Chicago-based Byline Bank recently introduced its Advantage Money Market, which is available only online.
Earning 0.65% APY on balances up to $500k, the Advantage Money Market requires a $25k minimum opening deposit. As stated in the fine print on Rates page,
If your daily balance is $500,000 or less, the interest rate paid on the entire balance will be 0.645% with an annual percentage yield (“APY”) of 0.65%. No interest will be paid on that portion of your balance that is greater than $500,000.
While all balances less than $500k earn the stated APY, if the daily balance falls below $25k, a $25 monthly service will be assessed. There is no monthly service fee assessed on the first statement cycle after account opening. There is $25 Early Account Closure Fee for accounts closed within six months opening.
Freedom Checking/Savings Bonus
Byline Bank is also offering a bonus up to $300 when opening new Freedom Personal Checking (non-interest bearing) and Statement Savings (0.05% APY) accounts. As stated on the bonus landing page,
Open a Freedom Personal Checking Account and Statement Savings Account online. (New money required.)
Enroll in online banking and activate eStatements for both accounts.
Set up and receive ACH direct deposit(s) totaling $1,000 or more for your Freedom Checking Account.
Maintain an average balance of $5,000 or more in your Statement Savings Account.
Enjoy a $50 bonus each qualifying statement cycle, up to $150 per account.
There is a limit of three bonus payments, one per qualifying statement cycle per account, for a maximum of $300 total bonus. (Qualifying statement cycles include the 2nd, 3rd and 4th statement cycles following the online account opening.) Each $50 cash bonus will be deposited into the new accounts no later than one statement cycle after meeting the qualifications for bonus.
The Freedom Personal Checking account has no monthly maintenance fee or monthly minimum balance requirement, and can be opened with a $100 minimum deposit.
The Statement Savings account can also be opened with a $100 minimum deposit. A minimum $1 balance is required to earn the stated APY. The $3 monthly service fee will be waived with a $200 minimum daily balance.
Headquartered in Chicago, Byline Bank has a brick-and-mortar presence in the Chicago metro area, aka Chicagoland, and the Milwaukee, Wisconsin metro area, but the online market area has expanded.
As stated on the first page of the online application, “For new customers, only residents of Illinois and Wisconsin are eligible to open Byline Bank accounts online.”
Opening an Advantage Money Market account can only be done online. Applying for the $300 can be done online (as described above) or at the single Wisconsin branch in Brookfield or any of 48 full-service Illinois branches, many of which (22) are located inside the Chicago city limits. Appointments are available at all branch locations and can be scheduled online on the Locations & ATMs page.
Byline Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.59% (excellent) based on June 30, 2021 data. In the past year, Byline Bank has increased its total non-brokered deposits by $390.23 million, an excellent annual growth rate of 8.36%. 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 $6.5 billion and more than 136,000 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 being the latest acquisition.
How the Advantage Money Market Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that do not require a large balance and are available within the online market area, Byline Bank’s Advantage Money Market APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|0.80% APY||ZYNLO Money Market (no min)||ZYNLO Bank|
|0.65% APY||Advantage Money Market (no min)||Byline Bank|
|0.60% APY||Personal Money Market ($1 min)||Prime Alliance Bank|
The above information and rates are accurate as of 9/13/2021.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account rates table page.