If you reside in the greater Chicago, Illinois area and are in the market for a liquid savings account with FDIC insurance, you’re likely better off (interest rate wise) with an account from an online bank rather than a local institution.
After surveying the top money market rates offered by local banks and credit unions in Chicago, we found that there is only one local institution with reasonably competitive rates – Washington Federal Bank for Savings (headquartered in Chicago, IL). Their money market account is currently providing a yield of 1.01% APY with a minimum balance requirement of $1,000.
Related: Several months ago we rounded up some noteworthy long term CD rates in Chicago and found that local institutions trumped online and nationwide banks on interest rates quite handily.
Washington Federal Savings Bank, established in 1913, is a small institution with only 16 employees and 2 locations (both in Chicago). Their consumer savings accounts are FDIC insured up to $250,000.
Top MMA Rates for Chicago Residents (Local and Nationwide Institutions):
- Discover Bank 1.05% APY. $500 minimum deposit. Available Nationally.
- Washington Federal Savings Bank 1.01% APY. $1,000 minimum deposit. Local Only.
- Hudson City Savings Bank 1.00% APY. $2,500 minimum deposit. Available Nationally.
- Ally Bank 0.85% APY. $1.00 minimum deposit. Available Nationally.
- National Republic Bank of Chicago 0.75% APY. $2,500 minimum deposit. Local Only.