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First American Bank (IL)


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
4.10%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
4.30%
Our Rating
4.1  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
3.80%
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
3.60%
Our Rating
4.2  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
Bonus Amount
up to $300
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Overview / Commentary
www.firstambank.com
847-952-3700
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 207th largest bank in the nation. It was established in 1901 and as of December of 2024, it had grown to 879 employees at 59 locations. First American Bank (IL)'s money market rates are 6X the national average, and it has an A health rating.

Reviews (1)

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

7


Health
A

Data as of Q4 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #3657
Year Established1901
Employees879
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.71%
Return on Equity - YTD21.13%
Annual Interest Income$428.4MM
Assets and Liabilities
AssetsQ4 2024vs Q4 2023$7.39B$6.61B
LoansQ4 2024vs Q4 2023$2.96B$2.7B
DepositsQ4 2024vs Q4 2023$5.05B$4.82B
Equity CapitalQ4 2024vs Q4 2023$605.1MM$535.3MM
Loan Loss AllowanceQ4 2024vs Q4 2023$41.8MM$36MM
Unbacked Noncurrent LoansQ4 2024vs Q4 2023$14.7MM$15.4MM
Real Estate OwnedQ4 2024vs Q4 2023$982K$614K
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
4.10%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
4.30%
Our Rating
4.1  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
3.80%
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/22/2025
3.60%
Our Rating
4.2  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
Bonus Amount
up to $300
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%†$1-Easy Savings Account
0.20%†$1-Minor Savings
0.20%†$1-Student savings

First American Bank (IL) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.78%*$250k*-Money Market Account Special
OTHER TIERS: 2.28% → $25k - $50k | 2.43% → $50k - $250k
1.70%*†$250k*-Optimal Money Market Account
OTHER TIERS: 0.15% → $1k - $5k | 0.25% → $5k - $25k | 0.70% → $25k - $50k | 1.00% → $50k - $250k

First American Bank (IL) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*†$0$15kEveryday Rewards Checking
OTHER TIERS: 0.20% → $15k+
0.20%*†$50k*-Advantage Checking
OTHER TIERS: 0.15% → $1k - $50k
0.10%*†$5k*-Optimal Checking Account
OTHER TIERS: 0.05% → $1k - $5k

First American Bank (IL) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.75%†$2.5k$1m11 Month CD Special
1.75%†$2.5k-3 Month CD
1.75%†$2.5k-6 Month CD
1.75%†$2.5k-12 Month CD

First American Bank (IL) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%†$2.5k-3 Month IRA
1.75%†$2.5k-6 Month IRA
1.75%†$2.5k-12 Month IRA
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