Top 10 Michigan Banks for the Year 2023

In search of a Michigan bank to open a new account Whether you're in Grand Rapids or Detroit, there are a lot of factors to think about There is a wide range of possibilities, from locally-owned banks to large-scale national institutions.

Your best bet is to shop around until you find a bank account that fits your needs and ambitions.

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

Within This Piece

Best 10 Michigan Banks

If you live in Michigan, here are some of the top options for opening a bank account right now:

Check Out the Top Bonuses and Deals from Michigan's Banks

The Ally Financial Services Group ally bank Logo

  • Fees for using a checking account can be as low as nothing.
  • Fees for savings accounts begin at zero dollars.
  • Annual percentage yield on savings: 3 40% APY

In contrast to other Michigan banks, Ally only exists online. As an online bank, it can keep costs down and provide better interest rates than its rivals.

You can open a checking account or savings account with no minimum deposit or monthly fees. You won't find a better annual percentage yield (APY) on a savings account anywhere else. With their Interest Checking Account, you can get paid interest on your checking account balance. Prices here range from 0% to a maximum of 1%. 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. Also available are a variety of investment account types, such as those that allow for self-directed investing and Robo-portfolio management.

No. 2: Fifth Third Bancorp fifth third bank Logo

  • No monthly maintenance fees for checking accounts.
  • There is a monthly fee of $5 for a savings account. 00
  • Annual Percentage Yield on Savings: 0% 01% APY

Community banking in the Midwest is what Fifth Third Bank specializes in. The name stems from the 1909 merger of the Fifth National Bank and the Third National Bank. In 2019, it upgraded from a state charter to a national one.

Fifth Third provides a variety of banking options, including a basic checking account and several niche accounts for people in the military, people with disabilities, and others. The standard checking account does not charge a monthly fee and does not mandate a minimum balance. The cost of Overdraft Coverage is zero as well.

You can open either a savings account or a money market account to put money away for the future. For $5, you can get both. 0 monthly Having a Fifth Third Checking Account is just one way to avoid paying the fee.

There is a wide variety of credit cards available, and the vast majority of them don't charge an annual fee. Each credit card comes with its own set of perks, some of which may include unlimited cashback, 0% interest if you miss a payment, and no time limit on your reward points.

No. 3: PNC Bank PNC bank Logo

  • Fees for using a checking account can cost as little as
  • The minimum monthly fee for a savings account is $5. 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. There is a decent chance that you will encounter one of its 2,600 branches or one of its 9,500 automated teller machines (ATMs).

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.

There are three distinct accounts available within the exciting Virtual Wallet. The higher up you go, the higher your monthly maintenance fee, but you can always avoid paying it by not fulfilling any of their many options.

In order to open an account online, you only need to make a single deposit. Low Cash Mode, a novel feature included with all accounts, combines the elimination of NSF (Insufficient Funds) fees, a cap on overdraft fees per day, and additional time to pay off overdrafts.

PNC offers a wide selection of credit cards, including those with cash back, secured funds, rewards, and more.

Chase Bank, Number Four chase bank Logo

  • Pricing for checking accounts begins at $4. 95
  • There is a monthly fee of $5 for a savings account. 00
  • Annual Percentage Yield on Savings: 0% 01% APY

JPMorgan Chase Bank, the largest bank in the United States, has a commercial banking division commonly known as "Chase Bank."

They provide any and all financial services one could ever require, including a $200 bonus for opening a checking account.

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 predetermined or nonexistent. The annual percentage yield (APY) on savings accounts is currently zero. One-tenth of one percent per year, no matter the type of account or balance A certificate of deposit (CD) could be a better option if you're looking for a higher interest rate, with rates currently reaching 0. 05%

Chase provides a variety of financial services, including loans and credit cards. Their credit card selection is particularly extensive, featuring both fee-free and cash-back options (up to 5%).

Bank of Citizens citizens bank Logo

  • Costs associated with maintaining a checking account can begin at $5.
  • Starting with zero dollars for monthly fees on savings accounts
  • Annual Percentage Yield on 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. Their Michigan presence is substantial, with numerous branches and ATMs in addition to their headquarters in Rhode Island.

There is a wide range of prices and options available for checking accounts, including grace periods for overdrafts, the absence of overdraft fees, VIP checks, contactless debit cards, and a lot more. When you open a savings account in conjunction with certain checking accounts, you won't be charged a monthly fee. If you make a single monthly deposit of , you won't have to pay the annual fee at all. This means that there is no annual percentage yield. 0.1% always, no matter which account you choose or how much money is in it

Two types of credit cards are available: Cash Back and Clear Value. There is no yearly fee for either card, and the variable interest rate (APR) begins at 14 Between 24% and 26%, depending on the card you use and your credit rating

Financial Institution Number Six: Bank of America Bank of America Logo

  • Pricing for checking accounts begins at $4. 95
  • Expenses associated with keeping a savings account can cost as little as per year. 00
  • Annual Percentage Yield (APY) for Savings Accounts: 0 and Up 01%

Being one of the largest banks in the United States, Bank of America hardly requires an introduction. For prudent long-term budgeting, it provides everything a typical customer could want or need.

Fees apply to both checking and savings accounts, but they can be waived under certain circumstances. This could be a deal breaker for some, but it could also motivate you to avoid overdrawing your account.

Annual Percentage Yield (APY) rates begin at zero, which is below average. A minimum of 0% and a maximum of 100% Top-tier accounts receive a.04% discount In addition, there are credit cards that provide cash back, have no annual fee, and come with a special online bonus. The sum of these factors suggests that anyone looking for a new bank account should give Bank of America serious consideration.

Bank #7: Huntington Huntington Bank Logo

  • Free checking accounts are available.
  • Prices for opening a savings account can begin at $4.
  • Annual Percentage Yield for Savings: 0 00%

Bank holding company Huntington Bancshares has a banking subsidiary called Huntington National Bank in the United States. Michigan is the bank's second largest market, with 290 locations serving the state.

There are a variety of checking account options, beginning with the Asterisk-Free Checking account. There are no minimum balance requirements or maintenance fees associated with this account, as the name implies.

Payments will be made up to two days sooner. Starting at just $4 per month, savings accounts are a great option. Holding certain checking accounts or keeping a balance of $300 or more prevents this charge. Interest rates begin at 0% APY for balances of $25,000. 05%

A total of three credit cards are available, and each offers its own set of perks. If you meet the requirements, you can pick from a variety of credit cards, including those that reward you monetarily, provide travel or other perks, and even lower your interest rate.

Bank of Flagstar Flagstar Bank Logo

  • Starting with zero dollars, checking accounts are a bargain.
  • Costs associated with maintaining a savings account, beginning at $3 00
  • Annual Percentage Yield (APY) for Savings Accounts: 0 and Up 01%

Located in the center of the United States, Flagstar is a regional bank. There is a website with mobile and online banking options, but new accounts cannot be opened there. You'll have to make a phone call or visit the local branch.

If you're on a strict budget, you'll appreciate that they don't charge you a monthly fee or require a minimum balance for their basic checking account. However, savings accounts can be opened with as little as $3. The Monthly Fee is $ Keep a daily average balance of $300, however, and you won't be charged the service fee.

In addition to standard checking and savings accounts, mortgages, auto loans, and individual retirement accounts, Flagstar Bank provides a wide range of other banking services.

Ann Arbor Nineth Bank

  • No monthly maintenance fees for checking accounts.
  • Fees for savings accounts can be as low as $2. 00
  • Indicative Annual Percentage Yield for Savings: 0 02%

Ann Arbor is home to the local bank Bank of Ann Arbor. At the end of 2021/22, after their most recent acquisition, they will have expanded to 17 locations with 300 employees.

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. It's a local institution, so you shouldn't expect the same services as at larger banks, but you will find that their prices are very reasonable.

It costs nothing to keep a checking account open, while $2 is the minimum to keep a savings account open. 00 To open a savings account, you must deposit at least $100.

For a standard checking account, this minimum amount rises to $500. It's worth noting 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. A zero percent annual percentage rate (APR) promotion applies to your first 12 billing cycles with the bank, giving you time to settle in.

10 - Comerica Bank Comerica Bank Logo

  • Fees for using a checking account begin at zero dollars.
  • The minimum monthly fee for a savings account is $5. 50
  • Annual Percentage Yield for Savings: 0 01%

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

They don't charge you a dime every month to use their most 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). The $5 monthly fee for Comerica's single savings account is a bit steep. 50, which is not applicable if you keep a daily minimum balance in your ledger of $500. Total annual percentage yield is 0 01%

Their High Yield Money Market Investment Account is an option for those looking for a better rate. This is the situation where the $17 fee can be If you want to avoid paying the $1. There is no annual percentage yield. 03%

There are three different Comerica credit cards, each one catering to a specific demographic. Two of the cards will help you improve your credit, while the third will give you access to a more extensive cash-back and rewards program.

How to Pick a Great Michigan Bank

Prioritize your own needs and interests. If you're trying to cut costs, one option could be to open an account at a bank that charges no or very low monthly maintenance fees.

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 those who aren't sure what they should be looking out for. We will discuss some of the factors that you should think about when deciding on a bank.

Considering these factors beforehand will allow you to make a well-informed choice that benefits your financial situation.

Fees

There are a wide variety of fees associated with bank accounts, including those for basic account maintenance, making withdrawals from savings accounts, and going over your limit. If you learn your bank's strengths and choose an account that capitalizes on them, you can avoid most fees. You should always check the " Schedule of Fees "which details all of the costs you can expect to incur when dealing with that particular bank.

Cards

Make sure the bank you choose provides the services you need, whether that's a debit card, a credit card, or both. It's important to compare credit cards carefully because of the wide range of options available in terms of annual fees, interest rates, and additional benefits like cash back or travel perks.

APY

The APY, or annual percentage yield, is the interest rate at which the bank pays you for leaving your money in the account year after year. Many bank accounts, such as savings, certificates of deposit (CDs), and individual retirement accounts (IRAs), offer annual percentage yields.

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.

APR

All loans, mortgages, and credit cards have an annual percentage rate (APR) that represents the interest rate charged by the issuing financial institution. The actual annual percentage rate you pay will depend on a number of variables, including your credit score, and is typically quoted as a range. Having a lower range can help you get a better effective annual percentage rate.

The Various Types of Accounts

Tier-based systems are used by many banks to categorize their account options. The fees and benefits of lower-tier accounts are typically less expensive and more limited than those of higher-tier accounts. When deciding if an upgrade in your banking services is worthwhile, it is important to know what you are currently paying for and what you may be missing out on.

Services Provided by Banks

When you have a bank account, you have access to a wide range of services that banks offer exclusively to their customers.

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

Lowest Required Payments and Account Balances

There may be a minimum deposit required to open an account and a minimum balance required to keep the account active.

In order to activate your account, you must make a deposit of that amount. Generally speaking, 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

Having convenient access to ATMs is a major consideration for people who rely on cash for their day-to-day financial needs. Money withdrawal fees are charged by some banks but not by others due to the former's widespread availability and cooperative relationships with other networks. Banks may reimburse ATM fees in the latter cases; this is something you should look into.

Common Queries

Who is Michigan's top financial institution?

Which bank in Michigan is best for you will depend heavily on your specific needs. Choosing a single bank for the entire population is impractical because people's needs and wants vary greatly.

Chase is a great option if you're looking for 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 Bank is a great choice.

Of course, Ally Bank is worth looking into if a higher APY is a priority for you. Online banking allows it to undercut traditional banks' interest rates.

Which financial institution in Michigan do people trust the most?

At the time of writing, JP Morgan Chase had 305 locations in Michigan, making it the state's most popular bank. The deposit market share is 93%.

Which bank is the best, and why?

What you value most in a financial institution will determine which bank is best for you. There's a wide variety of banks out there, some of which don't charge you anything while others that charge you a lot but provide you with excellent perks and 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.

Can you recommend a bank that you can put your faith in?

The BBB has identified the following financial institutions in Michigan as the most reliable:

  • PNC: A
  • A Statement from Fifth Third Bank
  • Comercio: Una

Where Can I Find the Best Bank in Michigan?

Whether you're in the market for a checking account, savings account, or a lender, you'll have no shortage of options to choose from.

If you want to be sure you're choosing the best bank or credit union in Michigan for you, it's important to first determine your needs.

Spend some time learning about your options; you may end up changing your mind about the product you end up purchasing as a result. Certificates of deposit are one option for those looking to increase their return on investment. Keeping an open mind can accelerate your financial growth.

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