable to get access to my money and disappointed by the AWS reliance with no re... More Reviews

  • 3.00% Reviews Online Rate - Citizens Access Online Savings Account
    $1 Min. to Earn APY

    | May 17, 2022 |

    I have accounts at some of these other names where I make a little more, but if I need something (to access my cash or to cover an obligation somewhere), this is the place I go. Great service by phone too... More Reviews

  • 2.84% Reviews Online Rate - eMoney Market
    $100 Min. to Earn APY

    New money only.

  • 2.80% Reviews Online Rate - High Yield Savings
    $1 Min. to Earn APY
  • 2.45% Reviews Online Rate - Basic Savings
    $0 Min. to Earn APY

    | October 17, 2021 |

    The savings rate is 0.50% as listed here. Their money market rate is only 0.40%. These guys are deceptive! They keep one rate high so that customers like me see them on a site like this and go through and ... More Reviews

  • 2.00% Reviews Online Rate - Premium Online Savings
    $5 Min. to Earn APY
  • 1.75% Reviews Online Rate - Online Savings
    $1 Min. to Earn APY
  • 1.72% Reviews Online Rate - Jumbo Deposit Account
    $230,000 Min. to Earn APY
  • 1.70% Reviews Online Rate - High Rate Savings
    $5 Min. to Earn APY

    | October 12, 2021 |

    Applied over a month ago, Customer service called twice and no help. All required info sent twice. Still no response. Horrible More Reviews

  • 1.51% Reviews Online Rate - Premium Money Market
    $25,000 Min. to Earn APY
  • 1.50% Reviews Online Rate - High-Interest Savings
    $100 Min. to Earn APY
  • 1.41% Reviews Online Rate - High Yield Savings Account
    $100 Min. to Earn APY
All rates listed above 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 5 Most Recognized Online Banks

Marcus by Goldman Sachs



Marcus, the online banking arm of Goldman Sachs, offers high Savings and No Penalty CD rates with no transaction fees ever. Throughout its existence, Marcus has been consistently interest rate competitive and offered super fast ACH transfers (although you can also deposit by check or wire transfer), easy web access and strong customer service. While the FDIC only insures an individual’s account balances to $250,000, you can maintain up to $1 million in a Marcus account.

Citizens Bank


Citizens logo

Citizens Bank N.A. is one of the oldest and most established banks in the US and has now been in the online banking space for several years. Accounts here have been consistently competitive and Citizens never charge any fees so long as you maintain a $5,000 balance.

Ally Bank



Ally Bank is the former GMAC bank but its strong advertising campaign has built an independent name recognition over the last decade. The bank today is known for its great customer service, user-friendly mobile apps, and low CD early withdrawal penalties. Once you open an Ally account, you also have access to offers on their suite of other products, including Ally Invest, a recently launched online trading platform.

Purepoint



Purepoint is a subsidiary of a MUFJ Union Bank that is itself a subsidiary of Japan’s Mitsubishi UFJ Financial Group, one of the largest banks in the world. It offers aggressive online savings rates to those with over $10,000 to deposit and a web experience that is generally well received. Many customers rave about the lightening fast ACH transfers, but others note that higher rates are frequently offered to California residents who may by more inclined to use Union Bank for other services.

Synchrony Bank



Synchrony Bank, formerly GE Capital Retail Bank, has offered very competitive online savings and CD rates for some time and is well recognized for its strong customer service. A Synchrony account gives access to a travel discount program and an ATM card for easier access to your cash. However, the bank lacks a mobile app and the website can be frustrating.

Summary of Online Savings Rates

Bank Institution Interest Rate (APY) Minimum Balance
for APY
Best For
Brilliant Bank, a division of Equity Bank 4.01% $2,000 Money Market Account
CFG Bank 4.00% $1,000 High Yield Money Market
UFB Direct, a division of Axos Bank 3.91% $5,000 High Rate Money Market
My Savings Direct, a division of Emigrant Bank 3.90% $1 Online Savings Account
Merchants Bank of Indiana 3.82% $50 Online Money Market
Transportation Alliance Bank, Inc. d/b/a TAB Bank 3.64% $1 High Yield Savings

RATES&INFO SAVINGS ACCOUNT QUESTIONS AND ANSWERS

What is a savings account?

A savings account is an interest-bearing bank account that allows you to preserve your cash. Your cash is secure as long as you remain within FDIC limits (or NCUA limits for federal credit unions).

What is a money market account?

A money market account is virtually identical to a savings account, except not bound by certain transaction restrictions (the most significant of which is a limit of 6 outbound transactions to outside bank accounts per month). Rates&Info does not distinguish between savings accounts and money market accounts. We list the best rates above for both products above.

Is my money safe in a savings or money market account?

As long as your total deposit accounts (savings, checking, CDs, etc.) with each bank do not exceed $250,000 for each ownership category, your deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) which is backed by the full faith and credit of the U.S. Learn more here. The National Credit Union Administration (NCUA) provides similar insurance for deposits with its member credit unions.

How do I find the best high interest savings account?

The table above lists the best online bank accounts with high interest rates. It also lists the highest yielding money market accounts and the best high yield savings account rates at banks and credit unions near you. By listing all of these rates on one table, Rates&Info enables you to determine the best bank for your savings account based on not just the best high yield savings rates that are available to you but also the convenience of a local branch.

What is the best online bank for savings?

The five most recognized online banks for savings in the US are currently Ally Bank, Barclays Bank Delaware, CIT Bank, Goldman Sachs Bank and Synchrony Bank. All of these have low account opening requirements and low or no minimum account maintenance requirements. The rates at these banks can vary. This table shows you which of these banks, and others, have the highest online savings account rates. Customer service levels, website and mobile app functionality, and transfer speeds also vary widely. User reviews on other websites may help you to determine which of these is the best for your needs.

What is the best easy access savings account? What is the best bank for savings accounts? What is the best regular savings account for me?

Many people still prefer to keep their money at local credit unions and local banks because they prefer personal (not telephonic or internet-based) interaction with their banks, want to build a relationship with a local banker for other transactional matters, and often need cash or cashier’s checks instantly. The table above demonstrates all of the rates in one table so that you can compare rates at these institutions with online rates. If online rates are more competitive than those rates at banks and credit unions near you, you should consider opening a savings account at a bank with a branch near you and tying it to an online savings account where you can keep cash above those minimum levels required by your local bank or credit union.

How do I open an online savings account?

Opening an online savings account or money market account is simple. Online banks first verify your identity through a driver’s license or other ID and a credit pull from Experian or Equifax (usually soft). You will then need to fund the account through mailing a check or entering an ABA and account number from an account that you may have at another bank (a funding account). Confirming ownership of the funding account requires entering your username and password for that account or confirming the amounts of one or two small test deposits after they have arrived.

What is the best fixed-rate savings account?

Savings rates can be lowered or raised at any time by the bank or credit union at their discretion. That is the nature of the product. If you have cash that you are extremely unlikely to require access to and seek a higher rate of return, you should consider a certificate of deposit (CD). You can compare CD rates at online banks, local banks and credit unions here.

What is the best child savings account?

A child savings account is a great way to teach children about the importance of saving money. This is a hard lesson to teach when rates are so low (and remain below real inflation rates)! Although some online banks (Ally and Capital One 360) offer these accounts, local banks are usually better set up for child savings accounts. Depending on the state in which you reside, a guardian (usually a parent) is required to open the account and to oversee the account until the age of 18 or 21. Because of the documentation required, you should consider opening a child savings account at a bank with which you or your spouse already have a banking relationship.


The graph above shows how the average rates for online savings accounts have trended over the last several years.

Compare Savings and CDs

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