Top Michigan Banks & Credit Unions: Uncover the Best for Your Wallet!
Are you ready to dive into Michigan’s vibrant banking scene? With an array of banks and credit unions welcoming you in the Great Lakes State, finding the perfect bank account can be an adventure. But don’t worry; we’re here to guide you through this financial journey!
We’ve scoured the state and evaluated the crème de la crème of financial institutions, analyzing everything from account options to annual percentage yields (APYs), and fees. Here’s our exclusive roundup of the top banks and credit unions in Michigan for 2024-2025:
*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.
Chase has nearly 200 branches throughout Michigan, making it a convenient choice for banking. With a variety of checking and savings accounts plus high-yield CDs, it stands tall among the best. Customers rave about Chase’s digital banking experience, and the bank rolls out low fees for accounts geared towards kids and teens.
However, don’t overlook that Chase does impose monthly fees on many accounts, and its savings account APYs could leave you wanting more compared to other options.
- Highly-rated for customer satisfaction
- Competitive CDs with excellent APYs
- Kid-friendly account options
- Monthly fees on most accounts
- Lower APYs on savings products
- No money market accounts available
With Capital One, you can embark on a savings adventure with no minimum deposit and zero monthly maintenance fees! The APY on its 360 Performance Savings account stands at around ten times the national average, making your money work harder for you.
Keep in mind, though, that Capital One is an online-only bank, so it’s perfect for digital enthusiasts. While it offers enticing APYs on CDs, the selection of terms might be more limited than other banks.
- No minimum deposit required
- No monthly fees!
- Significantly higher-than-average APY on savings accounts
- No physical branches
- Limited CD terms available
Comerica Bank provides a variety of checking account choices, including a basic, budget-friendly option for newcomers. For those seeking more features, they offer interest-bearing and premium accounts, complete with perks like loan discounts and CD bonuses.
While Comerica does charge monthly maintenance fees, they offer several ways to waive these fees. Just a heads-up: the APYs on Comerica’s savings accounts are generally below average, so you might want to look elsewhere to maximize your savings.
- Interest-bearing checking accounts available
- Multiple ways to waive fees
- Rewards checking options
- Lower-than-average APYs on savings accounts
- Monthly fees apply
If you’re on the hunt for high rates and low fees, don’t overlook credit unions! Michigan First Credit Union is a fantastic option that offers free checking accounts and impressive APYs on share certificates, which are like CDs but even better!
The best part? Joining is a breeze for anyone living, working, or worshiping in the state, so you won’t have to jump through hoops!
That said, their savings accounts offer lower APYs, and if you want a money market account, be prepared to maintain a six-figure balance to snag the highest rate.
- Above-average rates on CDs
- Free checking options available
- Wide membership eligibility
- Lower APYs on savings accounts
- High balance requirements for top-tier money market accounts
Flagstar Bank stands out with exceptional rates on CDs, offering a variety of terms to choose from. You can even lock in a high APY with a mere $500 deposit—way lower than what most banks demand. Plus, they feature high-yield savings accounts, making it a solid choice for your emergency fund!
However, be advised that only customers maintaining substantial account balances will qualify for the highest APYs. And if you prefer paper statements? Be ready to pay an extra fee.
- Exceptional APYs on CDs
- Low minimum deposit requirement
- High APYs on select savings accounts
- Paper statements incur a fee
- Highest savings account APY requires a hefty balance
How We Chose the Best Banks of 2024-2025
To assemble our elite list of best banks for 2024-2025, we meticulously evaluated hundreds of the largest retail banks, credit unions, regional and state banks, and online banks ranked by assets. We delved deep into opening balance requirements, interest rates, fees, and unique features to identify our top contenders.
For this Michigan-centric selection, we researched the state’s leading banks and credit unions, comparing their account offerings, fees, deposit minimums, and interest rates to spotlight the crème de la crème.
You can read our full methodology here.
