Bank Gap by Metro

The Bank Gap in Chicago-Naperville-Elgin, IL-IN

Weighted by real FDIC deposit data across the banks that hold 48% of Chicago-Naperville-Elgin, IL-IN's tracked deposit base, the local weighted savings rate is 3.00% APY — against a best-available rate of 4.40% APY, available nationwide.

Chicago-Naperville-Elgin, IL-IN local weighted average3.00%

Best available (nationwide)4.40%

$101/yron a typical household balance · 1.40% spread

Last reviewed August 19, 2026 · SwitchWize Research Desk

Local weighted APY

3.00%

deposit-weighted

Best available APY

4.40%

nationwide

Gap

1.40%

spread

Rank in state

#11 nationally

Source: S&P Capital IQ Pro; SNL Financial Data. Calculations: FDIC. Reflects the $2,500 product tier for savings and interest checking accounts.

Who actually holds deposits in Chicago-Naperville-Elgin, IL-IN

Alto Bank · 48%FNBO Direct · 0%Chase · 0%Citibank · 0%Wells Fargo · 0%

Why the local rate lags the best available rate

Chicago-Naperville-Elgin, IL-IN is dominated by branch deposit share from Alto Bank, FNBO Direct, Chase, and those banks' own currently observed savings rates set the local weighted average above. Large branch-based banks generally do not need to compete on rate to hold deposits — most customers do not move their money.

The best available rate, 4.40% APY, is a nationwide online account — available to a Chicago-Naperville-Elgin, IL-IN resident exactly the same as anyone else, with the same FDIC insurance.

After-tax tip

State income tax on savings interest depends on where you live, not where your bank is headquartered — see the Illinois Bank Gap page for Illinois's own tax treatment of the difference.

See the Illinois Bank Gap

Frequently asked questions

What do banks in Chicago-Naperville-Elgin, IL-IN actually pay on savings?

Weighted by real FDIC deposit data across the banks that hold 48% of Chicago-Naperville-Elgin, IL-IN's tracked deposit base and have a current, observed rate, the local weighted average is 3.00% APY, dominated by Alto Bank's local presence.

What is the best savings rate available to someone in Chicago-Naperville-Elgin, IL-IN?

The best widely available high-yield savings rate today is 4.40% APY, available online nationwide regardless of where you live — it is not limited to any one metro.

How much does staying at a local Chicago-Naperville-Elgin, IL-IN bank cost?

On a typical household balance for Chicago-Naperville-Elgin, IL-IN's income level, the gap between the local weighted rate and the best available rate is about $101 a year.

Is Chicago-Naperville-Elgin, IL-IN part of Illinois for Bank Gap purposes?

Chicago-Naperville-Elgin, IL-IN is a multi-county metro area that may span more than one state; it is grouped under Illinois here because that is its primary state per Census/FDIC convention, even where deposits also come from neighboring-state branches.

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Illinois Bank Gap The Bank Gap (national) Methodology

Educational information, not tax or financial advice. Local weighted rates reflect FDIC deposit-share weighting among banks with a current, observed rate on file — not every bank in the metro. Rates are illustrative of current market conditions and should be confirmed with the provider.