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The Best Banks in Lake Forest, Illinois

Our research team has identified the top 3 banks in Lake Forestbased on customer service, rates, digital features, and customer satisfaction.

3
Top Banks
4.6/5
Avg Rating
35
Total Branches
1125
Total Reviews

Top Banks in Lake Forest

Carefully selected based on customer service, rates, and digital features

1

Wintrust Financial

Bank

★★★★☆
4.6/5

A leading Chicago-area bank with strong local presence in Lake Forest, offering comprehensive personal and business banking services. Known for excellent customer service and community-focused approach with multiple branches throughout the North Shore.

Branches:12 locations
Reviews:420 customer reviews
800 N Bank Ln, Lake Forest, IL 60045

Services:

Checking AccountsSavings AccountsPersonal LoansMortgagesBusiness BankingWealth ManagementDigital Banking
2

Northern Trust

Bank

★★★★☆
4.7/5

Premier wealth management and private banking institution with a significant presence in Lake Forest. Specializes in high-net-worth services, investment management, and personalized banking solutions for affluent clients in the North Shore community.

Branches:8 locations
Reviews:380 customer reviews
800 N Bank Ln, Lake Forest, IL 60045

Services:

Wealth ManagementPrivate BankingInvestment ServicesTrust ServicesPersonal BankingBusiness BankingDigital Banking
3

First Midwest Bank (now part of Old National Bank)

Bank

★★★★☆
4.4/5

Long-standing community bank with deep roots in the Chicago metropolitan area, providing comprehensive banking services to Lake Forest residents and businesses. Known for strong local decision-making and personalized service approach.

Branches:15 locations
Reviews:325 customer reviews
275 E Deerpath Rd, Lake Forest, IL 60045

Services:

Checking AccountsSavings AccountsMortgagesAuto LoansBusiness BankingCommercial LendingDigital Banking

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Frequently Asked Questions

Common questions about banking in Lake Forest, Illinois

What are the benefits of banking with a local institution like Wintrust Financial in Lake Forest, especially for small business owners?

Banking with a local institution like Wintrust Financial, which is headquartered in the Chicago area, offers distinct advantages for Lake Forest residents and small business owners. You often receive more personalized service and have access to decision-makers who understand the local economy. For businesses, this can mean more flexible loan underwriting for commercial real estate or inventory, as lenders are familiar with the local market values in affluent areas like Lake Forest. Furthermore, local banks are more likely to invest in and sponsor community events, helping to build a strong local network that can be beneficial for business growth.

With the merger of First Midwest Bank into Old National Bank, how will my existing accounts and local branch in Lake Forest be affected?

The merger of First Midwest Bank into Old National Bank is a significant change for Lake Forest customers. Typically, in such mergers, accounts are automatically transitioned to the new bank, and you will be notified in advance about any changes to your account terms, fees, or routing numbers. The local branch at 800 N. Western Avenue will likely be rebranded as an Old National Bank branch. For a period, you can use both First Midwest and Old National ATMs and branches without fees. It's advisable to review any communication from the bank carefully and update any automatic payments with your new account details if provided. Customer service numbers may also change, so keep an eye out for updates.

Are there banks in Lake Forest that specialize in wealth management and trust services for high-net-worth individuals and families?

Yes, Lake Forest is notably home to Northern Trust, a global leader in wealth management, which has a significant presence in the area. They, along with other institutions like The PrivateBank (part of CIBC) and local branches of larger firms, offer specialized services including investment management, estate and financial planning, and trust administration. These services are particularly relevant given Lake Forest's affluent demographic. Many residents utilize these local experts to manage complex family wealth, philanthropic goals, and intergenerational wealth transfer, taking advantage of their deep expertise in handling substantial assets.

What local banking options are available for financing historic home renovations in Lake Forest's preservation districts?

Lake Forest has several historic districts with strict preservation guidelines, and financing renovations on such properties can be unique. Local banks like Wintrust Financial and Old National Bank (which now includes the former First Midwest) often have lenders familiar with the city's architectural preservation requirements. They may offer specialized renovation loans or construction-to-permanent loans that account for the higher costs and specific approvals needed from the Lake Forest Preservation Foundation. It's crucial to work with a lender who understands that the project timeline may be extended due to the required historic commission approvals, ensuring the financing structure is flexible enough to accommodate this.

How can I find a bank in Lake Forest that offers robust online and mobile banking while still maintaining convenient physical branch access?

Most major banks serving Lake Forest, including Wintrust, Old National Bank, and Northern Trust, offer sophisticated online and mobile banking platforms for everyday transactions, bill pay, and mobile check deposit. The key is to identify which one balances digital convenience with physical presence according to your habits. Wintrust, for example, has multiple branches and ATMs throughout Lake Forest and the North Shore. When choosing, consider the bank's mobile app ratings, the features you need (like remote deposit or peer-to-peer payments), and the location of their branches and ATMs relative to your home, workplace, or your children's schools to ensure easy access for less common in-person needs.

Finding the Best Banks Around Me in Lake Forest, Illinois: A Local's Guide

Expert insights about banking in Lake Forest

If you're a Lake Forest resident searching for "banks around me," you're in luck. Our community is home to a strong mix of national, regional, and local financial institutions that understand the unique character of the North Shore. Choosing the right bank is about more than just proximity; it's about finding a partner that aligns with your financial goals and offers the convenience and service you deserve. Let's explore the local landscape to help you make an informed decision.

For those who prioritize deep community roots and personalized service, Wintrust Financial is a standout choice. As a leading Chicago-area bank, they operate several branches in and around Lake Forest, including their Lake Forest Bank & Trust division. This model means you get the resources of a larger institution with the decision-making and relationship focus of a community bank. They are deeply invested in local initiatives, making them an excellent option if supporting a bank that reinvests in our area is important to you.

Another pillar of the local financial scene is Northern Trust. Headquartered nearby, this institution is a global leader in wealth management, trust, and banking services for affluent individuals and families. If your financial needs extend beyond everyday checking and savings into areas like investment management, estate planning, or private banking, the Lake Forest presence of Northern Trust offers world-class expertise right in our backyard. For sophisticated financial needs, having such a renowned institution locally is a significant advantage.

Following the merger, the former First Midwest Bank branches now operate under Old National Bank. This transition brings the scale of a larger regional bank to Lake Forest, often translating to a robust digital banking platform, a wide network of ATMs, and a comprehensive suite of loan products. For residents who value a seamless online and mobile experience alongside physical branch access for more complex transactions, Old National is a compelling contender. It's wise to visit your local branch to understand how the integration has affected services and fees.

When evaluating "banks around me," consider your lifestyle. Do you prefer in-person consultations, or is a top-rated mobile app your priority? Lake Forest offers options for both. Take advantage of introductory meetings many banks offer. Ask about specific fees, minimum balance requirements, and local ATM networks. Also, consider credit unions, which can offer competitive rates and customer-owned models. Ultimately, the best bank for you in Lake Forest is one that provides the right blend of modern convenience, personalized service, and financial trust to help you and your family thrive in our beautiful community.

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How We Rate Lake Forest Banks

Our comprehensive 5-star rating system evaluates banks across multiple criteria to help you find the best financial institution in Lake Forest.

Customer Service & Support

Service quality, responsiveness, and customer satisfaction ratings.

Fees & Interest Rates

Competitive rates, transparent fees, and overall value proposition.

Digital Banking Features

Mobile app quality, online features, and digital innovation.

Need Banking Services in Lake Forest?

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