Best money market account rates in Illinois

Below are the highest yielding money marekt account rates available to residents of the state of Illinois.

Currently, the large national banks are offering similar money market rates when compared to the rates offered by local banks and credit unions. In Illinois, there are a few local institutions which have higher yields on their money market accounts, but they have fairly strict membership eligibility requirements.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Illinois which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top Money Market Account Rates in Illinois:

First Federal Savings Bank of Mascoutah: New Baden, IL. Money Market Account yielding between 1.76% APY and 2.26% APY depending on minimum balance. If you maintain a minimum balance of $1,000 – $4,999 you will earn 1.76% APY, if you maintain a minimum balance of $5,000 – $10,000 you will earn 2.01% APY and if you maintain a balance of above $10k you will earn the 2.26% APY. First Federal Savings Bank of Mascoutah was founded on August 1913 as the Mascoutah Building and Loan Association.  At the time there was an influx of new citizens with virtually no rental properties available.  To help solve this problem, a group of local businessmen invested to found the Building and Loan Association.  Unlike banks of the time, the building and loan could make long time loans repayable in small periodical payments.  This enabled a growing number of citizens with lower incomes to secure home mortgages and not have the problems associated with a short time mortgage.

City National Bank of Metropolis: Metropolis, IL. Money market account yielding 2.27% APY with a minimum balance of $2,500. They call this account the “cash management account” and it allows you to make transfers from a cash management account to another account or to third parties by pre-authorized, automatic, telephone or computer transfer are limited to six per statement cycle with no more than three by check or similar order to third parties. City National Bank of Metropolis has been serving southern Illinois for over 100 years.

Both of the above institutions are federally insured by the FDIC – your deposits are secure up to $250,000. If you live in Illinois and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

STC Capital Bank’s 6 month certificate of deposit: 2.50% APY

Thanks to BankVibe reader Sean for tipping us off on a phenomenal rate coming from a local Illinois bank. Currently STC Capital Bank has a 6 month certificate of deposit which is yielding 2.50% APY. The average yield for 6 month CD’s sits at roughly 1.30% APY. Unfortunately for most of us, this product is not available. STC Capital Bank only has two branches and both are in St. Charles, Illinois. This product is only available to customers in the area.

The six month CD offered by STC Capital Bank became available on the first of this month and they accept deposits up to $25,000. You may also start with less than $25,000 and add to your deposit throughout the life of the CD. If you aren’t one of the lucky ones who are able to take advantage of this offer great, you may want to compare 6 month CD rates nationwide.

STC Bank was founded by a group of investors with a “passion for excellence within the banking industry.” STC is an abbreviation for their core values. S stands for Service, T stands for Trust, and C stands for Commitment.

Main Office
460 South 1st Street
St Charles, IL 60174
phone: (630) 377-1555

4.09% APY Checking Account from Consumers Credit Union

Here is another sweet deal we got tipped off on over the weekend. This one is available to customers nationwide!

Consumers Credit Union out of Illinois currently has a rewards checking account with an APY of 4.09% on balances up to $25,000 (a still respectable APY of 1.51% on balances exceeding $25k). Click here to visit their promotion page and learn more about this account.

Rewards Checking Account features from Consumers Credit Union

(as seen on their website)

• No minimum balance required
• Free online banking and bill pay
• No monthly service charges or fees
• Free ATM use nationwide. Any ATM, any where, any time!

The requirements to earn the advertised APY are pretty standard when compared to other interest checking deals. Review the requirements below.

• Bonus rate requirements per month: 12 POS check (debit) card transactions,
• receive electronic statement
• have either one direct deposit or one ACH debit or pay one bill via online banking.

This is a variable interest rate and is subject to change without notice.

Midwest America Federal Credit Union: 5.11% Checking Account

Midwest America Federal Credit Union has some astounding savings rates which became effective 3/1/09.  Currently, with their Rewards Checking Accounts, you can earn 5.11% APY on all balances up to $25,000 (1.50% APY on all balances above $25k). The national average for interest checking account rates sits at around 1.0% APY.

There is no minimum balance required to open one of these accounts and you’re interest is compounded monthly as is the dividend period.

5.11% APY Checking through MAF Credit Union

To Obtain the featured interest rate you must do the following…

• make 10 cleared MidWest America debit card purchase transactions on your MidWest Reward Checking Account per “qualification cycle”
• receive your monthly statements electronically through CU Anywhere
• set-up one direct deposit or one auto debit monthly to MidWest Reward Checking

Also note that before qualifying you must fill out the “Truth-in Savings disclosure form”

You may find local branches within various counties of Indiana, Illinois and Kentucky.

External Resources: high interest savings accounts