Banking and financial services in Illinois: Major banks: Chase, Citibank, Wells Fargo. Regional banks: Wintrust, Fifth Third Bank. Credit unions widely available. Online banking options prevalent. State income tax rate: 4.95%. Sales tax varies by location. Property tax depends on county. Financial advisors and planners accessible. Retirement savings plans offered. Local investment opportunities available.
Major banks: Chase, Citibank, Wells Fargo.
Chase and Wells Fargo offer a broad range of financial services in Illinois, including personal banking, credit cards, mortgages, auto financing, investment advice, and small business loans, with extensive online and mobile banking capabilities, as well as a wide network of branches and ATMs. Wells Fargo provides similar services, including banking accounts, loans, mortgages, investing, and credit cards, with a strong focus on digital banking through their mobile app and a significant presence of branches and ATMs across Illinois. While specific Illinois-focused details are not provided in the sources, Citibank generally offers a range of financial services similar to Chase and Wells Fargo, including personal and commercial banking, credit cards, mortgages, and investment services, though the sources do not detail their Illinois-specific offerings.
Regional banks: Wintrust, Fifth Third Bank.
Fifth Third Bank, with multiple locations in Illinois, is known for providing comprehensive banking and financial services. These include personal, small business, and commercial banking, investment services, and consumer lending, serving as part of its extensive network across several Midwestern and Southern states. Similarly, Wintrust Community Banks operate over 150 locations in and around Chicago, southern Wisconsin, and northwest Indiana. They offer a diverse range of banking services with a steadfast community-focused approach, merging the resources of a large company with the personal touch of a smaller institution, ensuring both reliability and personalized service for their clientele.
Credit unions widely available.
Illinois Community Credit Union and other credit unions in Illinois offer a wide range of banking and financial services, including online banking, loan options, and community-focused financial support. With membership eligibility based on residence or employment in specific counties or affiliation with certain groups, the Illinois Community Credit Union provides tailored services aiming to meet the financial needs of its members.
Online banking options prevalent.
Online banking in Illinois is widely available, allowing users to conduct financial transactions via the internet or mobile apps, including services such as deposits, transfers, bill payments, and account management. Many banks like Ally Bank, U.S. Bank, and Chase offer comprehensive Online Banking features.
State income tax rate: 4.95%.
Illinois imposes a flat Individual Income Tax rate of 4.95 percent, uniformly affecting all residents without consideration of their income level. This tax rate applies to nonresidents as well, unless they reside in states with reciprocal agreements. For a comprehensive understanding of the tax implications, individuals can explore more details on the State Taxes Guide provided by AARP Illinois.
Sales tax varies by location.
In Illinois, sales tax rates vary significantly by location, ranging from 6.25% (state rate) to as high as 11% when including local taxes. Different cities and jurisdictions impose different local sales tax rates, making it essential for consumers and businesses to stay informed about the specific rates applicable in their area. For detailed information, the website Sale-Tax.com is a valuable resource for understanding the complex landscape of sales tax in Illinois.
Property tax depends on county.
In Illinois, property taxes vary significantly by county, with Cook County having an average effective rate of 2.19%, which is more than double the national average. The taxes are calculated based on the assessed value of the property, with funds distributed to various local taxing authorities, including schools, county governments, and other services. For more detailed information on how these taxes are calculated, visit the Cook County Illinois Property Tax Calculator, which provides essential insights into the factors affecting property tax rates in the area.
Financial advisors and planners accessible.
The FeeOnly Network offers a comprehensive directory of verified fee-only financial advisors and planners in Illinois, showcasing their specialties, locations, and contact information to assist clients in finding a suitable financial advisor. Esteemed specialists such as Nicole Sullivan, Mona Edwards, and Bridget Sullivan Mermel provide services that include comprehensive financial planning, retirement income planning, investment management, and more. By utilizing this platform, individuals can ensure they are accessing qualified professionals dedicated to supporting their financial goals.
Retirement savings plans offered.
The Illinois Secure Choice Savings Program is a state-facilitated retirement program that requires employers with at least five employees and in operation for two or more years, who do not offer a qualified retirement plan, to either offer a private market savings vehicle or automatically enroll their employees in Secure Choice. The program provides a default target date Roth IRA with a 5% payroll contribution, is portable, and does not require employer contributions or fiduciary responsibilities.
Local investment opportunities available.
The Office of the Illinois Treasurer offers several local investment opportunities through the "Invest in Illinois" program, which includes Ag Invest, Business Invest, and Community Invest. These programs provide impact investment deposits to lending institutions to offer low-cost loans for businesses, farm-related expenses, and consumer loans in underserved communities, promoting economic growth and job creation while earning a competitive return for the state. For more details, visit their website's Invest in Illinois page.