Ranking Michigan's Top 10 Financial Institutions of 2023

Seeking a new banking experience in the Great Lakes State of Michigan There are many factors to think about regardless of whether you reside in Detroit or Grand Rapids. There is a wide range of possibilities, from locally-owned banks to large-scale national institutions.

You should look for a bank account that fits your needs and long-term objectives.

The best banks in Michigan are detailed below, including an analysis of their account minimums, monthly service charges, and other standard features.

Throughout This Piece

Highest-Rated Michigan Financial Institutions

Check out these top-rated Michigan financial institutions to open an account with today:

Check Out The Top Bonuses & Deals From Michigan's Banks

Initially, there is Ally Bank. ally bank Logo

  • No monthly maintenance fees for checking accounts.
  • Costs associated with opening a savings account begin at $0.
  • Annual percentage yield on savings: 3 40% APY

As an online-only financial institution, Ally has no brick-and-mortar branches in Michigan or anywhere else. Its lower operating costs allow it to offer better rates than its rivals do, which is why it has become so popular among online banking customers.

There are no minimum deposits or monthly service fees associated with either the checking or savings account. Their annual percentage yield (APY) on savings accounts is significantly higher than the market average. You can get interest on your checking account funds by using their special "Interest Checking Account." The rates in this system range from 0% to 10% and 0 25%

Although Ally does not presently issue credit cards, this does not rule out the possibility that it might in the future. You can choose from a variety of investment accounts, such as self-directed and Robo portfolios, right here.

Bank of the Fifth Third fifth third bank Logo

  • Money you pay to use your checking account can be as little as nothing.
  • Service charges for savings accounts begin at $5 per month. 00
  • No annual percentage yield on savings. 01% APY

The Fifth Third Bank is an independent financial institution located in the Midwest. The name stems from the 1909 merger of the Fifth National Bank and the Third National Bank. It was originally only state-chartered, but in 2019 it was granted a national charter.

Fifth Third Bank has both standard checking accounts and a wide variety of niche accounts, such as those for students, the military, and people with disabilities. There is no minimum balance or monthly charge for a standard checking account. In addition, there is no cost for Overdraft Coverage.

There are two main types of savings accounts: savings and money market. Each item costs $5. 0 monthly Having a Fifth Third Checking Account is one of the many ways to avoid the charge.

Most credit cards do not charge an annual fee, but there are exceptions to this rule. Some cards offer perks like unlimited cashback, others have no penalty APR for late payments, and still others never expire rewards points.

Financial Institution No. 3: PNC PNC bank Logo

  • Pricing for checking accounts begins at .
  • The minimum monthly charge for a savings account is $5. 00
  • Annual Percentage Yield on Savings: 0% 01% APY

PNC Bank is one of the largest banks in the United States, despite the fact that it is only present in 27 states and the District of Columbia. For those in the market for a new bank, its 2,600 locations and 9,500 automated teller machines (ATMs) represent a respectable footprint.

Compared to competing banks, PNC's offering is unique in a few key respects. Yes, you can open a checking account or a savings account on your own, but you can also open them together in a single digital wallet.

The Virtual Wallet has three different membership levels, each of which is exciting in its own way. A higher tier means a higher monthly maintenance fee, but you can always avoid paying it by not meeting any of their many options for not doing so.

When you open an account online, there is no starting balance requirement. Low Cash Mode, a novel feature included with all accounts, combines the elimination of NSF (Insufficient Funds) fees, a maximum overdraft daily fee, and additional time for settling overdrafts.

PNC provides a wide range of credit card options, from cash-back cards to secured cards to rewards cards and more.

4 - Chase Bank chase bank Logo

  • Bank account maintenance charges can be as low as $4 95
  • There is a monthly fee of $5 for a savings account. 00
  • Annual percentage yield on savings: 0% 01% APY

Often shortened to "Chase," Chase Bank is the business division of JPMorgan Chase Bank, the largest bank in the United States.

A new checking account opening bonus of $200 is available in addition to all other products and services they provide.

There are various types of checking accounts available, categorized as either "Everyday" or "Premium."

Depending on the type of account you select, monthly fees are either set in stone or nonexistent. The annual percentage yield (APY) on savings accounts is currently 0. There is a flat fee of 0.01% on all balances, no matter the type of account or the amount of funds maintained there. Instead, you could invest in a certificate of deposit (CD) and earn an interest rate of up to zero percent. 05%

Chase provides a variety of financial services, including loans and credit cards. They have a wide variety of credit cards, some of which don't even require an annual fee and offer 5% cash back.

Bank of Citizens citizens bank Logo

  • Fees for using a checking account can be as low as $5
  • Account maintenance charges for savings accounts begin at $0.
  • 0% Annual Percentage Yield Savings 01%

As of March 2022, Citizens Bank's $192 billion in assets make it the 13th largest retail banking institution in the United States. In addition to their headquarters in Rhode Island, they also have a sizable presence in Michigan by way of physical locations and automated teller machines (ATMs).

There is a wide range of checking accounts available, each with its own set of pros and cons. If you have a qualifying checking account, you can avoid the $4 monthly fee for a savings account. For just one monthly payment of , you can avoid paying that fee forever. Annual Percentage Yield is 0%. 0.1% always, no matter which account you choose or how much money is in it

You can choose between a Cash Back credit card and a Clear Value credit card. There is no annual fee for either card, and the interest rates begin at 14 24%, varying by card and credit rating

The Sixth Place Winner is Bank of America Bank of America Logo

  • The monthly maintenance fee for a checking account is $4. 95
  • Minimum monthly maintenance fee for a savings account is . 00
  • Annual Percentage Yield for Savings: 0 01%

As one of the largest banks in the United States, Bank of America hardly requires an introduction. It's a sure bet for long-term budgeting because it provides everything a typical customer could want or need.

Both checking and savings accounts have associated fees, but you can choose to have them waived. This could be a deal breaker for some, but it could also motivate you to avoid overdrawing your account.

Annual Percentage Yield (APY) begins at 0%, which is below average. As low as.01% and as high as 0% Accounts in the top tier receive a.04% discount. There are credit cards available that provide cash back, have no annual fee, and come with a special online bonus. All things considered, if you're looking for a new bank account, Bank of America is a solid option to consider.

Bank #7: Huntington Huntington Bank Logo

  • Fees for using a checking account can be as low as nothing.
  • A monthly fee of $4 is charged for a savings account.
  • Annual Percentage Yield for Savings: 0 00%

Huntington Bancshares is a US-based bank holding company, and Huntington National Bank is its banking subsidiary. A total of 290 of their branches can be found in the Great Lakes State, making it the bank's second most lucrative market.

Different types of checking accounts exist, with the Asterisk-Free Checking account serving as the entry point. There are no minimum balance requirements or maintenance fees associated with this account, as the name implies.

You may receive your funds as much as two extra days early. Monthly deposit minimums begin at only $4. With certain checking accounts or a balance of $300, this fee is canceled. Interest rates begin at 0% APY for balances of $25,000. 05%

You can select from three credit cards, each with its own set of perks. Assuming you meet the requirements, you can select a credit card that either gives you cash back, rewards you with points, or has a lower interest rate.

Eighth, Flagstar Bank Flagstar Bank Logo

  • The minimum monthly maintenance charge for a checking account is $0.
  • Withdrawal fees from checking accounts: $3 00
  • Annual Percentage Yield (APY) for Savings: 0 to Start 01%

Located in the heart of the Midwest, Flagstar is a prominent regional financial institution. The bank has a website with options for mobile and online banking, but new accounts cannot be opened through the website. Instead, you should contact them by phone or visit their local location.

No monthly maintenance charges or minimum balances apply to their basic checking account, making it a good choice for those on a tight budget. In contrast, savings accounts are available for as little as $3. Monthly Payment of $0.00 However, if you keep at least $300 in your account on a daily basis, you won't be charged this fee.

Credit cards, mortgages, and personal loans are just a few of the loan options available from Flagstar Bank.

Ann Arbor Nineth Bank

  • No monthly maintenance fees for checking accounts.
  • Fees for savings accounts can be as low as $2. 00
  • Compounded annual percentage yield for savings: zero 02%

The Ann Arbor-based Bank of Ann Arbor is a local financial institution. Their workforce of 300 people is spread across 17 locations after their most recent acquisition at the end of 2021.

The Bank of Ann Arbor is a relatively modest financial institution, but it provides the full gamut of services typical of much larger financial institutions. Since it is a local institution, you will also find that their rates are reasonable; however, they do not have the resources of larger financial institutions.

The minimum monthly fee for a checking account is $0. The minimum monthly fee for a savings account is $2. 00 Savings accounts require a minimum deposit of $100.

For a standard checking account, this minimum amount rises to $500. Notable is the bank's initial annual percentage yield (APY), which is higher than what the majority of its rivals provide.

TCM Bank issues credit cards without a yearly fee. To help you ease into your new bank, the annual percentage rate (APR) on all purchases is waived for the first 12 billing cycles.

Comerica Bank, No. 10 Comerica Bank Logo

  • No monthly maintenance fees for checking accounts.
  • There is a monthly fee of $5 for a savings account. 50
  • Annual Percentage Yield for Savings: 0 and Up 01%

Among the states in which Comerica Bank operates is Michigan. It was established in 1849 and currently operates 591 locations, with assets totaling 4 billion

No monthly service charges are assessed for their basic checking account. However, your daily ledger balance must remain above $1,000.

For higher-level accounts, the minimum required balance increases to $50,000 (average daily ledger balance). Only one savings account, with a $5 monthly fee, is available at Comerica. 50, which is not applicable if you keep a daily minimum balance in your ledger of $500. A percentage yield of 0% 01%

Their High Yield Money Market Investment Account is an option for those looking for a better rate. Here, we can forego the $17 In order to avoid the $1. There is no annual percentage yield. 03%

Comerica provides customers with a choice between three credit cards, each of which is tailored to a specific demographic. Two of these cards will assist in raising your credit score, while the third provides access to a more extensive cash-back and rewards program.

Where to Find the Finest Michigan Bank

Prioritize your own needs and interests. If you're trying to make ends meet on a limited budget, opening an account at a bank that charges little to no maintenance fees each month could be a good choice.

However, if you already have a sizable savings account, switching to a bank with a higher annual percentage yield rate can help your money grow even faster.

This section is for you if you are unsure of the specific warning signs to look out for. We'll go over some of the factors you should think about when deciding on a bank.

Think about these things so that you can make a well-informed choice that will help your financial situation.


There are many different types of fees associated with bank accounts. Most banking fees are unnecessary hassles if you know your bank's strengths and select an account that capitalizes on them. Check the "Schedule of Fees," which details all of the costs you can expect to pay, at any bank.


Make sure the bank you choose provides the services you need, whether that's a debit card, a credit card, or both. The annual fee, interest rate, and additional benefits, like cash back or travel perks, of credit cards in particular can differ greatly from one another.


The APY, or annual percentage yield, is the interest rate at which a bank pays a customer for maintaining a balance in that account over the course of a year. APY is a feature of many banking products, such as savings accounts, certificates of deposit, and individual retirement accounts.

Use an APY calculator to see how much you could earn with various rates, taking into account the length of time your money is typically kept in the account.


The Annual Percentage Rate (APR) is the interest rate charged by a financial institution on any loan, mortgage, or credit card. Most annual percentage rates (APRs) are quoted as a range; the actual APR you'll pay will depend on a number of factors, including your credit score. To obtain a lower effective APR, a lower range is preferable.

Varieties of Accounts

Multiple tiers of account options are available at many banks. The fees and benefits associated with lower-tier accounts are typically lower and more limited than those of higher-tier accounts. If you're trying to decide if upgrading your banking services is worth the cost, it's important to first understand what you're currently paying for and what you might be missing out on.

Those services that are provided to account holders as a result of having a bank account are known as "banking services."

Mobile banking, mobile check deposit, check-writing capabilities, debit card access, and similar services are examples of this type of product. You should verify that the bank is FDIC-insured, which will safeguard your deposits up to $250,000.

Required Minimum Balances and Deposits

The minimum amount you must deposit to open an account and the minimum amount you must maintain in your account, respectively, are two types of minimums that an account may require.

With that sum, your account will be activated and ready for use. In general, minimum balance requirements are more forgiving, but you should still be ready to pay the monthly fee if you fail to do so in any given month.

ATM Access

With so many people still relying on cash for their day-to-day financial needs, conveniences like nearby ATMs can make a big difference. Some banks have a broad reach and even collaborate with other networks to offer free ATM withdrawals, while others have a narrower reach and require customers to pay fees whenever they make a withdrawal. If the latter applies to you, you should also know that some banks offer reimbursements for ATM fees.

Questions & Answers

In the state of Michigan, which financial institution do you recommend the most?

Which bank in Michigan is best for you will depend heavily on your specific needs. Choosing a single bank for all customers is impractical because they do not all have the same needs.

Chase is an excellent choice if you're in search of a large bank that provides a wide range of services and isn't restricted to customers in the state of Michigan. If you're looking for a local bank that charges minimal fees, Flagstar is a great choice.

Also, if you're interested in a higher APY, you might want to check out Ally Bank. Since it operates solely online, it is able to offer significantly higher interest rates than its rivals.

When asking, "What is Michigan's most well-known bank?" what is the most frequently asked

At the time of writing, JP Morgan Chase had 305 locations in Michigan, making it the state's most popular bank. With a 93% market share (in terms of deposits),

Which bank is the best, and why?

How you define "best" when searching for a bank is the single most important factor in determining which bank is right for you. Some banks don't charge any fees while others charge a lot but provide excellent benefits and high interest rates.

While we can't definitively state that any one of these Michigan banks is the best, we hope that this comparison will help you narrow down your options.

Which bank do you think is the most reliable?

In Michigan, the BBB has identified the following financial institutions as the most reliable:

  • PNC: A
  • Five-Thirds Bancorp:
  • The Comerica Bank:

Where Can I Find the Best Bank in Michigan?

There are a plethora of financial institutions from which to choose the best checking account, savings account, or lender.

Identifying your requirements is the first step in selecting the ideal bank or credit union in Michigan for you.

Get informed about your options; you may find that your goals or the product you end up purchasing must be modified as a result. To get the most out of your money, you could invest in certificates of deposit. Being flexible in your thinking can speed up your financial growth.

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