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 verify current rates, fees, and terms directly with each institution.

Community banks are gaining popularity as Illinois residents look for more personalized attention and locally based guidance on managing their financial assets. It’s important to thoroughly review your options and determine the best community bank near you, such as these four trusted banks. 

Midland States Bank

Midland States Bank has a long-standing reputation in the region, one set on empowering its customers and communities. It has a blend of traditional banking methods and modern digital tools, giving you greater control over your wealth management. 

Its checking accounts have no minimum balance requirement or monthly service charge, with deposits insured by the Federal Deposit Insurance Corp. (FDIC). You can also access over 55,000 fee-free ATMs.

Other special products and services include personal loans, auto loans, home equity loans, home equity lines of credit (HELOCs) and home improvement loans, as well as mortgage options, refinancing and investment advice. 

Key features:

• Over 55,000 ATMs
• Free checking accounts
• Various loan and investment opportunities

Wintrust Bank

When Wintrust Bank opened its first location in northern Chicago in 1991, it aimed to provide residents with an alternative to larger national banks. Today, it continues to maintain its community focus with 175 locations.

Choose from various checking and savings accounts, including the Total Access Checking option, which provides a free nationwide ATM network and no minimum monthly balance requirements or maintenance fees. 

You can also manage your account using its mobile banking app, pay your bills online, and conduct internal and external transfers. In addition to tailored decision-making based on each branch’s neighborhood, Wintrust Bank also has safe deposit boxes, foreign currency exchange and coin counting.

Key features:

• 175 banking locations
• Free nationwide ATM access
• Foreign currency exchanges for international travel

North Central Bank

North Central Bank is committed to personalized customer service and local decision-making. Its staff are active participants in the community, often showing up to support neighbors, organizations and events. This institution is dedicated to fostering lasting relationships and having a wide range of financial products and services.

Select one of five personal checking accounts and six personal savings accounts. Its Elite checking account, in particular, has no minimum balance requirements and a low monthly fee. You also receive free personalized member checks, free money orders, a one-year safety deposit box rental at no cost and free notary services, among other perks. 

Key features:

• Numerous checking and savings account options 
• No minimum monthly balance requirements
• Mobile banking app and digital wallet

Belmont Bank & Trust Co.

Belmont Bank & Trust Co. is committed to providing local, relationship-driven banking services, having tailored solutions and renowned customer care to Chicago neighborhoods. Its state-of-the-art digital account management, online bill pay and virtual wallet compatibility make it stand out as one of the best community banks in Illinois. 

Its cash-back checking account is its most popular option, having 4% money returns on debit card purchases and up to $96 in cash back annually. You also get up to $25 refunds on monthly ATM withdrawal fees nationwide. This community bank also delivers HELOCs and personal credit cards when you need them most.

Key features:

• Cutting-edge digital banking tools
• 4% cash-back checking account
• Up to $25 refunds on monthly ATM withdrawals

Choosing the Best Community Bank Near You

You always want to house your assets at a trusted institution, regardless of its size. When choosing the best community bank near you, it is essential to take the following criteria into account:

Community PresenceA community-based financial institution should have strong roots in Illinois, with a proven track record of local engagement. Financial Products and ServicesMake sure banks have comprehensive product offerings, including checking, savings, loans, business accounts and investment opportunities. They should also be transparent about account terms and fee structures with few hidden costs. Technology and AccessibilityCheck that an institution has robust digital and mobile banking, a broad ATM network and convenient branch locations. You should also see whether it offers 24-hour support. Personalized Service and Local Decision-MakingBanking specialists should be available to provide customized guidance and support with financial planning. Banks deliver flexible solutions and faster turnaround times for local loan decisions.Security and TransparencyMake sure banks are insured by the FDIC and implement stringent security measures for digital transactions and data privacy protection. How Do Community Banks and National Banks Differ?

Community banks have a different approach to customer service, decision-making and local investments. They are typically 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 of under $10 billion, while regional banks have assets between $10 billion and $100 billion. These institutions tend to reinvest in neighborhoods where their customers live and work, making them a compelling option for those who value personalized service and supporting local initiatives.

Do Illinois Community Banks Deliver Mobile Banking Services?

According to a 2024 survey by the American Bankers Association and Morning Consult, 55% of banking customers used smartphone apps to manage their bank accounts over a 12-month period. Approximately 64% and 68% of Generation Z and millennials, respectively, represented most of those surveyed.

Many community banks offer convenient and secure mobile banking services that enable you to access and manage your account from anywhere using your preferred device. Check your balance, deposit checks, pay bills and transfer funds with the push of a button. You can also search for and locate the nearest branch or ATM.

How Extensive Are Community Bank Branches and ATM Networks?

One of the downsides of opening a community bank account is the limited reach. These types of institutions typically do not have an extensive network of ATMs and branches, unlike large national banks. However, many participate in shared, fee-free ATM networks across the country for you to deposit and withdraw funds. You must check the accessibility of these locations and the fees you may incur by withdrawing from outside their network.

A Banking Experience Where Everyone Knows Your Name

The best community banks near you offer something large national banks simply cannot — someone with a familiar face who knows your name. For Illinois residents, nothing beats partnering with a financial institution that cares about you personally and the area in which you live.

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