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Michigan is known for its Great Lakes, vibrant cities, and strong manufacturing history. Beyond its rich culture and economic influence, the state also offers a diverse selection of banks and credit unions to meet the needs of its residents.
Whether you’re looking for a bank with extensive branch access, competitive savings rates, or a tech-friendly online experience, Michigan has no shortage of options.
12 Best Banks in Michigan
Finding the right bank doesn’t have to be difficult. The best banks in Michigan offer a combination of checking and savings accounts, competitive lending options, and modern digital banking tools to simplify money management.
SoFi is a top online bank with Checking & Savings accounts that offer up to 3.80% APY on savings and 0.50% APY on checking.
New customers can earn a $50 to $300 bonus by setting up direct deposit. There are no monthly fees or minimum deposit requirements.
With direct deposit, customers can receive paychecks up to two days early. SoFi provides FDIC insurance up to $2 million and offers fee-free overdraft protection up to $50 for those with qualifying deposits.
SoFi also gives customers access to over 55,000 ATMs through the Allpoint® network.
Chase is a leading national option with branches in over 100 Michigan cities, including Ann Arbor, Detroit, Flint, Grand Rapids, Kalamazoo, and Lansing.
With more than 16,000 ATMs nationwide, it’s a convenient choice for residents who value both local access and national reach.
The Chase Total Checking® account is a standout, offering a $300 bonus when you open a new account and meet direct deposit requirements.
There’s no minimum deposit to get started. The $12 monthly fee is waived if you maintain a $1,500 daily balance, receive at least $500 in monthly direct deposits, or hold $5,000 in combined Chase accounts.
Chase also offers CDs with competitive rates, though its standard savings accounts typically offer lower returns.
Upgrade is a top online banking option in Michigan, offering fee-free accounts with rewards and high-yield savings.
The Rewards Checking Plus account eliminates monthly fees, overdraft fees, and transfer fees while providing up to 2% cash back on everyday debit card purchases. There is no minimum deposit required to open an account.
Customers who set up at least $1,000 in monthly direct deposits unlock extra benefits, including higher interest rates on savings. Pairing the account with Performance Savings allows customers to earn up to 4.02% APY.
Upgrade partners with Cross River Bank to ensure FDIC insurance coverage up to $250,000, combining security with a modern, rewards-driven banking experience.
Consumers Credit Union (CCU) is a strong choice for Michigan residents in the Lower Peninsula, offering a mix of local service and broad accessibility.
With 26 branches in cities like Battle Creek, Coldwater, Grand Haven, Grand Rapids, Holland, and Kalamazoo, CCU provides convenient in-person banking.
Members also have access to over 30,000 surcharge-free ATMs through the Co-Op network, ensuring easy cash withdrawals across the country.
CCU’s checking accounts come with no monthly maintenance fees and no minimum deposit requirements, making banking simple and affordable.
The credit union also offers competitive rates on CDs and provides exclusive debit card discounts for everyday purchases.
For those looking to finance a home or vehicle, CCU’s home and auto loans come with attractive terms, making it easier to achieve big financial goals.
Fifth Third Bank is a well-established regional bank with branches in Michigan, Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee, and West Virginia.
It offers a range of banking services with customer-friendly features.
Fifth Third Momentum® Checking has no minimum deposit requirement or monthly service fees, making it an accessible option for everyday banking.
Customers also have fee-free access to over 2,100 Fifth Third ATMs and more than 40,000 partner ATMs nationwide.
Additional benefits include Extra Time®, which gives customers an extra business day to resolve overdrafts, and Early Pay, which allows direct deposit users to access their funds up to two days early.
Citizens Bank has a strong presence in Michigan, with 65 branches in cities like Ann Arbor, Brighton, Detroit, Sterling Heights, and Warren.
It provides a mix of checking and savings options, making it a practical choice for everyday banking.
The bank’s checking accounts come with a $9.99 monthly fee, but this charge can be waived by making at least one deposit per month.
Savings options include CDs and money market accounts, giving customers opportunities to grow their funds.
Citizens Bank also offers useful features like Citizens Paid Early, which allows customers to receive direct deposits sooner, and Citizens Peace of Mind, a program that helps avoid overdraft fees.
With its footprint extending across Michigan and multiple other states like Ohio and Illinois, Huntington National Bank is a regional bank that doesn’t skimp on the perks.
You’ll enjoy complimentary use of the bank’s 1,700 ATMs spread across various states.
Huntington Bank offers a unique feature for customers with recurring direct deposits—Standby Cash, a line of credit with no interest if repaid within three months. After that period, a low interest rate applies.
The Asterisk-Free Checking account has no monthly fees, no initial deposit requirement, and no minimum balance. For savings, Huntington provides appealing rates on both CDs and money market accounts.
Additionally, the Early Pay feature allows customers to access their paycheck a few days early with direct deposit, adding further convenience to their banking services.
Ally Bank is a top choice for online banking, offering low fees, strong interest rates, and advanced money management tools.
While it lacks physical branches, it delivers a full-service banking experience with modern conveniences.
Checking accounts come with no monthly fees, overdraft fees, or minimum balance requirements. Ally also offers competitive rates on both checking and CDs, making it a great option for those looking to grow their savings.
For cash access, Ally partners with Allpoint, giving customers fee-free withdrawals at over 53,000 ATMs nationwide. If you use an out-of-network ATM, Ally reimburses up to $10 per statement cycle.
Beyond everyday banking, Ally provides valuable extras like Robo Portfolios for automated investing and Spending Buckets to help organize your budget. These features make it a well-rounded option for digital-first banking.
Flagstar Bank is a New York-based bank with over 100 bank branches in Michigan. You can find them in cities like Ann Arbor, Detroit, Grand Rapids, Holland, Jackson, Lansing, Troy, Warren, and many more.
While the bank requires a $50 minimum opening deposit to open a checking account, there’s no minimum balance requirements, and you won’t be charged a monthly maintenance fee.
Where Flagstar really shines is in its loan policies. If you make your home or personal loan payments from your checking account, you’ll benefit from a 0.25% discount on interest rates.
The bank provides a high-yield savings account. However, it’s worth noting that a $35 monthly service fee applies for balances under $50,000.
When you’re on the move, you can use Flagstar’s own ATMs or choose from over 56,000 Presto! and Allpoint locations without incurring fees. With checking and savings accounts, credit cards, business checking accounts, and more, Flagstar has something for everyone.
Old National Bank has 20 branches across Michigan in cities like Ann Arbor, Battle Creek, Grand Rapids, Holland, and Kalamazoo. It offers everyday banking convenience with solid savings options.
Checking accounts come with a $6.95 monthly fee, waived by maintaining a $750 balance, keeping $1,500 across all Old National accounts, or receiving $500 in direct deposits. Active-duty military members qualify for free checking without these requirements. A $50 deposit is needed to open an account.
Customers get fee-free access to Old National ATMs and 53,000+ Allpoint ATMs. The bank also offers competitive rates on CDs and money market accounts.
New customers can earn a $300 bonus by opening a checking account, enrolling in online or mobile banking, and receiving two direct deposits totaling $3,000.
Its checking accounts have a $10 monthly fee, waived by enrolling in e-statements, online banking, and making 15 debit card transactions per statement cycle. A $25 deposit is required to open an account, but there are no ongoing balance requirements.
Members get fee-free withdrawals at DMCU ATMs and 30,000 shared network ATMs nationwide. The credit union offers checking accounts with interest, specialized savings accounts, and money market options, though rates are modest.
DMCU also provides business banking and competitive loan rates for auto and recreational vehicles, making it a solid choice for personal and business finances.
Founded in Detroit in 1849 and now headquartered in Dallas, Comerica maintains branches in Michigan, and in other states in states like Arizona, California, Florida, and Texas.
Its basic checking package comes with a monthly fee of $13, but there are several ways to have this fee waived.
You can either maintain a $1,000 balance or have a single electronic deposit of at least $250 each month. Fee waivers are also available for full-time students up to age 26 and for military members.
A modest $50 is all that’s needed to open a new checking account, and there are no ongoing balance requirements if the service fee is waived. Comerica Bank also offers a savings account, money market accounts, and credit cards.
Additional benefits include discounts on home equity lines of credit, making Comerica a versatile option for those who need both personal banking services and additional financial products.
How to Choose the Best Bank in Michigan
Finding the right bank in Michigan depends on your financial goals, daily banking habits, and preferred services. Whether you prioritize fee-free checking, competitive savings rates, or extensive ATM access, here’s what to consider when comparing your options.
Mobile and Online Banking
Most banks now offer mobile apps and online banking, but the best ones make it easy to handle all your transactions without visiting a branch. Look for features like mobile check deposit, instant transfers, bill pay, and budgeting tools. If you frequently rely on digital banking, a strong mobile app can make a big difference in your experience.
Account Fees and Requirements
Some banks charge monthly maintenance fees, overdraft fees, or ATM fees, while others waive them if you meet certain requirements. If you want to avoid extra costs, choose a bank with free checking or low-fee options. Also, check for minimum deposit or balance requirements to ensure the account fits your financial situation.
Interest Rates on Savings
If you’re opening a savings account, compare interest rates to maximize your earnings. Online banks and credit unions often offer higher APYs than traditional banks. Some banks also provide high-yield checking accounts, which can be a great option if you maintain a high balance.
ATM and Branch Access
If you prefer in-person banking, make sure the bank has convenient branch locations near you. If you travel often, look for banks with national ATM networks or fee-free ATM access through partners like Allpoint or MoneyPass. Some banks even reimburse ATM fees, which can help offset limited physical locations.
Promotions and Bonuses
Many banks offer promotions for new customers, such as cash bonuses for opening an account and setting up direct deposit. Before signing up, check the eligibility requirements to ensure you qualify for any available offers.
Additional Banking Services
Consider what other financial products the bank provides, such as mortgages, personal loans, credit cards, or business accounts. If you plan to use multiple services, choosing a bank that offers everything under one roof can simplify your finances.
By weighing these factors, you can find the best bank in Michigan to match your needs, whether you prioritize convenience, savings potential, or extra perks.
Final Thoughts
Finding the best bank in Michigan comes down to what matters most to you. Whether you need a bank with low fees, high interest rates, or a strong mobile banking experience, Michigan offers a wide range of financial institutions to fit your needs.
Before opening an account, compare features like ATM access, account fees, and promotional offers to ensure you’re making the best choice. By selecting a bank that aligns with your financial goals, you can maximize your savings, streamline daily transactions, and make the most of your banking experience.
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.
