The Top 10 Michigan Banks of 2023
Interested in opening a new checking account in Michigan. There are a lot of factors to think about, regardless of whether you live in Detroit or Grand Rapids. There are a variety of options, from locally-owned banks to large-scale national institutions.
The trick is to locate a bank account that works well with your specific needs and objectives.
The best banks in Michigan are summarized below, including some information about the fees and minimum balances associated with various account types, as well as a quick summary of the services provided by each institution.
To Begin, Let's Take a Look At
Top 10 Financial Institutions in Michigan
If you live in Michigan, these are the top-rated institutions where you can open a checking or savings account right now:
Check Out The Finest Bank Bonuses & Deals In Michigan
1) Ally Financial Services
- No monthly maintenance fees for checking accounts.
- Account maintenance charges for savings accounts begin at $0.
- Yield on savings account: 3% APY 40% APY
There is no Ally branch in Michigan or anywhere else because it is an online bank. Since it operates solely online, it can afford to lower its rates relative to its rivals while still remaining competitive.
There is no minimum deposit or monthly service charge for either the checking or savings account. Their annual percentage yield (APY) on savings accounts is significantly higher than the market average. There is a checking account that allows you to earn interest on the money you deposit. Here, APRs range from 0% to 100%. 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. Optional investment accounts like Robo portfolios and self-directed investment accounts are also available here.
Bank of the Fifth Third
- Minimum monthly maintenance fee for checking accounts is $0.00
- The minimum monthly charge for a savings account is $5. 00
- Annual Percentage Yield on Savings: 0% 01% APY
Community banking in the Midwest is what Fifth Third Bank specializes in. The name comes from the merger of the Fifth National Bank and the Third National Bank, which took place in 1909. After beginning as a state-chartered organization, it was granted a national charter in 2019.
In addition to their standard checking account, Fifth Third also provides a number of different types of specialized accounts for different demographics. A regular checking account doesn't charge you anything regular like a monthly fee or make you keep a certain minimum balance There is no cost for Overdraft Coverage either.
Depending on your savings goals, you may want to open either a savings account or a money market account. Each item costs $5. dollars monthly Possessing a Fifth Third Checking Account is one of the many methods by which this charge can be avoided.
There is a wide variety of credit cards available, and the vast majority of them do not charge an annual fee. Card benefits can range from unlimited cashback to 0% interest if you miss a payment to rewards that never expire.
Third, PNC Bank
- Pricing for checking accounts begins at .
- There is a monthly fee of $5 for a savings account. 00
- Annual Percentage Yield on Savings: 0% 01% APY
Although PNC Bank is one of the largest financial institutions in the United States, it is only present in 27 states and the District of Columbia. It serves customers reasonably well who are in the market for a new bank, as it has over 2,600 locations and just over 9,500 automated teller machines.
There are some subtle distinctions between what PNC and other banks offer. You can get a checking account or a savings account on its own, but you can also get them combined into one convenient digital wallet.
The Virtual Wallet has three distinct account levels of increasing excitement. The higher up you go, the higher your monthly maintenance fee, but you can always avoid paying it by not meeting any of their requirements (they have several).
When you open an account online, there is no starting balance requirement. An innovative feature called Low Cash Mode is included with all accounts.
PNC offers a wide selection of credit cards, including those with cash back, secured funds, rewards, and more.
Bank of America (No. 4) Chase
- Pricing for checking accounts begins at $4. 95
- The minimum monthly fee for a savings account is $5. 00
- Compounded Annual Percentage Yield: 0% 01% APY
Popularly known as "Chase," Chase Bank is the commercial banking division of JPMorgan Chase Bank, the largest bank in the United States.
Everything you could want in terms of banking services is available there, and new checking account holders receive a bonus of $200.
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. In the case of savings accounts, the annual percentage yield is currently set at 0. No account or balance size will affect the 1% annual fee. Instead, you could invest in a certificate of deposit (CD) and earn an interest rate of up to zero percent. 05%
Loans and credit cards are just a couple of the products that Chase has to offer. They have a wide variety of credit cards, some of which don't even charge an annual fee and offer 5% cash back.
Citizens Bank, Number Five
- Costs associated with using a checking account can be as low as $5.
- Fees for savings accounts begin at zero dollars.
- Annual Percentage Yield for Savings: 0% 01%
As of March 2022, Citizens Bank's total assets amounted to $192 billion, making it the thirteenth-largest retail bank in the United States. There is a significant number of branches and ATMs in Michigan in addition to their headquarters in Rhode Island.
There is a wide range of checking accounts available, each with its own set of pros and cons, including but not limited to: longer grace periods for covering overdrafts; no overdraft fees; free checks; contactless debit cards; and so on. If you have a qualifying checking account, you can avoid the $4 monthly fee associated with having a savings account. The monthly deposit of can easily cover the one-time fee. Annual Percentage Yield is 0%. Regardless of the type of account you choose or the amount in said account, a fee of 0.01% will
You can choose between a Cash Back credit card and a Clear Value credit card. Each card has an APR of 14.99% (the lowest available) and has no annual fee. The average APR for credit cards is 24%, but this varies widely by card and credit score.
Bank of America, No. 6
- Costs associated with maintaining a checking account can begin at $4. 95
- The minimum monthly charge for a savings account is . 00
- Annual Percentage Yield on Savings: 0 to Start 01%
Being one of the largest banks in the United States, Bank of America requires no introduction. It's a sure bet for long-term budgeting because it provides everything a typical customer could want or need.
It is possible to avoid the monthly fee associated with both checking and savings accounts. While this could be a deal breaker for some, it could also motivate you to maintain a healthy savings buffer.
The annual percentage yield (APY) is quite low, beginning at 0. 0% to 100% 0.04% for Platinum and Gold Accounts There are credit cards available that offer cash back, have no annual fee, and come with a bonus for signing up for the card online. For these reasons, anyone looking for a new bank account should seriously consider Bank of America.
Huntington Bank, Number Seven
- The minimum monthly maintenance charge for a checking account is $0.
- Bank charges for opening a savings account can be as low as $4.
- Annual Percentage Yield for Savings: 0 00%
American bank holding company Huntington Bancshares operates its retail banking operations through its subsidiary, Huntington National Bank. The state of Michigan is the bank's second largest market, with 290 locations.
You can choose from several different types of checking accounts, the simplest of which is the Asterisk-Free Checking account. 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. For just $4 a month, you can open an account to save. If you have a certain type of checking account or keep a minimum balance of $300 in that account, you won't have to pay this fee. Balances of $25,000 or more receive a 0.01% APY. 05%
There are three different credit cards available, and they each have their own set of perks. If you meet the requirements, you can select from a variety of credit cards, including those that give you cash back, points, or a reduced interest rate.
Flagstar Financial Services, Inc.
- No monthly maintenance fees for checking accounts.
- Charges for a savings account can begin at $3 per month. 00
- Annual Percentage Yield for Savings: 0 01%
Flagstar Bank is a Midwestern-based regional financial institution. Despite the fact that they have a website with mobile and online banking, new accounts cannot be opened through the website. Instead, you should contact them by phone or visit their local location.
If you're on a tight budget, you can benefit from their basic checking account because there is no monthly fee and no minimum balance requirement. Meanwhile, savings accounts are available for as little as $3. Monthly Payment of $0.00 However, if you keep $300 in your account on a daily basis, you won't be charged this fee.
Mortgages, auto loans, and personal loans are just some of the loan products that can be obtained from Flagstar Bank.
Ann Arbor Nineth Bank
- Costs associated with maintaining a checking account can be had for nothing.
- Charges for a savings account can begin at $2 per month. 00
- Annual Percentage Yield on Savings: 0 to Start 02%
Ann Arbor is home to the Bank of Ann Arbor, a locally owned and operated financial institution. Their workforce of 300 people is spread across 17 locations after their most recent acquisition at the end of 2021.
Even though it's a relatively modest institution, the Bank of Ann Arbor provides the full slate of services and products typical of much larger financial institutions. Because it is a local institution, you will also find that their prices are reasonable; however, you should not expect the same services as those provided by larger financial institutions.
In contrast to savings accounts, which start with a $2 monthly fee, checking accounts have no minimum monthly maintenance fee. 00 To open a savings account, you must deposit at least $100.
A minimum deposit of $500 is needed to open a checking account. It's worth mentioning that the bank's initial APY rate 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.
The Comerica Bank - Number Ten
- Costs associated with using a checking account can be as low as nothing.
- There is a monthly fee of $5 for a savings account. 50
- APY on savings accounts, beginning at 0 01%
Michigan is just one of the states where you can find Comerica Bank branches. Having started operations in 1849, the bank now operates 591 branches and controls assets worth 4 billion
In addition, there is no monthly service charge for their basic checking account. However, your daily ledger balance must remain above $1,000.
Higher-level accounts have higher minimum balance requirements, up to $50,000 (average daily ledger balance). You can open a Comerica savings account, but there's a $5 monthly fee. Usually $50, but it's waived if you keep at least $500 in your account at all times. There is no annual percentage yield. 01%
The High Yield Money Market Investment Account is an alternative to their standard Money Market Account that offers a higher interest rate. In this case, we'll be happy to cover the $17 00 monthly fee, you'll need to keep a minimum balance of $15,000 in your account at all times. There is no annual percentage yield. 03%
There are three distinct credit cards available from Comerica, each catering to a specific demographic. Two of the cards will help you establish or improve your credit, while the third will reward you with a more extensive cash-back or other rewards program.
How to Pick a Great Michigan Bank
First, consider what you find most important and meaningful. If you're trying to cut costs, one option could be to open an account at a bank that charges little to nothing on a monthly basis.
You can increase your savings at a bank with a higher annual percentage yield (APY) if you already have a sizable nest egg.
This section is for you if you aren't sure what to look out for. We'll go over some of the factors you should think about as you weigh your banking options.
Don't forget these, and you'll be able to make a smart choice that benefits your finances.
There are a wide variety of fees associated with bank accounts, from those associated with basic account maintenance to those associated with savings account withdrawals and overdrafts. Learn your bank's strengths and choose an account that capitalizes on them to avoid paying unnecessary fees. The bank's schedule of fees (or something similar) should be your first port of call.
If you plan to use a debit card, a credit card, or both, verify that the bank you're considering has those options. 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 its customers for keeping their money in a savings account. APY is a feature of many bank accounts, such as savings, certificates of deposit, and individual retirement accounts.
Use an annual percentage yield (APY) calculator to see how much interest you could earn from various rates, given the length of time your money is typically kept in the account.
Borrowing money from a bank will incur an annual percentage rate, or APR, which is the interest rate charged for using the bank's money to make loans, pay for a mortgage, or make purchases. APRs are typically quoted as a range, with your actual rate based on a number of factors such as your credit score. The effective annual percentage rate (APR) can be reduced if the range is narrower.
Varieties of Accounts
Many financial institutions provide customers with tiered account options. 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 could be missing out on.
In this context, "banking services" refers to the range of benefits that come with having a bank account.
Services like mobile banking and mobile check deposit as well as check-writing and debit card access are examples of this. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 against loss in the event of a bank failure.
Lower Bounds for Minimum Deposits and Balances
You may be required to maintain a certain balance in your account in addition to the initial deposit required to open the account.
In order to activate your account, you must make a deposit of that amount. In general, minimum balance requirements are more forgiving, but you should still plan to pay the monthly fee if you fail to do so even once.
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 wide network of locations, and some even have partnerships with other networks to offer free ATM withdrawals. However, other banks have a much smaller network, and their customers must pay a fee whenever they make a withdrawal. It's also a good idea to see if your bank offers ATM fee refunds if you fall into the latter category.
F.A.Q. - Frequently Asked Questions
Who is Michigan's top financial institution?
Which bank in Michigan is best for you will depend heavily on your specific needs. Because people's banking needs are so varied, it would be unfair to force them all into the same institution.
Chase is a great choice if you're in search of a large bank that provides a wide range of services and isn't restricted to customers in just one state. If you're looking for a local bank that charges minimal fees, Flagstar Bank is a great choice.
However, Ally Bank offers a higher APY option. Since it operates solely online, it is able to charge lower fees and provide higher interest rates.
Which financial institution in Michigan is the most well-liked?
At the time of writing, JP Morgan Chase had 305 locations in Michigan, making it the state's most popular bank. Market Share (by Deposits) of 93 Percent
Which bank is the best one to use and why?
No matter what you're looking for in a bank, there's no one best bank out there. Some banks don't charge any fees while others charge a lot but provide excellent benefits and high interest rates.
So, while we can't definitively tell you which is the best bank in Michigan, the information provided above should help you narrow down your options and make a well-informed choice.
In your opinion, which financial institution can you put your
The BBB has identified the following financial institutions in Michigan as the most reliable:
- PNC: A
- Five-Thirds Bancorp:
- Comercio: Una
Is There a Particular Financial Institution in Michigan that I Should Use?
There are a plethora of financial institutions from which to choose the best checking account, savings account, or lender.
Before deciding on a bank or credit union in Michigan, it's important to determine your specific financial needs.
Learn as much as you can about the options; you may end up changing your mind about the product you end up buying 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.Share: Please spread the word by sharing this article on Facebook. Facebook Forward this piece on Twitter! Twitter Please share this article on LinkedIn LinkedIn Send this link to your friends on Whatsapp. Whatsapp Transmit this piece by email to your friends and family Email
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