Brian McKay
Current New Salem, Illinois and the surrounding area money market deposit account rates include Great Lakes Credit UnionGreat Lakes Credit UnionA5.0 ★Texas Ratio: 6.33%Real return: +2.20%APY minus 2.8% CPI (February 2026) Money Market Account at 5.00% APY, De Witt Savings BankDe Witt Savings BankA5.0 ★Texas Ratio: 6.29%Real return: +1.27%APY minus 2.8% CPI (February 2026) N-Vest Money Market - Tier 7 at 4.07% APY, United Trust BankUnited Trust BankA+5.0 ★Texas Ratio: 3.55%Real return: +1.20%APY minus 2.8% CPI (February 2026) Business Premium Money Market Special at 4.00% APY, Waterman BankWaterman BankA5.0 ★Texas Ratio: 8.69%Real return: +1.02%APY minus 2.8% CPI (February 2026) Business Money Market at 3.82% APY, and State Bank of TexasState Bank of TexasA5.0 ★Texas Ratio: 12.15%Real return: +0.96%APY minus 2.8% CPI (February 2026) Jumbo Money Market Account at 3.76% APY. Money market rates as of September 14, 2026 according to verified data from MonitorBankRates.
New Salem is a smaller community with no bank or credit union branches currently in our database. 150 institutions serving the Illinois area are available to New Salem residents, with money market rates as high as 5.00% APY from Great Lakes Credit Union. Rates are continually updated, so we recommend checking back frequently.
Rates reflect recent market quotes and representative offers available to depositors in New Salem, Illinois and surrounding area. Last Updated and Verified: September 14, 2026
Qualifications Required: 40 or more transactions per month; e-statements; Accounts with 40 or more transactions per month and e-statements. Balances $10,001 and above will earn .05% APY.
*** as of 1/6/2026
*** as of 1/6/2026
Annual Percentage Yield is accurate as of posting date and applies to new money deposits only. Rate is subject to change without notice after account opening. Fees and/or withdrawals could reduce the earnings on the account.
New money only
New money only
$15,000+; Intro rate APY
$15,000+; Intro rate
Federal Funds Effective Rate minus 0.25%
Balance: $25,000.00 to $2,000,000.99; With Huntington Perks Checking**
Balance: $1,000,001-$1,500,000
Balance: $25,000.00 to $2,000,000.99; Non-Relationship Rate
A minimum balance fee of $20.00 will be imposed every statement cycle if the balance in the account falls below $20,000.00 any day of the cycle. Fees could reduce the earnings on the account.
APY is paid on entire balance in accounts
Valid Thru: 09/13/2026
Valid Thru: 09/13/2026
Valid Thru: 09/13/2026
Valid Thru: 09/13/2026
Valid Thru: 09/13/2026
Valid Thru: 09/13/2026
Qualifications Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.; Level 2: All-In Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.
Balance: $100,000 - $249,999.99; Federal Funds Effective Rate minus 0.50%
Interest paid monthly. A monthly fee of $25 will be assessed if the minimum daily balance falls below $10,000. Fees may reduce earnings on the account. Interest rates and APY may change at any time without notice at the Bank's discretion. We use the daily balance method to calculate interest on the account. Accounts closed before the interest payment date will not earn accrued interest for that period. See Deposit Account Agreement and Disclosures for additional terms. New deposits only are defined as not currently on deposit with Centrust Bank.
Qualifications Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.; Level 2: All-In Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.
Compounding and Crediting Frequency: Monthly
A minimum balance fee of $20.00 will be imposed every statement cycle if the balance in the account falls below $20,000.00 any day of the cycle. Fees could reduce the earnings on the account.
Balance Tiers: $100,000 and above
1 2
Compounding and Crediting Frequency: Monthly
Daily balance of $300,000 or more
Tiered dividend rates reward higher balances
Qualifications Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.; Level 2: All-In Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.
See Account Terms for details
A minimum balance fee of $20.00 will be imposed every statement cycle if the balance in the account falls below $20,000.00 any day of the cycle. Fees could reduce the earnings on the account.
Interest paid monthly; Penalty of $15.00 if balance falls below $1,000.00; Transfers are limited to six per statement cycle
View Disclosure
Qualifications Required: 20-39 debit card transactions per month; enrolled in e-statements; Accounts with 20-39 debit card transactions per month and enrolled in e-statements. Balances $10,001 and above will earn .05% APY.
Qualifications Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.; Level 2: All-In Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.
*
Rates based on zip code. Variable rate. Fees may reduce earnings. When your balance falls into a specific rate tier, your entire balance will earn the applicable rate in effect for that tier. Offer is limited to one per household. Not valid with any other offer. New Money required.
Federal Funds Effective Rate minus 1.00%
A minimum balance fee of $20.00 will be imposed every statement cycle if the balance in the account falls below $20,000.00 any day of the cycle. Fees could reduce the earnings on the account.
Qualifications Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.; Level 2: All-In Required: 21+ debit or credit card transactions per month and a minimum of $1,500 in direct deposit(s) and/or mobile deposit into a qualifying account within the last 31 days.
See Account Terms for details
Interest paid monthly; Penalty of $15.00 if balance falls below $1,000.00; Transfers are limited to six per statement cycle
On balances $150,001+
Valid Thru: 09/13/2026
Valid Thru: 09/13/2026
Dividend Paid: Quarterly
1 2
Balance Tiers: $1,500,000.00 and up
Compare local New Salem, IL money market quotes against the statewide average
Daily money market rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Illinois high-yield MMA rates currently average 3.037% APY.
Illinois standard MMA rates rose 0.003 points over the past 7 days to 0.753% APY.
Money market rates move with Federal Reserve policy. Our model uses the current IL high-yield MMA average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Money market account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current IL high-yield money market average of 3.037% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60–90 days. High-yield money market rates tend to adjust faster than standard branch-based accounts.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in New Salem, Illinois.
Annual interest earnings at current IL average APYs, based on the high-yield and standard money market averages tracked in our database. Balances reflect the higher minimums typical of money market accounts. Compounding assumed monthly.
| Balance | HY Money Market (3.037% APY) | Monthly Earnings | Standard MMA (0.753% APY) | Monthly Earnings |
|---|---|---|---|---|
| $10,000 | $303.65 / year | $25.30 | $75.27 / year | $6.27 |
| $25,000 | $759.13 / year | $63.26 | $188.18 / year | $15.68 |
| $50,000 | $1,518.25 / year | $126.52 | $376.35 / year | $31.36 |
| $100,000 | $3,036.50 / year | $253.04 | $752.70 / year | $62.73 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, rate tier, and daily balance maintained. Rates are variable and subject to change. Source: New Salem, Illinois money market rate averages as of September 16, 2026. | ||||
MonitorBankRates tracks money market rate offers from 60 banks and credit unions available to New Salem, Illinois residents via statewide and national offers. No branch locations physically in New Salem are currently in our database, but all listed offers are open to New Salem depositors. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Great Lakes Credit Union offers a money market account at 5.00% APY. Use the rate table above to compare all current offers in New Salem, Illinois.
What to compare when shopping for a money market account in New Salem, Illinois
To find the best money market APYs in New Salem, Illinois, start with credit unions and online-only banks: New Salem, Illinois has 34 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate, and pay close attention to balance tiers. Many money market accounts only pay their advertised top rate above a minimum balance of $1,000–$25,000, with lower rates (or monthly fees) below that threshold. The current IL high-yield money market average is 3.037% but top local institutions are offering as high as 5.00%, so shopping around pays off.
Unlike a CD, money market rates are variable. Your rate can change at any time with Federal Reserve policy. Also check check-writing and debit card limits: most MMAs allow a set number of withdrawals per month, and exceeding the limit can trigger fees. Review your account periodically to ensure your APY remains competitive.
Local demographics and economic context for savers . Source: U.S. Census Bureau (state-level data shown; city data not available)
17.0% of residents are 65 or older, in line with the national average of 17.3%. At today’s IL high-yield money market average of 3.037%, saving 10% of the local median salary ($4,839/year) would earn an additional $147 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
How money market deposit accounts compare to other deposit products available at banks and credit unions in New Salem, Illinois.
| Feature | Money Market | High-Yield Savings | Standard Savings | CD (12-Month) |
|---|---|---|---|---|
| Current IL Avg APY | 3.037% | View Savings Rates | 0.753%(Standard MMA) | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✓ Often yes | ✗ No | ✗ No | ✗ No |
| Debit / ATM Card | ✓ Often yes | Some institutions | ✗ Rarely | ✗ No |
| Typical Min Deposit | $0 – $2,500 | $0 – $100 | $25 – $100 | $500 – $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Active savers wanting flexibility + check writing | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Locking in a rate for a defined period |
APY data reflects New Salem, Illinois averages tracked in our database as of September 16, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
See how much a money market account can earn you. Enter your deposit, monthly contribution, and time frame, or click any current New Salem, Illinois rate on the right to apply it instantly. Interest compounds monthly.
Assumes monthly compounding and a constant APY for the full period. Money market rates are variable and can change at any time, so actual earnings will differ. Estimates are for informational purposes only.
At IL’s top money market rate of 5.00% from Great Lakes Credit Union, a $10,000 deposit earns $500 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median New Salem, Illinois earner is roughly $12,100. At 3.037% APY in a money market account, saving $1,010/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. Liquid Deposit AccountIllinois’s high-yield money market average is 3.037% APY, variable, always accessible, and often with check-writing. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median New Salem, Illinois earner makes $48,393/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 3.037% APY.
Retirement PlannerA $25,000 money market balance earning 3.037% APY grows to roughly $45,474 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our New Salem, Illinois money market rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Money Market Rate Data: We aggregate money market deposit account rates for New Salem, Illinois directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every money market rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in New Salem, Illinois. We feature a comprehensive mix of institutions from neighborhood credit unions and mid-sized regional banks to large national institutions available to savers in IL.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update money market rates daily. Because MMA yields can fluctuate rapidly based on market conditions, every product listed features its own specific “last updated” date, giving you complete transparency.