Top 10 Banks for Small Businesses in Illinois: Your Complete Guide

Running a business in Illinois? Whether you’re in Chicago, Springfield, or a small town in between, the right bank can help your business grow and keep more money in your pocket. Let’s break down your best options—and make it easy to compare, switch, and save.

See How Illinois Compares Nationwide

Curious how Illinois stacks up against other states?
Explore all state-by-state business bank rankings to see the top picks for small businesses across the U.S.

Compare with Neighboring States

If you do business across state lines or want to see how your options measure up, check out our guides for nearby states:

• Indiana

• Wisconsin

• Missouri

Thinking About Switching Banks?

Switching doesn’t have to be stressful.
Follow our step-by-step guide to switching business bank accounts and make your move with confidence.

Why More Illinois SMBs Are Choosing Holdings

• Zero fees, no minimums: Keep more of your hard-earned cash.

• High APY (up to 3.0%): Make your money work as hard as you do.

• Integrated accounting & bookkeeping: Spend less time on admin, more time on growth.

• $3M FDIC insurance: Sleep easy knowing your funds are protected.

See all features and open your Holdings account today.

The 10 Best Banks for Small Businesses in Illinois

#1: Holdings (Best for Digital-First Banking)

Holdings is a top-tier choice for small businesses seeking a modern, digital-first banking experience. With no account fees, no minimum balances, and tiered APY rates that grow with your deposits (up to 3%), Holdings empowers businesses to save more while managing their finances seamlessly.

Pros:

• $0 account fees and no minimum balance requirements

• High APY rates: 1.5% ($50K-$250K), 2% ($250K-$1M), 3% (over $1M)

• Free ACH transfers and domestic wires

• Allpoint ATM network access with no fees

Cons:

• No physical branches for in-person banking

• Limited cash deposit options

Verdict: Holdings is perfect for tech-savvy entrepreneurs who prioritize cost-efficiency and advanced digital tools.

#2: Wintrust Bank (Best Local Bank)

Wintrust Bank provides personalized service with specialized programs tailored to local businesses across Illinois.

Pros:

• Extensive branch network across Illinois

• SBA loans and lines of credit available

• Strong focus on community support

Cons:

• Monthly fees on some accounts unless waived

• Limited free transactions on basic accounts

Verdict: Ideal for local businesses that value personalized service and community-focused banking.

#3: Chase (Best National Bank)

Chase’s Business Complete Banking® account includes QuickAccept®, allowing same-day deposits from card payments. It’s perfect for retail or service-based businesses.

Pros:

• Integrated payment processing with QuickAccept®

• Generous new customer bonuses (up to $500)

• Extensive branch and ATM network

Cons:

• Monthly fees unless waiver conditions are met

• Low savings interest rates

Verdict: A strong choice for businesses that rely on credit card transactions.

#4: Bank of America (Best Comprehensive Services)

Bank of America provides extensive business solutions under one roof, including merchant services, lending options, and cash flow management tools.

Pros:

• Nationwide branch network with strong accessibility

• Robust mobile app with integrated financial tools

• Competitive credit card rewards programs

Cons:

• Monthly maintenance fees unless waived

• Limited free transaction volume

Verdict: Ideal for established businesses needing comprehensive services.

#5: Wells Fargo (Best for SBA Loans)

Wells Fargo is one of the nation’s top SBA lenders, offering comprehensive business services under one roof.

Pros:

• Top SBA lender with favorable loan terms

• Extensive branch network across Illinois

• Multiple business checking options

Cons:

• Numerous banking fees

• Low APY on savings accounts

Verdict: A great option for businesses seeking capital through SBA loans.

#6: First Midwest Bank (Best Regional Option)

First Midwest Bank offers flexible business checking accounts with waivable fees and robust digital tools tailored to small businesses.

Pros:

• Waivable monthly fees on tailored accounts

• Up to 500 free monthly transactions

• Strong presence across Illinois

Cons:

• Higher-tier accounts may have steep fees

• Limited APY on savings accounts

Verdict: A reliable option for growing businesses seeking regional expertise.

#7: PNC Bank (Best Cash Flow Management Tools)

PNC Bank offers unique cash flow management tools through its Business Checking Plus account, making it ideal for growing enterprises.

Pros:

• Cash Flow Insight® tools included

• Waivable monthly maintenance fee

• Extensive branch network

Cons:

• Fees apply after free transaction limits exceeded

• Higher minimum balance requirements

Verdict: A solid choice for businesses focused on optimizing cash flow.

#8: Bluevine (Best Online Banking Option)

Bluevine combines no-fee checking with a competitive 2.0% APY on balances up to $100K. It’s designed for online-first businesses seeking high-yield accounts without unnecessary fees.

Pros:

• No monthly fees or transaction limits

• High APY on balances

• Seamless integration with accounting software

Cons:

• Limited cash deposit options

• No physical branches

Verdict: Ideal for digital-savvy entrepreneurs who want to earn interest on their funds.

#9: Fifth Third Bank (Best Community Support)

Fifth Third Bank offers specialized business solutions alongside community-focused programs designed to support local entrepreneurs.

Pros:

• Low-cost checking options

• Access to SBA loans and lines of credit

• Strong focus on community involvement

Cons:

• Limited advanced digital tools compared to larger banks

• Monthly fees unless waived

Verdict: Best suited for businesses that value community-focused banking services.

#10: Capital One (Best Online Accessibility)

Capital One provides flexible online banking tools alongside competitive rewards programs tailored to startups.

Pros:

• Unlimited digital transfers

• Large ATM network nationwide

• No overdraft fees

Cons:

• Limited physical branch presence in Illinois

Verdict: Ideal for tech-savvy entrepreneurs looking to grow their business digitally.

Comparison Table

Conclusion

Illinois’s diverse economy requires reliable banking partners that cater specifically to local needs while providing modern financial solutions. Whether you prioritize low costs, high yields, or personalized service, there’s an option tailored to your goals. For those seeking a cutting-edge digital-first solution, Holdings stands out as the best choice. Open your account today at GetHoldings.com and simplify your business finances!