Whether you’re new to the state or a longtime resident, Michigan has plenty to offer. There’s also a wide range of financial institutions, from national banks with multiple branches to the small, independent bank that focuses on building community.
If you’re in the market for a new bank account, the options can be overwhelming. Here are some of the best banks in Michigan to help you find a bank that meets all your banking needs.
12 Best Banks in Michigan
Ready to start comparing banks? The below list includes some of the best banks in Michigan that offer checking accounts, savings accounts, and lending products.
How to Choose the Best Bank in Michigan
If you’re looking for a new checking or savings account, consider what’s most important to you. Here are some features to consider when you’re comparing the best banks in Michigan.
Mobile Banking Features
Almost every bank provides mobile banking as a core feature nowadays. The best banks let you manage almost everything through either the mobile banking app or an online web portal. Look for features that will eliminate your reliance on bank branches and ATMs, including mobile check deposit and the ability to easily transfer money from your checking account to your online savings account.
That doesn’t mean you can’t choose a bank or credit union with branches in Michigan, though. You may like the perks of a traditional bank account, including the ability to visit a local branch for in-person customer service. But, even if you live near a bank branch, online and mobile banking still offers the convenience of managing your account when you can’t get to a bank.
Minimum Deposit and Minimum Balance Requirements
When searching for the best banks in Michigan, you’ll notice that some come with requirements. Banks and credit unions may charge monthly service fees to access your account, and it can be tempting to go with a bank that advertises free checking. However, while doing that, be mindful of the requirements of that account.
If you’re on a budget, the best checking accounts have very few fees while also refraining from requiring a minimum daily balance. That means you don’t have to stress about keeping a certain amount in your account. When looking at banks or credit unions, also look for the requirements to open the account. Some banks require a minimum deposit to get started.
Saving money on fees isn’t the only priority when looking for a bank account. Your balance should earn interest, and the higher the annual percentage yield, the better.
It’s not unusual for a savings account and CD to earn interest, but there are also high-yield checking account options. An interest checking account will probably be a better fit for you if you routinely hold a high balance in your checking account. You can also find high savings account rates with online banks that might offset any ATM fees you may incur from time to time.
Michigan Bank Promotions
Whether you’re searching for a community bank or holding out for a great deal with a national bank, always look into any bank promotions currently going on. Typically, bank promos require that you maintain the account for at least a couple of months. You may also have to complete some activities, such as having a certain amount direct deposited or maintaining a minimum balance.
In some cases, promotions will be for specific product types, such as a business checking account. If you’re in the market for a new business bank account, you may get a better deal by going with a different bank than you use for your personal checking account.
Online banks, local banks, and credit unions will often increase their interest rates on savings accounts to compete with bigger financial institutions, but there’s a downside. You might not get the cash access you’d find with a national bank. You may find a full selection of ATMs near your house, but when you travel, you’ll be charged an out-of-network fee to withdraw money from your bank accounts.
However, in recent years, online banking and credit unions have made this easier. They may be a part of a national co-op network that expands access to both branches and ATMs nationwide.
Online-only banks typically partner with national ATM networks like AllPoint and MoneyPass to offer account holders cash. If you ever need to deposit cash, your online bank might let you take your debit card to one of many partner locations to add the funds to your mobile banking app. However, this may come with a fee.
In some cases, a small or online bank will offer ATM fee reimbursements. These may be limited to a small dollar amount per statement period. This could include a few banks who don’t offer fee-free ATM withdrawals among your options.
Finding the right bank can be tough, so we took personal preferences into account. Here are some of the factors we considered when determining the best banks and credit unions in Michigan:
- Variety of financial products: Checking and savings are typically the first products you look for in a bank, but there are other things to consider. We also focused on other products such as credit cards, auto loans, personal loans, mortgages, and investment products.
- Local vs. online: Preferences can vary, so we chose a variety of account types, including small banks, credit unions, national banks with branches in Michigan, and online-only banks.
- Interest rates: We noted the interest rates offered by each bank. If you’re hoping to save money, it’s important to get the best rates possible. We tried to include banks that offer an APY that’s above the national average.
- Bank requirements: There are often minimums associated with an account, especially if you won’t pay monthly fees. We took a look at those requirements and disclosed them to make it easier for you to quickly identify what you’ll need. Those include the amount you’ll need to deposit to open the account and the minimum balance you’ll need to retain each day.
- Other fees: You won’t just face service fees with a new account. If your checking goes into the negative, you’ll likely have to pay an overdraft fee. Some banks have a minimal out-of-network ATM transaction fee that’s in addition to any fees charged by the third-party bank. Check a bank’s fee schedule before signing on to make sure you know exactly what fees you’ll face.
When it comes to finding the best banks in Michigan, the state offers a diverse landscape of banking options to cater to the diverse financial needs of its residents. From traditional brick-and-mortar institutions to innovative online banks, the choices are plentiful.
We’ve explored some of the top contenders in Michigan, each with its own set of advantages and features. Whether you value a high-yield savings account, no-fee checking, convenient ATM access, or cutting-edge mobile banking apps, these banks offer a range of options to suit your needs.
Ultimately, the “best banks in Michigan” are those that align most closely with your individual preferences and priorities. Consider what matters most to you in a banking partner, whether it’s competitive interest rates, low fees, exceptional customer service, or innovative digital tools.
No matter which bank you choose, it’s essential to conduct your research, compare the options, and select the one that best fits your financial goals and lifestyle. With the right bank by your side, you can confidently manage your finances and work towards a brighter financial future in the great state of Michigan.