Byline Bank (IL/WI) Boosts Online Money Market Rate


Deal Summary: Online Money Market, 2.20% APY on balances up to $500k, $5k minimum opening deposit, new customers.

Availability: Online market area is Illinois and Wisconsin.

Chicago-based Byline Bank has increased the rate on its Online Money Market to 2.20% APY up to $500k. While there is no minimum balance requirement to earn the stated APY, the Online Money Market does require a $5k minimum opening deposit.

4.07%-$500kByline BankOnline Money Market
Rates as of March 31, 2023.

As stated in the fine print on Rates page,

The Account requires a minimum of $5,000 to open and a minimum daily balance of $5,000 to avoid a $25 monthly service fee. If the daily balance falls below $5,000, a $25 monthly service fee applies. No monthly service fee will be assessed on the first statement cycle after account opening.

There is also a $25 Early Account Closure Fee for accounts closed within six months of opening.

As DA reader, midas89, noted in a recent Forum post,

Byline's ACH transfer out limit is awful when initiating at Byline. External Transfers: $2,000 daily limit; $5,000 per rolling 30 days.

CSR confirmed the $2k daily/$5k 30 days limit, but also mentioned that new accounts have even stricter limits for the first 30 days following account opening: $1k daily and $3k per rolling 30 days.

The initial deposit must be made by ACH, but subsequent deposits can be made through Zelle or Byline Bank’s online banking app.

Limited checking writing is available, but CSR stated that there is no ATM/debit card. There is a $25 fee for each transaction beyond the six allowed per month.

When asked if there was a limit on the number of beneficiaries that can be designated, CSR replied that beneficiaries cannot be named to an Online Money Market account. CSR said that should the account holder die, an Online Money Market account becomes part of the account holder’s estate


Headquartered in Chicago, Byline Bank has a brick-and-mortar presence in the Chicago metro area, aka Chicagoland, and the Milwaukee, Wisconsin metro area.

Byline Bank has extended its footprint about a year ago by offering a portion of its product line (personal checking, personal savings and the Online Money Market) online.

As stated in the fine print on the Rates page,

For new customers, only residents of Illinois and Wisconsin are eligible to open accounts online. Each applicant must be a U.S. Citizen or resident alien, and have a U.S. physical address.

CSR clarified that you have to be a new Byline Bank customer AND live in either Illinois or Wisconsin to be eligible to open an Online Money Market account.

As its name would indicate, an Online Money Market account can only be opened online.

Byline Bank also has 40 full-service Illinois branches, many of which (19) are located inside the Chicago city limits and a single Wisconsin branch located on W. North Avenue in Brookfield.

Bank Overview

Byline Bank has an overall health grade of "A+" at, with a Texas Ratio of 3.28% (excellent) based on March 31, 2022 data. In the past year, Byline Bank has increased its total non-brokered deposits by $404.62 million, an excellent annual growth rate of 8.15%. Please refer to our financial overview of Byline Bank (FDIC Certificate # 20624) for more details.

Founded in 1972 as the North Community State Bank, Byline Bank is currently the eighth largest bank headquartered in Illinois, with assets in excess of $6.8 billion and more than 135,000 customer accounts. According to Crain’s Chicago Business, the 2015 Byline Bank rebrand was,

merely a rebranding exercise—taking the area's second-largest privately held bank group, which used to do business under several different bank names (North Community, Archer, Metrobank, Plaza Bank) and giving them a single identity.

Between 2011 and 2019, the Bank acquired one Wisconsin and nine Illinois banks, with the Community Bank of Oak Park River Forest (Oak Park, IL) being the latest acquisition.

How the Online Money Market Compares

When compared to Money Market Accounts and Savings Accounts tracked by that are available within the market area and do not require large balances, direct deposit, or have small balance caps, the Byline Bank Online Money Market APY currently ranks third.

The above information and rates are accurate as of 8/11/2022.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: Chicago money market accounts, Milwaukee money market accounts, money market accounts

  |     |   Comment #1
O.k., but what we have been waiting for Efcu fin. 4%/ 5yr.
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Availability: Online market area Illinois and Wisconsin.

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