12 Best Banks in Michigan for 2024

When customers sign up for direct deposit, they can receive their paychecks up to two days in advance.

Safety is a priority at SoFi, with FDIC insurance covering amounts up to $2 million. They also provide convenient overdraft protection, covering up to $50 without fees, for those with qualifying direct deposits.

Switching to SoFi comes with a welcome bonus ranging from $50 to $300, depending on your direct deposit amount. Plus, SoFi offers access to over 55,000 ATMs through the Allpoint® network.

When it comes to checking accounts, Chase offers several options. The Chase Total Checking is particularly popular among Michigan customers, as it comes with a $300 bonus for opening a new account.

The account requires no minimum deposit, and it comes with a $12 monthly service fee. However, this fee can be easily waived by maintaining a $1,500 balance, having monthly direct deposits totaling $500, or keeping at least $5,000 in combined balances when connected to a Chase savings account.

In terms of savings, Chase Bank is offering a 3.75% APY on CDs, but very low rates on other savings accounts.

As a fintech company, Upgrade diverges from traditional banking by collaborating with Cross River Bank, which guarantees that all accounts are covered by FDIC insurance up to $250,000.

The Upgrade Rewards Checking Plus account does away with the common hurdles of minimum deposits, monthly fees, ATM fees, and transfer fees.

Customers enjoy benefits such as early direct deposit, allowing them to receive their paychecks up to two days earlier. Moreover, the account rewards regular spending with up to 2% cash back on debit card purchases.

For those who occasionally use out-of-network ATMs, Upgrade provides a solution by reimbursing up to five ATM fees each month, subject to certain conditions.

For checking accounts, Fifth Third Bank requires no minimum deposit and charges no monthly service fees. Customers also enjoy fee-free access to over 2,100 Fifth Third Bank ATMs as well as over 40,000 partner locations nationwide, providing plenty of options to withdraw money.

In the savings department, the bank offers an attractive 4.75% APY on CDs. Fifth Third Bank also offers customers an extra business day to resolve overdrafts, and its Early Pay feature enables them to receive to direct deposit funds a couple days earlier than usual.

When it comes to checking accounts, CCU adheres to a simple yet effective banking policy: no monthly maintenance fees and no obligatory minimum deposit to open an account.

As for interest rates, clients have the opportunity to earn up to a 4.50% yield on CDs. Moreover, CCU debit cardholders can enjoy exclusive discounts on purchases, adding to the advantages of banking with Consumers Credit Union.

Additionally, the credit union facilitates home and auto loans with attractive rates, assisting in making large purchases affordable.

The bank offers a checking account that comes with a $9.99 monthly fee, but there’s a workaround—you can have the fee waived with at least one deposit each month.

If you’re thinking of saving, Citizens Bank offers up to 2.75% APY on both CDs and money market accounts. What sets this bank apart are some of its additional perks: Citizens Paid Early lets you get your hands on direct deposits sooner than usual, and Citizens Peace of Mind is designed to help you avoid overdraft fees.

Whether it’s everyday banking or long-term saving, Citizens Bank offers versatile options to meet a wide range of customer needs.

The bank has a unique offering for those with recurring direct deposits—Standby Cash. This service issues a line of credit as needed, with no interest charges, as long as you repay within three months. Beyond that timeframe, the interest rate is a low 1.00% APR.

With the Asterisk-Free Checking account, Huntington makes it easy: there are no monthly maintenance fees, no initial deposit requirement, and no minimum balance to maintain. As for rates, the bank impresses with up to 5.13% APY on CDs and up to 4.18% APY on money market accounts.

Rounding out the list of perks, Early Pay allows for access to your paycheck up to several days in advance with direct deposit. Whether it’s basic banking or special services, Huntington National Bank offers a package that’s hard to ignore.

On the financial side, you’ll find no monthly or overdraft fees and no requirements for a minimum deposit or balance. Ally also shines in the rates department, offering a 0.25% APY on checking accounts and up to 4.80% APY on CDs.

When it comes to cash withdrawals, the bank partners with Allpoint, providing you with over 53,000 ATM outlets nationwide for cash withdrawals. If you encounter ATM fees from ATMs not affiliated with Ally, they’ll reimburse you up to $10 every statement cycle.

But Ally isn’t just about the basics; it also offers extras like Robo Portfolios for those interested in automated investing and Spending Buckets to help you budget effectively.

The bank offers various perks that go beyond the standard offerings. While the bank requires a $50 minimum opening deposit to open a checking account, there’s no minimum balance requirements, and you won’t be charged a monthly maintenance fee.

Where Flagstar really shines is in its loan policies. If you make your home or personal loan payments from your checking account, you’ll benefit from a 0.25% discount on interest rates.

The bank provides a high-yield savings account with a 2.50% APY, although it’s worth noting that a $35 monthly service fee applies for balances under $50,000.

When you’re on the move, you can use Flagstar’s own ATMs or choose from over 56,000 Presto! and Allpoint locations without incurring fees. With checking and savings accounts, credit cards, business checking accounts, and more, Flagstar has something for everyone.

The bank currently offers a tempting $300 bonus when you open a new checking account, provided you meet certain conditions. You must receive at least two direct deposits totaling a minimum of $3,000 and enroll in their online or mobile banking services.

The bank’s free checking option comes with a few stipulations. To avoid the $6.95 monthly fee, you’ll need to maintain a minimum balance of $750 or have a combined balance of $1,500 across all Old National accounts.

Alternatively, at least $500 in direct deposit activity each month will also get the fee waived. Active-duty military members, however, can enjoy the free checking account without meeting these requirements. There’s also a minimum opening deposit of $50.

Conveniently, Old National Bank provides fee-free access to their own ATMs, along with over 53,000 Allpoint terminals nationwide. The interest rates are highly competitive, offering 4.85% on CDs and 5.00% on its money market account.

DMCU’s checking accounts do come with a $10 monthly maintenance fee, but this can be avoided. Simply enroll in e-statements and online banking, while also ensuring at least 15 debit card transactions post each statement period.

With a minimum opening deposit of just $25 and no ongoing balance requirements, it offers financial flexibility.

DMCU also offers fee-free withdrawals at their own ATMs as well as 30,000 shared ATM locations across the country. While it offers interest on checking accounts, a youth savings account, Christmas and Vacation Club savings accounts, and a money market account, the interest rates are very modest.

Besides catering to personal banking needs, DMCU also provides a variety of business checking options. If you’re in the market for a loan, they offer competitive rates for auto and recreational vehicle loans, making them a versatile choice for both personal and business needs.

Its basic checking package comes with a monthly fee of $13, but there are several ways to have this fee waived. You can either maintain a $1,000 balance or have a single electronic deposit of at least $250 each month. Fee waivers are also available for full-time students up to age 26 and for military members.

A modest $50 is all that’s needed to open a new checking account, and there are no ongoing balance requirements if the service fee is waived. Comerica Bank also offers a savings account, money market accounts, and credit cards.

Additional benefits include discounts on home equity lines of credit, making Comerica a versatile option for those who need both personal banking services and additional financial products.