Wintrust Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Sunday, November 1, 2020

Wintrust Bank’s checking account options

Total Access Checking (Cubs or White Sox Checking)

Wintrust Bank’s Total Access Checking — also called Cubs Checking or White Sox Checking, depending on which Chicago team you back — is a free, noninterest-bearing checking account with excellent ATM access.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Unlimited in the U.S.
  • Overdraft fee: $35 per item, plus $6 per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Total Access Checking is a free account with no service fees or minimum balance requirements. It offers online and mobile banking, including bill pay and check deposit, and comes with a Mastercard debit card that can be managed on the mobile app. For example, you can disable the card if it is lost, set maximum dollar amounts for transactions and limit the geographical areas in which the card can be used.

Possibly the best thing about this account is the extensive free ATM access. You get surcharge-free access at 65,000 ATMs through the Allpoint, MoneyPass and Sum networks. You also get unlimited reimbursements of fees on U.S. ATMs. This checking account does not pay interest. In a nod to Chicago-area sports fans, customers can ask for either Cubs Checking or White Sox Checking to get the same account, but with a debit card that reflects your team affiliation.

How to get Wintrust Bank’s Total Access Checking account

You can fill out the application for Total Access Checking online. You’ll need your Social Security number, driver’s license, home address and other information. The only hitch is that you can’t order checks when you open the account online. You’ll have to call the bank and arrange to complete a signature card before you can order checks.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Access Plus Checking

Wintrust Bank’s Access Plus Checking account pays a tiny interest rate and charges a relatively low monthly service fee that can be waived by meeting a minimum balance.
APYMinimum Balance to Earn APY
0.01%$0.01
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 unless you maintain a $1,000 minimum daily balance or $2,500 average monthly balance
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Up to five out-of-network surcharges a month
  • Overdraft fee: $35

Access Plus Checking is a good option for those who regularly maintain a high enough balance (detailed above) to avoid paying the $10 monthly service fee. It might not be the best account for customers whose bank balances sometimes run low since triggering a service fee would quickly gobble up the minimal interest.

The account has a Mastercard debit card with free access to 65,000 ATMs in the Allpoint, MoneyPass or Sum networks. For out-of-network ATMs, Wintrust Bank refunds up to five surcharges a month. Access Plus Checking comes with one free check order. It offers online and mobile banking, including bill pay and check deposit. From the mobile app, you can disable the card if it is lost, set maximum dollar amounts for transactions and limit the geographical areas in which the card can be used.

How to get Wintrust Bank’s Access Plus Checking account

You can fill out an application for an Access Plus Checking account online in a few minutes. You’ll need your Social Security number, driver’s license, home address and other information. You can’t order checks when you open the account online. You’ll have to call the bank to complete a signature card before you can order checks.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Member FDIC

Premier Checking

Premier Checking has tiered interest rates but requires significantly higher minimum balances to avoid service charges.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 unless you maintain a $10,000 average daily balance or $75,000 combined average relationship balance
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Unlimited in the U.S.
  • Overdraft fee: $35 per transaction item, plus a $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Premier Checking pays tiered interest rates, but the rates are not available on Wintrust Bank’s website. The Mastercard debit card provides free access to 65,000 ATMs, along with unlimited refunds for out-of-network ATM fees in the U.S.

The account offers online and mobile banking, including bill pay and mobile check deposit. The mobile app lets you disable the card if you misplace it, set maximum dollar amounts for transactions and guard against fraud by limiting the geographical regions in which the card can be used.

The higher $25 monthly service fee means this account is best suited for those who normally maintain high balances across one or more of their Wintrust Bank accounts. Perks include free check printing, money orders and cashier’s checks. Fees are also waived for incoming wire transfers or a safety deposit box.

How to get Wintrust Bank’s Premier Checking account

To open a Premier Checking account, you’ll need to visit one of more than 150 Wintrust Bank locations in Illinois, Wisconsin or Indiana. You’ll need to provide identification and personal information such as your name, address and Social Security number. You’ll be able to order free checks when you open the account.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Student Checking

Wintrust’s Student Checking is a free account for students who are 13 to 25.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Five out-of-network U.S. transactions a month
  • Overdraft fee: $35 per transaction item, plus a $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Student Checking is a beginner account for students ages 13 to 25. There is no minimum opening deposit, minimum balance requirement or monthly fee. Debit cards provide free access to 65,000 ATMs through the Allpoint, MoneyPass and Sum networks. Wintrust Bank also reimburses five out-of-network U.S. ATM fees a month. The account has online and mobile banking, including remote check deposit, online bill pay and e-statements.

How to get Wintrust Bank’s Student Checking account

You can open a Student Checking account online in a few minutes. If you’re younger than 18, you’ll need to open the account jointly with a parent, guardian or other adult.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Money Smart Checking

Money Smart Checking is an account designed to help customers with damaged credit get their finances back on track.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Up to six out-of-network ATM transactions a month
  • Overdraft fee: $35 per transaction item, plus a $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Money Smart Checking is a credit-builder account designed for customers with bad credit who are working on improving their finances. It comes with an ATM or debit card. Customers may benefit from mobile debit alerts that make it convenient to track their balances. The Dollar-A-Day Savings Service bolsters savings efforts by automatically transferring preset sums of money (such as $1 or more) from checking to savings each day.

How to get Wintrust Bank’s Money Smart Checking account

Customers on ChexSystems are eligible to open a Money Smart Checking account after completing at least one session of Wintrust Bank’s Money Smart Financial Training. Those on ChexSystems who have not completed one module of training may open a Money Smart Savings account instead.

SEE DETAILS Secured

on Wintrust Bank’s secure website

magnifying glass

How Wintrust Bank’s checking accounts compare

Wintrust Bank hits the mark with free checking that lets you bank local, as long as you don’t care about earning interest. If interest is a priority, though, you can certainly find better options elsewhere. The Access Plus Checking account pays a smidge compared to some of the best online checking accounts available.

Plus, some of the bank’s accounts charge service fees. While you can avoid the fees by meeting minimum balance requirements, triggering them just one time might wipe out whatever interest you earn. Overdraft fees are hefty, too.

Wintrust Bank customers do benefit from a substantial surcharge-free ATM network and a generous reimbursement policy for out-of-network ATM fees. Several of the accounts come with unlimited ATM fee reimbursements in the U.S., although there are other checking accounts out there with expansive ATM networks that also pay significantly higher rates.

Wintrust Bank’s savings account options

Passbook Savings

This basic account pays interest but doesn’t come with an ATM or debit card.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $10 unless you maintain a $200 minimum daily balance
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Passbook Savings pays interest and has a reasonably low service charge. Wintrust Bank doesn’t advertise the rate for this account, so you’ll have to call the bank for the current rate. The $10 monthly fee is easily avoided by meeting a $200 minimum daily balance. But the account does not come with an ATM card. Overdraft fees are steep and include an additional daily fee if the account remains overdrawn. Also, you’ll have to deal with paper statements since the account does not offer e-statements.

Per the federal rule known as Regulation D, you are allowed to make up to six certain withdrawals and/or transfers per month. There is a $10 excess withdrawal fee each time you make more than 18 transactions a quarter.

How to get Wintrust Bank’s Passbook Savings account

You can open a Passbook Savings account by visiting one of Wintrust Bank’s more than 150 affiliate branches. Locate a branch by entering your ZIP code here. You’ll need to bring identification and provide personal information such as your name, address and Social Security number.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Statement Savings

Statement Savings is a basic savings account that comes with an ATM/debit card and offers the option of e-statements.
APYMinimum Balance to Earn APY
0.10%$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $10 unless you maintain a $200 minimum daily balance
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Statement Savings is an inexpensive savings account with a low service fee that is charged quarterly rather than monthly. The $200 minimum daily balance required to waive the $10 fee is also reasonably low. Obtaining an ATM card requires a linked checking account. There is no minimum to earn the modest APY. Again, overdraft fees are fairly steep.

You can make unlimited withdrawals in person or at an ATM, but you are limited to six transfers and certain withdrawals from the account a month per Regulation D. Wintrust Bank charges a fee for each transaction over 18 per quarter.

How to get Wintrust Bank’s Statement Savings account

You can open a Statement Savings account online in a few minutes. You’ll need your Social Security number, driver’s license, home address and other information.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Member FDIC

Money Smart Savings

Money Smart Savings is an interest-bearing credit-builder account that pairs well with the Money Smart Checking account.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: No fee through Allpoint, MoneyPass or Sum networks
  • ATM fee refund: 18 out-of-network ATM transactions per quarter
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

This “second-chance” savings account is designed for customers who are working to get back on track. This is an interest-earning account, but you’ll have to call the bank for the current rate. It comes with a debit or ATM card when linked with the Money Smart Checking account.

Per Regulation D, you are allowed to make up to six certain withdrawals and/or transfers per month. Wintrust Bank charges a fee for each transaction over 18 per quarter.

How to get Wintrust Bank’s Money Smart Savings account

You can open a Money Smart Savings account by visiting one of Wintrust Bank’s more than 150 affiliate branches. Locate a branch by entering your ZIP code here. You’ll need to provide state-issued identification such as a driver’s license and personal information including your name, address and Social Security number.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Junior Savers

A savings account for children and young adults younger than 22, this interest-earning account comes with kid-friendly activities.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $0; $10 a quarter if the balance drops below $200 once the account holder reaches age 22
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Wintrust Bank Junior Savers is a savings account for kids or young adults younger than 22. There is no minimum deposit, and kids earn interest on every dollar deposited. You’ll have to call the bank for the current rate. Young customers do not get an ATM card, but they do get special opportunities to build a relationship with the bank through Junior Saver events, movie days, sweepstakes and giveaways.

When you turn 22, you need to visit a branch with a guardian to change from Junior Savers to a different savings account, according to customer service on Nov. 9, 2018. If you do not, a $10 quarterly fee will apply if your balance drops below $200.

Per Regulation D, you you are allowed to make up to six certain withdrawals and/or transfers per month. There is an excess withdrawal fee for each transaction over 18 in a quarter.

How to get Wintrust Bank’s Junior Savers account

Your kid can open a Junior Savers account by visiting one of Wintrust Bank’s more than 150 affiliate branches while accompanied by a parent or guardian. The child needs to have a valid Social Security number. Locate a branch by entering your ZIP code here.

SEE DETAILS Secured

on Wintrust Bank’s secure website

magnifying glass

How Wintrust Bank’s savings accounts compare

You don’t need a large sum to open a savings account at Wintrust Bank, but when it comes to earning interest, you can find much better rates elsewhere at some of the best online savings accounts out there.

While Wintrust Bank’s service charges aren’t too high and can be waived by meeting minimum balances, there are many savings accounts — including high-yield online accounts — that have no monthly fees at all. If you’re looking for digital access, Wintrust Bank does have online and mobile banking, and some accounts provide the option of e-statements.

Wintrust Bank’s CD rates

Certificates of Deposit

Wintrust offers 12-month and 18-month CDs that pay a fixed rate of return.
TermAPY
12 months0.15%
18 months0.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: 1 cent
  • Early withdrawal penalty: Varies

Wintrust Bank’s CD’s are a safe and convenient option that may be especially appealing for customers who have other Wintrust Bank accounts and want to stay within the same institution.

CDs can be rolled over at the end of their term to a new CD to keep earning interest. The minimum opening deposit is somewhat on the high side, yet the CD yields are a bit lower than the national average. There is a penalty for early withdrawal, but you’ll have to contact the bank for further details.

How to get Wintrust Bank’s CDs

The 12-month and 18-month CDs can be opened online, but you can visit a branch to have a banker help you find other long- or short-term options.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Member FDIC

magnifying glass

How Wintrust Bank’s CD rates compare

Wintrust Bank offers safe and convenient standard CD options, but the interest rates paid are below average and much lower than the best CD rates paid by some online-only banks. Also, Wintrust Bank’s minimum deposit for CDs is high compared to many other financial institutions.

Wintrust Bank’s money market account option

Money Market

This Money Market account pays tiered interest rates for larger balances and requires higher minimum balances to avoid service charges.
APYMinimum Balance to Earn APY
0.05%$0.01
0.15%$10,000
0.20%$50,000
0.35%$100,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $15 unless you maintain a $2,500 minimum daily balance or $5,000 average daily balance
  • ATM fee: No fee through Allpoint, MoneyPass or Sum networks
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

This money market account allows customers with substantial balances to earn slightly higher interest rates than they would with basic savings accounts. But customers who occasionally dip below the minimum balances and trigger service fees a few times could find that any interest earned soon gets wiped out.

Customers can make up to six certain withdrawals and/or transfers each month per Regulation D. A fee is charged for excessive transactions by the bank.

How to get Wintrust Bank’s Money Market account

You can fill out an online application for the Money Market account in a few minutes. You’ll need your Social Security number, driver’s license or other state-issued identification, home address and other information.

SEE DETAILS Secured

on Wintrust Bank’s secure website

Member FDIC

magnifying glass

How Wintrust Bank’s money market account compares

Wintrust Bank’s money market account pays above-average interest rates on larger balances, though you can find much higher yields elsewhere. The minimum deposit requirement is not high.

Still, there some high-rate money market accounts with no minimum balance requirement at all. If yield is a priority, it’s worth taking a look at some of the best money market accounts available on the market.

Overall review of Wintrust Bank’s banking products

Wintrust Bank has a solid selection of deposit accounts, including free options for basic checking and savings accounts, as well as special accounts for kids, students and people who are rebuilding their credit. One of its strongest features may be the extensive free ATM network. It’s also appealing that Wintrust Bank works to maintain strong connections with the local communities it serves.

But for those who want to earn the highest return on their money, Wintrust Bank’s rates — even on the premium accounts — tend to be lackluster. Overdraft fees are on the high side, too. Customers who care about maximizing interest and avoiding fees wherever possible are better off searching for another bank.