There must be something in the water in Illinois that's making the state's bankers a bit more generous than the rest of the country. Illinois has some of the top money market account rates. That's especially true of the Davenport area, where Reynolds State Bank and Buffalo Prairie State Bank are offering the two highest money market rates in the country. The national average money market rate is 0.23%. Illinois has many rates far above this level. In fact, Illinois has several banks with money market rates above 1.50% APY.
- Reynolds State Bank leads the charge with a 1.61% APY money market account with a $2,500 minimum balance. This is the best money market rate in the country. The bank was founded in 1888 and is headquartered in Reynolds, IL, which is located just outside Davenport, near the Iowa border. The bank has a very low Texas Ratio of 2.10% versus the national average of 20.28%. A low Texas ratio is one indicator that a bank is financially stable (the lower the Texas ratio the better). Assets have grown from $59 million in 2006 to $98 million in 2011.
- Buffalo Prairie State Bank isn't far behind with a 1.51% APY money market account. This is the second best money market rate in the country. The minimum balance for this account is $2,501. Buffalo Prairie was founded in 1920 and has one branch located in Bufallo Prairie, IL, right outside Davenport, near the Iowa border (anyone seeing a pattern here?). This bank also looks strong financially with a Texas Ratio of 1.92%. Assets have grown from $40 million in 2006 to $57 million in 2011.
- The City National Bank Of Metropolis is offering a money market account that pays 1.26% APY with a $2,500 minimum balance. Founded in 1908, the bank has two branches at the souternmost part of the state near the Kentucky border. The bank's health ratios look strong with a Texas Ratio of 7.24%. Assets have grown from $189 million in 2006 to $338 million in 2011.
- First National Bank In Taylorville is tied with the Washington Federal Bank For Savings. Both banks offer a 1.01% APY money market account. First National has a minimum balance of $2,500 while Washington Federal has a $1,000 minimum balance. First National is located near Springfield while Washington Federal has two branches near Chicago.
Don't Live Near These Banks?
Another option is to consider opening a savings/money market account online. Online savings and money market accounts offer attractive rates, low minimum balances, and the convenience of banking from home. Some featured accounts are:
- American Express is offering 0.90% APY with a $0 minimum balance.
- CNB Bank Direct is offering a 0.85% APY with a $1 minimum balance.
- Clear Sky Accounts offering a 0.95% APY rate with a $1 minimum balance.
Getting the best rate makes a difference. To understand how earning half a percentage point can put a lot more money in your wallet over time, please visit our financial knowledge section. It pays to get the best rate.
Get the Best Illinois Bank Rates Via Email
Users can now register to receive the best bank rates for Illinois or any state via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.