What are the best community banks in Illinois?
This article is sponsored by Midland States Bank, and the information provided is for educational purposes only. Please confirm current rates, fees, and names directly with each institution.
Community banks are gaining popularity as Illinois residents seek personalized attention and local guidance when managing their financial assets. It’s important to carefully review your options and decide on the Best Community Bank near you, like these four trusted banks.
Midland States Bank
Midland States Bank has a longstanding reputation in the region, one built on empowering its customers and its communities. It has a combination of traditional banking methods and modern digital tools, giving you greater control over the management of your wealth.
Its checking accounts have no minimum balance requirements or monthly fees, with deposits insured by the Federal Deposit Insurance Corp. (FDIC). You can also access more than 55,000 ATMs.
Other specialized products and services include personal loans, car loans, home equity loans, home equity lines (helocs) and home improvement options, as well as mortgage options.
Important features:
- More than 55,000 ATMs
- Free trial accounts
- Various loan and investment opportunities
WinTrust Bank
When WinTrust Bank opened its first location in North Chicago in 1991, it aimed to provide residents with an alternative to large national banks. Today, it continues to maintain its community focus in 175 locations.
Choose from a variety of checking and savings accounts, including a full access checking option, which offers a free nationwide network and no minimum deposit or maintenance requirements.
You can also manage your account using its Mobile Banking app, pay your bills online, and make internal and external transfers. In addition to the decisions made for the limitation based on each location of the branch, WinTrust Bank also has safe deposit boxes, foreign currency exchange and money counting.
Important features:
- 175 Banking locations
- Free ATM access throughout the country
- Foreign Exchange for Tourism in Other Countries
North Central Bank
North Central Bank is committed to personalized customer service and local decision-making. Its employees are active participants in the community, often showing support for neighbors, organizations and events. This institution is dedicated to fostering lasting relationships and having a wide range of financial products and services.
Choose one of five personal checking accounts and six personal savings accounts. Its elite checking account, in particular, has no minimum balance requirements and low monthly fees. You also get FREE personalized member checks, free money orders, one free safe deposit box rental and free membership, among other Perks.
Important features:
- Many options for checking and saving the account
- There are no monthly requirements
- Mobile Banking and Digital Wallet app
Belmont Bank & Trust Co.
Belmont Bank & Trust Co. is committed to providing home-based, relationship-driven, financial solutions and customer care that Chicagoans are famous for. State-of-the-art digital Account Management, Fall online payments and Virtual Wallet capabilities make it stand out as one of the best community banks in Illinois.
Its cash checking account is its most popular option, with 4% cash back on debit card purchases and $96 in cash back per year. You get and get back up to $25 cash back on monthly ATM withdrawals nationwide. This community bank also offers helocs and personal credit cards when you need them most.
Important features:
- Digital digital cutting tools
- 4% checking account back
- Up to $25 Cashback on monthly withdrawals
Choosing the best community bank near you
You always want to place your property in a reliable institution, regardless of its size. When choosing the best community bank near you, it is important to take the following criteria into consideration:
| Community presence | A community-based financial institution must have strong roots in Illinois, with a proven track record of involvement. |
| Financial Products and Services | Make sure the banks have complete product offerings, including checking, savings, loans, business accounts and investment opportunities. They should also be transparent about account terms and financial structures with few hidden costs. |
| Technology and Accessibility | Check that the center has mobile and mobile banking capabilities, an extensive ATM network and convenient branch locations. You should also see that it offers a 24 hour service. |
| Personalized service and local decision-making | Banking professionals should be available to provide customized guidance and support with financial planning. Banks deliver dynamic solutions and quick turnaround times for real estate loan decisions. |
| Security and Transparency | Make sure the banks are FDIC insured and implement strong security measures for digital transactions and data privacy protection. |
How are community banks and national banks different?
Community banks have a unique approach to customer service, decision making and local investment. They are often run by community members who have a deep understanding of the regional economy and the unique needs of their customers.
The Federal Reserve defines a Community Bank as one with assets under $10 billion, while regional banks have assets between $10 billion. These centers often restore the neighborhoods where their clients live and work, making them a compelling choice for those who value personalized service and supporting local efforts.
Do Illinois community banks offer mobile banking services?
According to a 2024 survey by the American Bankers Association and morning communication, 55% of bank customers use smartphone applications to manage their bank accounts in a 12-month period. About 64% and 68% of generation z and millennials, respectively, represent the majority of those surveyed.
Many community banks offer convenient and secure banking services that allow you to access and manage your account from anywhere using your favorite device. Check your balance, deposit checks, pay bills and transfer money with the push of a button. You can search and find the nearest branch or ATM.
Community bank branches and ATM networks?
One of the downsides of opening a community bank account is limited accessibility. These types of institutions usually do not have an extensive network of ATMs and branches, unlike large national banks. However, many participate in shared, cashless networks around the country to deposit and withdraw money. You should check the availability of these sites and the fees you may incur for withdrawing from outside their network.
A banking experience where everyone knows your name
The best community banks near you offer something great nationally just can’t do – someone with a familiar face who knows your name. For Illinois residents, there’s nothing wrong with a financial institution that cares about you and where you live.
What are the best community banks in Illinois? first appeared in making sense of cents.
