December 21, 2024

Best Banks for Small Business in Illinois

By Alyssa Supetran
Read more about Best Bank to Open a Business Account
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Looking for the perfect bank to support your small business in Illinois? Discover the top 10 banks for Illinois entrepreneurs below.

Which bank is best for small business owners in Illinois?
The 10 banks for small businesses in Illinois are:
  1. Chase Bank for built-in credit card processing
  2. Wells Fargo for SBA loans
  3. BMO for easy access to resources
  4. Fifth Third Bank for best ATM access
  5. Huntington Bank for best regional bank
  6. Capital One for unlimited free transactions
  7. Wintrust Bank for best customer service
  8. Axos Bank for minimal fees
  9. Bluevine for high-interest checking accounts
  10. Lili for sole proprietors & freelancers

Thanks to its strategic location and diverse economy, Illinois small business owners enjoy unique opportunities for business growth. But these can be difficult to maximize without the right bank.

Fortunately, Illinois offers plenty of business banking options, from national names like Chase to local choices like Wintrust Bank.

Not sure what bank is best? Keep reading to find the perfect match for your small business in the Prairie State.

Which banking service do you need for your small business in Illinois?

10 Best Banks for Business Accounts in Illinois

Whether you're launching a startup in Springfield or expanding in Chicago's busy market, these banks can help set the stage for success.

Did you know? Illinois is considered a national transportation hub because it's where all Class 1 railroads meet. As a result, businesses have an easier time acquiring supplies and shipping orders anywhere in the country.[1]

Chase Bank

Best for: Best overall; built-in credit card processing

Chase Bank made the top spot before as one of the best banks for small businesses. It has a strong presence in Illinois, with 250+ branches across the state. So finding the closest branch is easy, especially if you're near Chicago.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

And with the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

As your business expands, you may need more capital. This next option could help you achieve the growth you need.

Wells Fargo

Best for: SBA loans; extensive business services

Wells Fargo's footprint in Illinois isn't as broad as in other states, with only around 10 branches or so. But it's still a good option for Illinois entrepreneurs.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, payroll services, and more—all under one roof.

Need capital to start or grow your business? Wells Fargo is one of the country's top SBA 7(a) lenders. It can help you secure small business loans quickly with more favorable terms, such as longer repayment times or lower interest rates.

For business checking, the Initiate Business Checking Account is a great starter account for new businesses with less activity. As your business grows, you can easily upgrade if you need more features.

Pros:

  • Top SBA lender
  • Comprehensive small business services
  • Several business checking options

Cons:

  • Many banking fees like wires and overdrafts
  • Low interest rates for savings accounts

BMO

Best for: Easy access to resources

BMO has a strong presence in the Midwest and has more than 170 branches across Illinois, mainly around the Chicago area.

It offers multiple checking options for businesses, including specialty accounts for nonprofits and companies with more complex requirements.

BMO is strongly committed to helping entrepreneurs succeed by breaking down common barriers. You can get business credit lines with favorable terms, like only paying interest on what you borrowed and additional discounts for on-time payments.

It also provides webinars, coaching sessions, and digital tools to help you manage your money more effectively. BMO's digital cash management services streamline your company's payment, bill, and payroll processing. So you can focus on running and growing your business.

BMO offers tailored support to businesses owned and run by women, Hispanics, Blacks, and Native Americans. This ranges from providing access to additional capital to one-on-one coaching from business experts.

Pros:

  • Multiple checking options
  • Easier access to resources
  • Good financial management tools
  • Low waiver requirements for monthly fees

Cons:

  • Limited fee-free transactions

Are you a new business with inconsistent cash flow? A bank with free checking can help you keep more in your pocket. Check out the next two options.

Fifth Third Bank

Best for: Best ATM access

Fifth Third Bank is a regional bank in the Midwest. It serves 11 states, with over 160 locations in Illinois, which you'll find the majority of in Chicago.

Additionally, Fifth Third partners with more than 40,000 fee-free ATMs. So you'll have plenty of ATM options wherever you go, even when traveling out of Illinois.

It offers three different business checking accounts, including a free account with no monthly fees or minimum balance requirements. But it only allows 100 free transactions per month, so it's best for smaller businesses with low activity.

All accounts come with a debit card and access to online and mobile banking apps. Not only that, but all of them have overdraft protection and access to discounted payroll solutions.

If the existing choices aren't a good fit, Fifth Third also offers custom business checking options. You can work with its bankers to create a tailored account that can better accommodate your business's unique needs.

Pros:

  • Free business checking option
  • Large fee-free ATM network
  • Custom checking options available

Cons:

  • Higher balance requirements to waive monthly fees for higher-tier checking accounts
  • Low savings APY

Huntington Bank

Best for: Best regional bank; healthcare financing

Huntington Bank is another regional bank that serves 11 states, including Illinois. It has more than 120 physical locations across the state, with the majority being in Chicago.

It offers three business checking accounts to accommodate companies in different stages of growth. This includes a free checking option that's perfect for small businesses with fewer than 100 transactions per month.

You can also find other small business products, like merchant accounts, business credit cards, and more.

If you need a business loan, Huntington offers a variety of options, from SBA loans to real estate loans. It even offers financing for companies in the healthcare industry. So, it's a great resource if you need additional capital to keep your medical practice running smoothly.

Huntington Bank doesn't charge overdraft fees if the amount is less than $50. But even if you exceed the limit, it'll still waive the fees as long as you cover the overdrawn amount within 24 hours.[2]

Pros

  • Free business checking option
  • Active SBA lender
  • Specialty lending for healthcare companies
  • 24-hour grace period for overdraft fees

Cons:

  • Limited free monthly transactions (basic account)

What kind of bank do you want to use for your small business?

Capital One

Best for: Unlimted fee-free transactions

Capital One doesn't have any physical branches in Illinois, but it's still worth checking out if you have an online business.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

Starting a local business? While national banks offer convenience, sometimes a smaller community bank provides that local touch you need.

Wintrust Bank

Best for: Customer service; community banking

Wintrust Bank is a community bank based in Rosemont, Illinois with over 170 locations across Illinois, Indiana, Florida, and Wisconsin. It partners with several other banks with over 150 locations in Illinois alone.

It's a great choice if you value excellent customer service. When you open a business checking account, you're assigned a dedicated business specialist who learns your business's unique needs and provides personalized guidance to help meet your goals.

In addition, all Wintrust Bank employees are residents who serve the community in various ways, such as volunteering for neighborhood organizations and donating to local institutions.

For checking accounts, you have three options. The Entrepreneur Checking has no monthly fees and is great for new business owners who only need the essentials. While the other two are suited for growing companies with more complex needs.

Besides Illinois, Wintrust Bank also serves three other states, namely Indiana, Florida, and Wisconsin.

Pros:

  • Free business checking option
  • Dedicated small business specialist
  • Great customer service
  • Strong community support

Cons:

  • Limited branches (mostly just in Chicago)
  • High waiver requirements for monthly fees

Don't need a physical branch for transactions? Consider these online-only options instead.

Axos Bank

Best for: Minimal fees; free basic checking account

Axos is a full-service online bank, so it has no physical locations. But it's still a solid option for small businesses in Illinois, especially if less fees sound good to you.

The Basic Business Checking account has no monthly fees and gives you unlimited free transactions for deposits, withdrawals, and incoming wire transfers. You also get up to two outgoing domestic wire reimbursements monthly.

Need to withdraw cash? Just use any ATM you want. You get unlimited domestic ATM fee reimbursements nationwide. You can also make cash deposits at participating machines.

Axos customer support is available 24/7 so you can reach out anytime—even after normal business hours.

Pros:

  • Free business checking option
  • Minimal fees
  • Unlimited domestic ATM fee reimbursements
  • Dedicated customer support

Cons:

  • No physical branches
  • Limited support hours for non-clients

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. And there's no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to 5 free sub-accounts with their own account numbers. This allows you to better organize your funds and set budgets for things like payroll, taxes, and vendor payments.

You can even set custom rules and permissions for better security and account management. All sub-accounts also earn interest up to the combined maximum.[3]

Need some extra funds to ride out a slow season or grow your business? Bluevine also offers a flexible business line of credit up to $250,000.[4] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to 5 sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank. It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Lili

Best for: Sole proprietors & freelancers; early payments

Lili is another online-only option worth considering for small business owners in Illinois.

The basic checking option is a great starter account for freelancers or startups because it has everything you need for your business's day-to-day operations. Plus, it has no monthly service fees or minimum balance to worry about.

But if you want more features, like an automatic tax savings account or expense tracking, you can always upgrade to Lili’s paid plans. The Smart checking option includes accounting software to keep your records well-organized and ready for the next tax season.

You can also get multiple Visa® debit cards with any account and earn cashback rewards when you use them with Lili's partner merchants.[5] Worried about overspending? You can set individual spending limits to keep your expenses within budget.

Lili's Early Access feature lets you receive customer payments up to two days earlier than expected when you’re paid via ACH Transfer.[6]

Pros:

  • Free checking option
  • Single login for multiple accounts
  • Debit cards with cashback rewards
  • Early access for direct deposits

Cons:

  • Limited features for Lili Basic
  • Fees for cash deposits

Lili is a financial technology company, not a bank. Banking services are provided by Choice Financial Group, Member FDIC, or Sunrise Banks, N.A., Member FDIC.

How to Choose the Right Bank for Your Business?

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require that you maintain a minimum balance in your account. If you don't, you'll have to pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged for each one after that. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Illinois. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can also try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates compared to brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in Illinois. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • Easier to calculate business expenses during tax time.
  • Makes the business look more professional to your customers and vendors.
  • Be able to apply for business loans.
  • Pay bills and make purchases from your business funds.
  • Allows you to accept credit card payments from customers.

What kind of bank account should I open for my small business?
Your business should have at least a checking account. It's what you need for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, you can open a business savings account to save for emergencies and future plans.

Methodology

To come up with the best banks for small businesses in Illinois, we first pinned down banks with a strong presence in the state. After all, you need to be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We mostly picked banks that either have a free business checking option or reasonable waiver requirements.

We also looked for unique banking features, like built-in payment processing, cash flow tools, or specialty lending options for businesses in specific industries.

No matter what kind of business you have, you should find a bank that fits your needs.

FAQs

Do I need an Illinois ID to open a business bank account in Illinois?
Yes, most banks in Illinois will require proof of residency to open a business bank account. This usually means an Illinois driver's license, business license, and business registration.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account even if you have low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account.

Can I use a regular bank account for my small business?
It's best that you have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Bottom Line

For small businesses in Illinois, Chase tops the list of best banks in the state. It has everything a small business would need to operate efficiently, while still leaving enough room for future growth.

But if you want hands-on support, you can try a local bank like Wintrust Bank instead. Online-only options, like Bluevine or Lili, are also great alternatives to brick-and-mortar banks.

That said, Illinois offers plenty of banking choices to small business owners in the state. Consider what your business needs to grow, so you can pick the bank that can accommodate those requirements.

References

  1. ^ Illinois Department of Transportation. Rail System, Retrieved 08/16/2024
  2. ^ Huntington. 24 Hour Grace for Business, Retrieved 07/04/2024
  3. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  4. ^ Bluevine. Line of Credit, Retrieved 09/15/2024
  5. ^ Lili. Business Banking Designed to Help You Succeed | Lili, Retrieved 07/05/2024
  6. ^ Lili. What is Early Access for ACH Transfers? - Help Center | Lili, Retrieved 07/05/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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