First Midwest Bank offers a wide array of account options with pretty low minimum requirements. To find out if First Midwest Bank is right for you, continue reading the review below.
The accounts offered come with similar benefits, but First Midwest Bank are consistent with them and they even offer relationship accounts.
They also have three money markets to maximize your earnings, and Diamond account members gain more access to other exclusive benefits.
Checking Account Options
First Midwest Bank has various checking accounts that offers some pretty neat benefits.
All checking accounts require at least a minimum deposit of $100 to open except for student.
With a $100 deposit, you can gain access to free banking through online, mobile and phone!
You will also receive a First Midwest Debit Mastercard.
There is a monthly fee of $7.49, but you can waive it by maintaining a $100 daily balance.
Aside from the regular benefits that Easy Checking has to offer, you will gain access to even more exclusive benefits with Diamond Checking.
With a $100 minimum deposit, you will get discounts on several other accounts, receive a Free World Debit Mastercard, free checks and free teller services.
This account also earns tiered interest rates.
There is a $20 monthly fee, but if you maintain an overall balance of $25,000 throughout all your accounts, you can get it waived.
This is an interest bearing account that comes with all the previous benefits that First Midwest’s standard account already has.
There’s a monthly fee of $12, but you can waive it by maintaining a direct deposit of $1,000 per month, OR a minimum daily balance of $2,500.
This checking account is designed for those 17 and under. You can open it with just $25.
If your Student Checking account accidentally becomes negative, First Midwest Bank won’t charge you.
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Savings Account Options
First Midwest Bank has a great of savings accounts that all aim to help make savings more convenient.
You need a Diamond Checking account in order to open this savings account.
If you maintain a monthly $50 Systematic Savings Plan from your Diamond checking account, then you can waive the monthly fee.
This savings account strives for security and return.
With a $100 minimum deposit, you can start earning tiered interest rates.
This savings account is designed for you to set money aside for financial issues you may encounter in the future.
With an opening deposit of $100, you can earn tiered interest rates with this account.
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Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB923 by 12/14/2023
• Earn high interest rate of 4.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
With the American Express® High Yield Savings Account:
• Earn 4.25% APY as of 8/18/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
First Midwest Bank has several money markets available that all earn high, tiered interest rates.
This is First Midwest Bank’s standard money market. You can open it with $100 and you will start earning tiered interest at a much higher rate.
Open this money market with $100 and it will come with cash management capabilities.
This money market account is only available for Diamond Checking customers.
This is also considered the highest money market that First Midwest has to offer.
If you have a Diamond Checking account and a minimum balance of $2,500, you can avoid the monthly fees.
Compare Money Market Accounts
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 4.25% APY balances $100,000 and over
• Earn 4.20% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
Reasons to Bank with First Midwest Bank
- They have a good variety of both checking and savings accounts.
- All their accounts have pretty low minimum balance requirements and easily waiveable monthly fees.
- They have at least three money markets so there are more options to increasing your interest.
- They have a Kids savings account designed for high school students to save money responsibly.
- They have premium relationship checking and savings accounts.
- Conduct all your banking conveniently online or with First Midwest mobile app.
Reasons Not to Bank with First Midwest Bank
- They only have locations in Illinois, northwest Indiana and eastern Iowa.
- They don’t have a senior checking or savings account.
- They don’t have 24-hour customer service.
- Their interest rates aren’t particularly that high.
First Midwest Bank Routing Number
The routing number for First Midwest Bank is 071901604.
Contact Customer Service
You can reach First Midwest Bank at 800-322-3623.
A customer representative will be available at these hours:
- Monday to Friday at 7 a.m. – 7 p.m. (CST)
- Saturday at 8 a.m. – 5 p.m. (CST)
- Sunday at 9 a.m. – 2 p.m. (CST)
How First Midwest Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
If you like consistency and you happen to live in any of the Midwestern states that are mentioned above, then consider banking with First Midwest Bank.
They offer so many kinds of different checking and savings accounts and have flexible ways to waive monthly fees. They are also considerate of their customers and try to provide the most convenient service as possible.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with First Midwest Bank, then apply today! For more options from a variety of banks, see our list of the best bank promotions!