Illinois Savings Rates - October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Illinois savings account rates range from 2.50% to 5.12% APY, verified by MonitorBankRates as of October 13, 2026. The best savings rates for Illinois include Fidelity Bank & Trust (IA)Fidelity Bank & Trust (IA)242 Wall St, East Dubuque, IL 61025A5.0 ★Texas Ratio: 12.05%Real return: +2.32%APY minus 2.8% CPI (February 2026) Snap $tack Savings at 5.12% APY, Michigan State University Federal Credit UnionMichigan State University Federal Credit Union2500 N Halsted St, Chicago, IL 60614 6999A5.0 ★Texas Ratio: 9.64%Real return: +2.20%APY minus 2.8% CPI (February 2026) Savings Builder at 5.00% APY, Together Credit UnionTogether Credit Union1153 Blue Spring Plz, Shiloh, IL 62269 7397A+5.0 ★Texas Ratio: 4.25%Real return: +2.20%APY minus 2.8% CPI (February 2026) Accelerate It Savings at 5.00% APY, Vibrant Credit UnionVibrant Credit Union4400 16th St, Moline, IL 61265A-5.0 ★Texas Ratio: 14.44%Real return: +1.60%APY minus 2.8% CPI (February 2026) Digital Advantage Savings at 4.40% APY, and State Farm Federal Credit UnionState Farm Federal Credit Union1 State Farm Plz, Bloomington, IL 61710 0001A+5.0 ★Texas Ratio: 0.42%Real return: +1.28%APY minus 2.8% CPI (February 2026) Electronic Share Accounts at 4.08% APY.
Use the tables below to compare savings rates across Illinois side-by-side. Illinois savings rates currently reach as high as 5.12% APY from Fidelity Bank & Trust (IA) at 242 Wall St, East Dubuque, IL 61025. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Illinois and the surrounding area. Last Updated and Verified: October 13, 2026
Compare the Best Savings Rates in Illinois
Balance: $0 - $5,000.00*
Balance: $0 - $999.99; Blended rate account, qualifying balance up to $999.99; Valid thru 10/31/2026
Balance: $100.00 - $5,000.99 earns APY 5.00%; Balances $5,001.00 and above earn APY 0.20%; Requires open checking account under same membership number; Must be 22 or older; One per Social Security or Taxpayer Identification Number; Minimum Balance/Average Daily Balance: $5/$100
Balance: $0 - $5,001; APY*: 4.40%
Balance: $1,000,000+; APY*: 4.25%
Introductory promo for new customers. Introductory Interest Rate is determined by adding 0.67% to the variable interest rate paid on the Valley Direct High Yield Savings account (the "Standard Interest Rate"). The Introductory Interest Rate, Standard Interest Rate and APY are variable and may change after the account is opened.
Balance: $0.01 - $20,000
Qualifications Required: 1 direct deposit or ACH credit; 12 debit card purchases; e-statements enrollment; online banking enrollment/login; Balance: 0 to $50,000
Balance: $0 - $1,999.99
Balance: $.01 - $500.00
Balance: $5,002 - $14,999; APY*: 4.00%
Qualifications Required; Qualifying balance up to $25,000; requires direct deposit(s) of at least $500.00 per month to a Freedom Direct, Justice National, Beyond the Badge or Student checking account; No minimum balance requirement
- Oct 12, 20264.00%▲ from 0.10%
- Oct 4, 20260.10%first recorded
Qualifications Required: Must meet average daily balance requirements ($5 increase over previous month's balance, excluding dividends) and eStatements at a valid email address to earn qualifying rate; Rates valid as of 01/01/2026. Rates are variable and are subject to change after the account is opened. If stated, the account requires a minimum balance to earn the listed APY. Fees may reduce earnings on the account. Other conditions may apply. Please refer to IHMVCU's terms of use and account opening policies for important information and disclosures. Must meet average daily balance requirements ($5 increase over previous month's balance, excluding dividends) and eStatements at a valid email address to earn qualifying rate.
Qualifications Required: 1 direct deposit, ACH payment, or bill pay transaction; 12 debit card purchases; Be enrolled in and agree to receive e-statements; Balance: up to and including $20,000; Rate on portion over $20,000: 0.2497% resulting in a range from 4.00% to .88% APY
- Oct 10, 20264.00%▲ from 2.00%
- Sep 14, 20262.00%first recorded
Balance: Daily Balances Of$5,000-$100,000
Balance: $0.01
Balance: $0.01
Balance: $0.01
The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Balance: $250,000 - $999,999; APY*: 3.75%
Published APY range: 3.62% to 5.00%. Balance: $1,000 - $1,999.99; Blended rate account (each tier rate applies only to its balance band); Valid thru 10/31/2026
Valid Thru: 10/18/2026
Student Savings Accounts; Rates valid on the first $5,000 in the savings; balances over $5,000 earn 0.500% APY; Dividend paid monthly on the average daily balance; Rate may change after the account is opened
Student Savings Accounts; Rates valid on the first $5,000 in the savings; balances over $5,000 earn 0.500% APY; Dividend paid monthly on the average daily balance; Rate may change after the account is opened
Earn up to 3.50% APY when you are an account owner of a Bank Smartly Checking, Safe Debit account, or Bank SmartlyTM Visa Signature Card and a CQB of at least $25,000. APYs may vary by location and are accurate for accounts opened on today's date. Restrictions apply.
Balance: $100,000 and above
- Sep 24, 20263.50%▲ from 2.50%
- Sep 11, 20262.50%first recorded
Balance: $100,000 - $249,999; APY*: 3.50%
Valid Thru: 10/18/2026
Valid Thru: 10/18/2026
Balance: $250,000.00 - $499,999.99
Balance $100,000+
Balance: Daily Balances Ofup to $4,999.99
Minimum initial deposit $1,000 for Traditional and Roth IRA Certificates; $500 for Educational IRA Certificates
- Oct 8, 20263.30%▲ from 3.05%
- Sep 16, 20263.05%first recorded
Early withdrawal penalty: 180 day dividend
Balance: $5MM and over
Balance: $5,000.00 to $2,000,000.99
Balance: $5,000.00 to $2,000,000.99
Balance: $2,000. - above
Balance: $100+
Balance: $5 - $1,000; Dividends and APY accurate as of the last dividend declaration date; $5 penalty per withdrawal (waived if funds transferred to IRA); not a retirement account
Balance: $5,000+; Qualifications Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days; Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days. APY=Annual Percentage Yield. Rates may change after account is opened. Rate is accurate as of last dividend declaration date. Fees may reduce earnings on the account. Transaction count is NOT a combination of debit and credit card transactions. Debit Card transactions must be posted to the account within the last 31 days and be posted to the account by the end of business day of the last day of the month for it to be considered a qualifying transaction. Credit Card transactions must be posted between the 27th of the previous month and the 26th of the current month to be considered a qualifying tran
- Oct 10, 20263.25%▲ from 0.30%
- Sep 14, 20260.30%first recorded
Balance $100+
Start a savings plan (at least $300/month over an 18-month period); Get up to a 100% match on your interest earned ($1,500 max)
Balance $100-$99,999.99
With an average daily balance of $100 or more. APY= Annual Percentage Yield.
Teach kids 12 and younger about money-easy way to open savings account for a grandchild.
Annual Percentage Yield (APY) as of 10-01-2025
Balance: $150,000.00 - $249,999.99
Balance: 0 - $75,000
Balance: $100,000 and above
Balance: $100,000-249,999.99
Balance: $0.01 to $250,000.00
Balance: $1,000,000+; APY*: 3.00%
Balance: $100,000 +
Earn and Learn available to members up through age 18; APY dividend of 2.96% on balances $5.00-$2,500.00; Balances over $2,500.00 earn APY 0.20%; Minimum Balance/Average Daily Balance: $5/$5
- Oct 3, 20262.90%▲ from 2.75%
- Sep 14, 20262.75%first recorded
Balance: $50,000.00 and Over
Balance: $25,000 - $99,999.99
Balance: $25,000 - $99,999.99
Balance: $150,000.00 or more*
Balance Tiers: $0 - $49,999.99 | 2.20% APY; $50,000 + | 2.70% APY
$50 Minimum (effective 3/01/2025)
Valid Thru: 10/18/2026
Balance: $50,000.00 and Over
Balance: $50,000.00 - $149,999.99
Balance: $0.01 - $99,999.99
- Sep 24, 20262.50%▲ from 2.00%
- Sep 11, 20262.00%first recorded
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Illinois Savings Rate Trends
Compare local Illinois savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Illinois high-yield savings rates rose 0.066 points over the past 7 days to 1.920% APY, up from 1.855%.
Illinois standard savings rates rose 0.009 points over the past 7 days to 0.297% APY, up from 0.288%.
Illinois Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current IL high-yield average and a Fed funds spread to project the likely rate trajectory for 2026 to 2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current IL high-yield savings average of 1.920% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60 to 90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Illinois.
Savings Account Earnings in Illinois
Annual interest earnings at current IL average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (1.920% APY) | Monthly Earnings | Standard Savings (0.297% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $96.02 / year | $8.00 | $14.87 / year | $1.24 |
| $10,000 | $192.04 / year | $16.00 | $29.74 / year | $2.48 |
| $25,000 | $480.10 / year | $40.01 | $74.35 / year | $6.20 |
| $50,000 | $960.20 / year | $80.02 | $148.70 / year | $12.39 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Illinois savings rate averages as of October 13, 2026. | ||||
About Our Illinois Savings Rate Database
MonitorBankRates tracks 589 savings rates from 25 banks and 16 credit unions offering savings accounts to Illinois residents, including community institutions, regional banks, and national online options. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1 to 5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Fidelity Bank & Trust (IA) offers a savings account at 5.12% APY with a minimum deposit of $50. Use the rate table above to compare all current offers in Illinois.
How to Find the Best Savings Rates in Illinois
What to compare when shopping for a savings account in Illinois
To find the best savings APYs in Illinois, start with credit unions and online-only banks: Illinois has 16 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current IL high-yield savings average is 1.920% but top local institutions are offering as high as 5.12%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3 to 6 months of expenses in a liquid, FDIC-insured account. Illinois high-yield savings rates currently average 1.920% APY, far above a typical checking account.
- Short-term savings goals (6 to 24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Illinois institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 41 institutions in Illinois report savings rates to our database.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return Illinois CD rates
- You want check-writing flexibility Illinois money market rates
- You need daily transaction access Illinois checking rates
Illinois Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
17.0% of residents are 65 or older, in line with the national average of 17.3%. At today’s IL high-yield savings average of 1.920%, saving 10% of the local median salary ($4,839/year) would earn an additional $93 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Illinois Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Illinois.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current IL Avg APY | 1.920% | 0.297% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 to $100 | $25 to $100 | $0 to $2,500 | $500 to $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Illinois averages tracked in our database as of October 13, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Illinois
At IL’s top rate of 5.12% from Fidelity Bank & Trust (IA), a $10,000 deposit earns $512 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Illinois earner is roughly $12,100. At 1.920% APY, saving $1,010/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsIllinois’s high-yield savings average is 1.920% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Illinois earner makes $48,393/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 1.920% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.920% APY grows to roughly $36,573 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Illinois savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Illinois directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Illinois. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in IL.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Illinois
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Illinois safe?
How often do savings rates change in Illinois?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Illinois?
How do I open a savings account in Illinois?
Best Savings Rates in Illinois
- Fidelity Bank & Trust (IA)
Snap $tack Savings: 5.12% APY - Michigan State University Federal Credit Union
Savings Builder: 5.00% APY - Together Credit Union
Accelerate It Savings: 5.00% APY - Vibrant Credit Union
Digital Advantage Savings: 4.40% APY - State Farm Federal Credit Union
Electronic Share Accounts: 4.08% APY
Cities in Illinois
