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.

Locating a bank account that works well for your needs and aspirations financially is the key.

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

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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 Finest Bank Bonuses & Deals In Michigan

The Ally Financial Services Group

• 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. Their annual percentage yield (APY) on savings accounts is significantly higher than the market average. 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.

Bank of the Fifth Third

• No monthly maintenance fees for checking accounts.
• There is a monthly fee of 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 , 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

• Fees for using a checking account can cost as little as
• The minimum monthly fee for a savings account is . 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 different levels of the exciting Virtual Wallet account. 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

• Pricing for checking accounts begins at $4. 95
• There is a monthly fee of 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 have, the monthly fee is either set in stone or nonexistent. No annual percentage yield is offered on savings accounts. 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

• Costs associated with maintaining a checking account can begin at .
• Starting with zero dollars for monthly fees on savings accounts
• Annual Percentage Yield on Savings: 0% 01%

As of March 2022, Citizens Bank had $192 billion in assets, 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

You can choose between a Cash Back credit card and a Clear Value credit card. 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

• 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

• 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. With 290 locations throughout the state, Michigan is this bank's second largest market.

There are a variety of checking accounts available, 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.

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 select a credit card that gives you cash back, rewards points, or a lower interest rate.

Bank of Flagstar

• Starting with zero dollars, checking accounts are a bargain.
• Expenses associated with maintaining a savings account can cost as little as $3 per month. 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%

The Ann Arbor–based Bank of Ann Arbor is a locally–focused financial institution. 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.

The minimum monthly fee for a checking account is currently

Top 10 Michigan Banks for the Year 2023