Top Banks in Illinois for IT Contractors in 2025

Top Banks in Illinois for IT Contractors in 2025

As the gig economy continues to expand, IT contractors in Illinois are seeking reliable banking options that cater to their unique financial needs. This article provides a comparative review of the top banks in Illinois that offer suitable account types for IT contractors in 2025, discussing eligibility requirements, the account opening process, typical fees, and alternatives available in the digital banking space.

Quick Summary

IT contractors often require banking services that provide flexibility, low fees, and efficient online management. Some of the top banks in Illinois for IT contractors include:

- Chase Bank: Offers a range of business accounts with robust online banking features.
- Bank of America: Provides a variety of business checking accounts suitable for small businesses and contractors.
- PNC Bank: Known for its flexible business checking options and good customer service.
- BMO Harris Bank: Offers tailored services for small businesses, including contractors.
- Local Credit Unions: Often provide competitive rates and personalized services.

Each of these institutions has its pros and cons, which will be explored in detail below.

Eligibility & Requirements

Chase Bank- Eligibility: Open to U.S. citizens or residents aged 18 and older.- Requirements: Two forms of identification, Social Security number, and a minimum deposit (typically $0 to $1,000 depending on the account type).

Bank of America- Eligibility: Available to U.S. residents or citizens with a valid identification.- Requirements: Government-issued ID, Social Security number, and initial deposit (usually $100).

PNC Bank- Eligibility: Must be a U.S. resident, 18 years or older.- Requirements: ID verification, Social Security number, and an initial deposit ranging from $25 to $100.

BMO Harris Bank- Eligibility: Open to U.S. residents aged 18 and older.- Requirements: Identification, Social Security number, and initial deposit (usually $100).

Local Credit Unions- Eligibility: Varies by credit union; generally requires membership eligibility.- Requirements: ID, proof of residency, and an initial deposit (often $5 to $25).

Step-by-Step Opening Process

Step 1: Research Account TypesIdentify the account type that best suits your needs (business checking, savings, etc.).

Step 2: Gather DocumentationCollect the required documents, including identification and Social Security number.

Step 3: Visit a Branch or Apply OnlineYou can choose to open an account either by visiting a local branch or through the bank's website. Ensure that the bank’s online platform meets your needs for digital banking.

Step 4: Complete the ApplicationFill out the application form, providing all required information accurately.

Step 5: Make Initial DepositFund your new account with the required minimum deposit.

Step 6: Review Account FeaturesOnce your account is active, review the features and capabilities available to ensure they meet your requirements.

Typical Fees & Timelines

Chase Bank- Monthly Fees: $12 to $30 (waivable with certain requirements).- Transaction Fees: $0.40 to $0.50 per transaction over a set limit.- Timeline: Account typically opens within 1 business day.

Bank of America- Monthly Fees: $15 to $25 (waivable).- Transaction Fees: $0.45 each after a specified number of transactions.- Timeline: Account setup can take 1-2 business days.

PNC Bank- Monthly Fees: $10 to $20 (waivable).- Transaction Fees: $0.50 per transaction over the limit.- Timeline: Account usually opens within 1-3 business days.

BMO Harris Bank- Monthly Fees: $12 to $20 (waivable).- Transaction Fees: $0.50 for excess transactions.- Timeline: Typically within 1-2 business days.

Local Credit Unions- Monthly Fees: Varies widely; often $0 to $10.- Transaction Fees: Usually lower than traditional banks.- Timeline: Generally within 1-3 business days.

*Note: Fees and timelines can vary by branch and account type. Always verify with official sources for the most current information.*

Alternatives & Digital Banks

In addition to traditional banks, IT contractors in Illinois may consider digital banking options. These banks often offer lower fees and more user-friendly online interfaces. Some notable digital banks include:

- Ally Bank: Known for high-interest savings accounts and no monthly fees.
- Chime: Offers no-fee banking with early direct deposit options.
- Varo Bank: Provides no monthly fees and competitive interest rates.

These digital banks may lack some features of traditional banks but can be ideal for contractors who manage their finances primarily online.

FAQs

1. What type of account should I open as an IT contractor?A business checking account is often recommended for IT contractors to separate personal and business finances.

2. Are there any fees associated with these accounts?Yes, most banks charge monthly maintenance fees, which may be waived under certain conditions.

3. How long does it take to open a bank account?Typically, it takes 1-3 business days to open an account, depending on the bank and the application method.

4. Can I open an account online?Most banks offer online account opening, but some may require an in-person visit for identification verification.

5. What documents do I need to open a bank account?You will generally need a government-issued ID, Social Security number, and proof of address.

6. Are digital banks safe?Yes, reputable digital banks are FDIC insured, providing the same level of security as traditional banks.

7. Can I switch banks if I’m unhappy with my current one?Yes, you can switch banks at any time, but ensure you update your direct deposits and automatic payments.

8. Do I need a business license to open a business account?While not always required, having a business license can facilitate the account opening process.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles