Chicagoland’s Two Best Savings Accounts: Ravenswood Bank and Alliant Credit Union
Ravenswood Bank has the best savings account rate we’ve seen recently at any local bank: Their “Classic Passbook Savings” is currently earning 4.25% APY. This account has a $1000 opening deposit and a $1000 minimum balance to earn interest on the account. There is a $3 fee per “excessive transaction”; you’ll have to ask them what specifically that means.
Even better, if you’re eligible, is Alliant Credit Union’s savings account, which is currently earning 4.35% APY. There’s a $5 minimum on the account (which is automatically opened for you when you join Alliant CU), and interest is earned with a minimum of $100. Alliant also has a Health Savings Account (HSA) that’s currently earning a whopping 5.15% APY with a minimum of $100 — contact them to see if you’re eligible.
Ravenswood Bank has two locations, both in Chicago: one in Ravenswood and one in Wicker Park.
Alliant Credit Union is a relatively open credit union with quite a few ways to join. Anyone who lives in Arlington Heights, Bensenville, Des Plaines, Elk Grove, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mt. Prospect, Northlake, Niles, Norridge, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, and Wood Dale is eligible. In addition, anyone who works on O’Hare Airport property, works for United Airlines or its business affiliates, is a member of Life Time Fitness, or who is a member of the National PTA is able to join Alliant. If you don’t meet any of these criteria, you can join the National PTA for $25.
Alliant Credit Union has 10 locations, three of which are in Chicagoland: One in Des Plaines, one in Elk Grove Township, and one in O’Hare Airport.
