Chicago is one of the leading financial hubs in the U.S. As such, it can be overwhelming to choose among its many credit unions, local banks and national banks to make the right financial decisions.

                By                    Imelda Lo
  • Top 7 Banks in Chicago

Top 7 Banks in Chicago  

  • Total assets
  • Savings account APY
  • Bauer rating
  • Number of branch locations
  • Checking account annual fee
  • Services and products offered

Based on these factors, here are the top seven banks in Chicago:

American Airlines Credit Union

  • Bonus dividends

  • Multiple discounts for direct deposit, being a new member and loan loyalty

  • Variety of credit cards

  • High APY for checking, savings and share certificates

  • Only available to individuals and families with connections to the airline industry

  • No money market accounts offered

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of Dec. 19, 2022. Additional requirements may apply. Offers and terms are subject to change.

Citi®

  • No returned item fees, overdraft fees and overdraft protection fees

  • Many credit cards to choose from, including airline rewards credit cards

  • Various account choices, including “Everyday” and “Premium” checking account packages

  • Low APYs depending on location

  • Must open top-notch savings accounts as part of banking packages

Cathay Bank

  • Customer service and website available in English, Spanish and Chinese

  • Full suite of financial products, including home mortgage loans, checking and savings and personal credit cards

  • Branch locations are limited to certain states

  • Not every account offers interest rates

Chase

  • Over 16,000 ATMs nationwide

  • Several options for credit cards, accounts and loans

  • Great investing services

  • Low CD rates

  • Low APY on its basic account, Chase Savings, depending on location

Wells Fargo Bank

  • Debit card is attached to your savings account

  • Automatic transfers from checking to savings account

  • Low rates across the board

  • Requires relatively high minimum balances to avoid monthly service fees

US Bank

  • Numerous accounts and cards to choose from

  • Many accounts don’t require monthly maintenance fees or have fees that are easily waivable

  • High-tech mobile banking app that comes with smart features like the U.S. Bank Smart Assistant

  • Most savings accounts require minimum opening deposits

  • Low APY for savings accounts

Pros:

  • Wide range of accounts
  • The National Credit Union Administration insures members’ IRA funds up to $250,000 and savings up to $250,000
  • Share shavings account has a competitive APY
  • Offers a Money Market Savings Accounts

Cons:

  • Membership is restricted to people and families who have served in the U.S. Armed Forces
  • Only 350 branches worldwide

Good To Know

Money market accounts have interest rates similar to high-yield savings accounts, but they also provide check-writing access. Many of these accounts come with fees if a minimum balance isn’t maintained, but not all of them do. Researching the fine print is key.

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