Byline Bank Online Money Market 2025 Review
Byline Bank's Online Money Market account features a competitive rate and is designed for people who are just starting to save. The APY is on par with other top online savings options but you'll need a larger opening deposit to get started. You might consider this account if you're looking for the best savings accounts in Illinois.
The Byline Bank Online Money Market account is a high-yield money market account with a $5,000 opening deposit requirement. This is a digital account, meaning you can only open it online, although Byline Bank does have branch locations.
This money market account could be right for you if you:
- Can meet the minimum opening deposit requirement
- Want a higher rate on savings balances
- Don't mind banking online
- Are opening an account with new money
You must use funds from an outside bank to make your first deposit and earn the advertised APY. If you're interested in other savings options, Byline Bank offers two other money market accounts, savings accounts, CD accounts, and Individual Retirement Accounts (IRAs).
Byline Bank Online Money Market Account Pros & Cons
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Compared to Other Online Money Market Accounts
U.S. Bank Elite Bank Money Market Account
U.S. Bank offers a competitive rate with its Elite Bank Money Market account, but only for balances of $50,000 and above. If your balance is below that threshold, the APY drops dramatically. Still, you might consider this option if you'd like to have a money market account at a traditional bank with branch access.
Read our full editorial review of the U.S. Bank Elite Money Market account
TotalBank Money Market Account
The TotalBank Money Market account is an online money market savings account with no monthly fees. The APY is exceptional and you can easily access funds through online and mobile banking. Deposits are insured up to $1 million, versus the standard $250,000 FDIC coverage limit.
Read our full editorial review of the TotalBank Money Market account
Synchrony Bank Money Market Account
The Synchrony Bank Money Market account is a high-yield savings option with no monthly fees or minimum deposit requirements. The APY is not the highest but it's still well above the national average and there are no minimum balance requirements either. You'll get an ATM card for convenient withdrawals and you can also write checks from this account without a fee.
Read our full editorial review of the Synchrony Bank Money Market account
VirtualBank eMoney Market Account
Virtual Bank's eMoney Market account offers a top-tier rate that's among the best of any money market account. You'll need to be a U.S. citizen with a U.S. residential address to open this account but if you meet that requirement, you can get started online in minutes. VirtualBank also offers high-yield CDs to help you grow your money.
Read our full editorial review of the VirtualBank eMoney Market account
Interest Rates
When comparing money market accounts it's always important to check the rates and APY you could earn. Byline Bank's money market rate isn't the highest but it isn't the lowest either, and it's still far above what most traditional banks pay.
There is a catch, however. You'll need $5,000 to open the account and earn the advertised APY.
Other money market accounts have similar opening deposit requirements, though it's possible to find ones with a much lower barrier to entry. That's something to weigh as you compare accounts.
Also, consider how the rate is applied. For instance, will you earn the same APY across all balances or only once you reach a minimum threshold? Or will the bank cap your APY at the first $10,000 you save? :
It's easy to be drawn to a money market account based on the advertised rate and APY, but it's important to read the fine print to understand how you can earn interest.
Fees
Bank fees can eat away at the interest you earn. Online accounts tend to be more fee-friendly, though there are still fees to consider.
Here's what you'll pay for a Byline Bank Money Market account.
Other Service Fees - Byline Bank Online Money Market
| Type | Fee |
|---|---|
| Monthly maintenance fee | $25.00 |
| Foreign ATM fee | $3.00 |
| Nonsufficient funds (NSF) fee | $36 |
| Cashier's check | $10.00 |
| Money orders | $5.00 |
| Returned deposit item fee | $36.00 |
| Stop payment | $15 |
| Overdraft protection | $0 |
| Incoming wire transfer | $15 |
| Outgoing wire transfer | $30-$50 |
At $25, the monthly maintenance fee is pretty steep. You can avoid the fee, but only by meeting a $5,000 minimum balance requirement.
That could be challenging if you don't keep that much in savings or you're new to saving. You may want to look into high-yield money market accounts from other banks that don't charge a monthly fee.
ATM Access
Byline Bank doesn't mention an ATM or debit card with its Online Money Market account. If you have Byline accounts that come with a debit card or ATM card, you can use them to withdraw cash at Allpoint ATMs fee-free.
If you use another bank's ATM, Byline Bank will charge you $3 per transaction. There are no ATM fee refunds mentioned on the website.
Having a debit card or ATM card with a money market account is a nice convenience. Even if you don't withdraw cash regularly, it's helpful to be able to do so should the need arise.
As you compare online money market accounts, consider whether you'll get an ATM or debit card and the size of the ATM network.
Account Management
Online and mobile banking are available with the Byline Bank Online Money Market account. In fact, you can only open this account online.
Once you log in, you can:
- Check balances
- Review transaction history
- Download statements
- Schedule online bill payments
- Transfer funds between linked accounts
- Send or receive payments through Zelle
It's free to access these features. You'll need to log in to your account to view your Zelle daily and weekly transfer limits.
This account doesn't offer paper checks and again, there's no mention of a debit card or ATM card. If you need to transfer funds in or out, you can use ACH transfers or wire transfers. You'll pay a fee for incoming and outgoing wires.
FDIC Insurance
FDIC insurance covers depositors who have accounts at member banks. Should an insured bank fail, the FDIC makes sure you get your money bank.
Byline Bank is FDIC-insured so on the off chance that the bank fails, you won't lose all your money. Your deposits are protected up to $250,000, which is the standard FDIC coverage limit.
What to Look for in a Savings Account
It pays to shop around when you're ready to open a new savings account or money market account. Here are some of the key features to consider when choosing where to bank. .
- Interest rate and APY. Of course, your first concern may be how much interest you can earn. But also consider whether you'll need to meet a minimum balance requirement to earn the advertised rate and whether the same rate applies to all balances.
- Deposit requirements. Some money market accounts have higher opening deposit requirements than others. The best money market account will have a minimum opening deposit that comfortably fits your budget.
- Fees. When comparing savings accounts, look at the fees the bank charges. That includes monthly maintenance fees, excess withdrawal fees, ATM fees, and overdraft fees. Ideally, your money market account has minimal fees so you get to keep more of the interest earned.
- Access. How will you be able to access your money? For example, does the bank offer online and mobile banking? Paper checks? An ATM card or debit card? It's helpful to know how you can withdraw (or add) funds when you need to.
- Customer service and support. If you're banking online then you may need to contact customer service for help from time to time. Look at how you can get in touch with customer support and the bank's overall reputation for providing excellent service.
If you're ready to compare money market accounts, start online and then look at what traditional banks offer. You might also find it helpful to read money market account reviews to see what others have to say about a particular bank.
Frequently Asked Questions
Is Byline Bank a legitimate bank?
Byline Bank is a legitimate bank with branch and ATM locations in Illinois. The bank offers a full range of banking products and services, including online money market savings accounts. Deposits at Byline Bank are FDIC-insured.
Is a money market account better than a savings account?
A money market account is a type of savings account that shares some features with checking accounts. For instance, you may earn interest on balances but get the benefit of a debit card or paper checks. When comparing money market vs. savings accounts, consider the minimum deposit and minimum balance requirements, interest rates, and fees to decide which one might be right for you.
What are the benefits of online money market accounts?
Online money market accounts can offer higher rates than traditional money market accounts. They can also have fewer fees if you're opening your account through an online bank. Some online money market accounts offer paper checks and/or a debit card/ATM card, though not all of them do.
