First American Bank (IL)

Overview / Commentary
700 Busse Rd
Elk Grove Village, IL 60007

First American Bank (IL) is headquartered in ELK GROVE VILLAG and is the 10th largest bank in the state of Illinois. It is also the 211th largest bank in the nation. It was established in 1901 and as of March of 2024, it had grown to 875 employees at 59 locations. First American Bank (IL)'s money market rates are 9X the national average, and it has a B+ health rating.

Reviews (5)

This Should Be Your Next Bank!

This is the best bank I have ever dealt with. They have the most wonderful customer service people in the industry. They have helped me deal with all of my financial matters in a friendly and professional manner. I had a no headache time when calling to have charges removed from my debit card. I would recommend this bank! Free checking and competitive fees are also a couple more reasons to consider First American Bank. For me, it's all about the superior customer service!

All My Dealings With First American Bank Have Been Positive, Staff Is Helpful And Responsive.

I am a long-distance customer, so I haven't visited a branch.  Website is easy to use, quick to access and seems secure (uses multiple security features).  I only had one problem and it was quickly rectified.  Special requests have been cheerfully and promptly handled.

Careful With This Bank

Posted by: |

Very poor customer service. I have been charged a $500 penalty fee for closing an account I have never used nor extracted a penny but apparently had a fee fir closing nobody warned me about. They position this as a free account / credit line I could use any time in case I needed it, but ending costing me $60 a year. When I asked to close it as I didn’t use it, they charged the 500 bucks and when I asked for refund they said “you should have read what you signed for” (on the many pages I sign with all the small numbers it was impasible to notice, the sales person who convinced me to open this account didn’t tell me anything). Really bad experience. Stay away from this bank

First American Bank

Posted by: |

I rue the day I started banking with this company. I started with a mortgage where in the fine print I had agreed to a 5% penalty for early closure, even for selling the property. This worked out to a more than $25,000 charge when I sold it. I had opened a money market account also with a $10,000 initial deposit. I had not noticed a $14.95 service fee in the opening documents for accounts balances below $5,000. After several years I with no activity I withdrew $6,000. Without any notice to me the $14.95 service fee kicked in. This meant I was paying them about $14 (after the less than $1 interest they were paying me) for them to guard the $4,000 remaining. This bank's fees are rapacious. Stay clear of them.

Very Disgruntled HSA Account Holder

I've had an HSA account with them for about 5 years. I've used their ATM card and online banking. Tonight I try to access my account for a transfer and I'm denied because I won't sign an online agreement. This is not an informative agreement, it has stipulations I now have to agree to in order to access my funds. They have my money and want to change the conditions of the agreement they have with my company that uses them for the HSA. They are unbelievably crooked. I doubt that it is even legal and they are denying access to my funds. Stay away.


Health Grade Components

FDIC Certificate #3657
Year Established1901
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.75%
Return on Equity - YTD21.62%
Annual Interest Income$103.8MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$7.19B$6.25B
LoansQ1 2024vs Q1 2023$2.78B$2.62B
DepositsQ1 2024vs Q1 2023$4.82B$4.8B
Equity CapitalQ1 2024vs Q1 2023$580MM$434.2MM
Loan Loss AllowanceQ1 2024vs Q1 2023$37.7MM$32.8MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$17.9MM$6.2MM
Real Estate OwnedQ1 2024vs Q1 2023$614K$0
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Always verify rates and promotions with the bank or credit union. We are not First American Bank (IL); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

First American Bank (IL) Savings Account Rates

0.50%$1-Easy Savings Account
0.50%$1-Minor Savings
0.50%$1-Student savings

First American Bank (IL) Money Market Rates

3.90%*$250k*-Money Market Account Special
OTHER TIERS: 3.27% $25k - $50k | 3.65% $50k - $250k
3.30%*$250k*-Optimal Money Market Account
OTHER TIERS: 0.95% $1k - $5k | 1.39% $5k - $25k | 2.08% $25k - $50k | 2.81% $50k - $250k

First American Bank (IL) Checking Account Rates

1.00%*$0$15kEveryday Rewards Checking
OTHER TIERS: 0.20% $15k+
0.50%*$250k*-Advantage Checking
OTHER TIERS: 0.15% $1k - $5k | 0.20% $5k - $25k | 0.35% $25k - $50k | 0.40% $50k - $250k
0.45%*$250k*-Optimal Checking Account
OTHER TIERS: 0.10% $1k - $5k | 0.20% $5k - $25k | 0.30% $25k - $50k | 0.40% $50k - $250k

First American Bank (IL) CD Rates

5.00%$2.5k-7 Month CD Special
4.75%$2.5k-11 Month CD Special
4.00%$2.5k-12 Month CD
3.80%$2.5k-6 Month CD
3.70%$2.5k-3 Month CD

First American Bank (IL) IRA Rates

4.00%$2.5k-12 Month IRA
3.80%$2.5k-6 Month IRA
3.70%$2.5k-3 Month IRA


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