Did you know the country experienced the highest interest rate of 20% in March 1980? The lowest interest rate was 0.25% in December 2008, but the average from the 1970s to now is around 5.42%.
Interest rates should be at the top of your brain if you’re looking for a new bank account in Michigan. We’re talking interest rates on both your checking and savings accounts and money market accounts you may have or want to open.
Our list of Michigan's best banks includes a few you might already know. These banks offer several perks for Michigan residents and can often rival national banks for some of the best financial products and services.
In the struggle to earn account holders, some of the best banks in Michigan may even rival digital-only banks that tend to offer lower interest rates on loans and higher interest rates on money market accounts, CDs, and savings accounts. Plus, they provide personalized service you can’t easily find anywhere else.
Are you ready to learn more about the best banks in Michigan? Let’s get started!
14 Best Banks in Michigan
Best Checking Accounts
- More than 15,000 ATMs and 4,700 physical locations
- New customers can qualify for a $300 intro bonus
- User-friendly online and mobile banking tools
- No minimum deposit to open
- Chase Overdraft Assist and Zero Liability Protection
- Grow your money with the highest APY on your balances
- Member FDIC, up to $2M of additional FDIC insurance
- No account fees or balance minimums
- Earn up to $300 with qualifying direct deposit, terms apply
- No. Fees. Period.
- Get up to $30 in other bank's ATM fees reimbursed per month
- .25% APY on balances over $25K
- Build credit with everyday purchases
- No annual fees
- No credit checks or history required to apply
- Get up to a $500 paycheck advance anytime
- Get paid up to 2 days faster
Best Savings Accounts
- APY: 4.00%
- Minimum to Earn APY: $1
- Up to $325 welcome bonus for new accounts
In addition to everyday convenience, the best banks in Michigan offer the best bank account bonuses when you open a new account. Check out the websites for banks that catch your eye to see current promotions.
1. KeyBank (Our Pick)
Key Smart Checking® from KeyBank is one of the best checking account options available to Michigan residents. With no monthly maintenance fees and no minimum balance requirements, it’s designed for simplicity and convenience.
New customers can earn a $300 bonus by opening an account online by May 16th, 2025, making a $10 minimum deposit, and completing one single eligible direct deposit of $1,000 or more within the first 60 days. This is one of the simplest bank account bonuses to score.
This account offers several perks, including free access to KeyBank and Allpoint® ATMs nationwide, overdraft protection with no transfer fees when your checking account is linked to an eligible KeyBank credit or savings account, and you may be able to get paid up to two days early with Early Pay.
Additionally, the EasyUp® feature can help you build up savings or pay down debt without even thinking about it.
Key Smart Checking® also provides robust online and mobile banking services, allowing you to deposit checks, pay bills, and manage your account securely from anywhere. Enjoy added security and convenience with a KeyBank Debit Mastercard®.
You can find more information about fees and availability on KeyBank's official website.
Key Smart Checking® from KeyBank offers no monthly fees or minimum balance requirements, making it affordable. It provides convenient online and mobile banking features, including mobile check deposit and contactless payments. With a large network of ATMs and overdraft protection options, it's ideal for tech-savvy and budget-conscious users.
2. Bank Michigan
A local bank founded in the early 1900s in Onsted, Michigan, Bank Michigan has established itself as a trusted financial institution. Bank Michigan has three branches in Onsted, Brooklyn, and Ann Arbor and provides accessible banking services to the local community.
This bank offers in-person services and embraces modern banking conveniences through its online banking platform. Bank Michigan presents customers with a choice of two checking accounts, each with specific minimum deposit requirements and associated monthly maintenance fees.
In addition to checking accounts, Bank Michigan boasts a diverse range of savings accounts. These include specialized accounts like Youth Savings and Health Savings Accounts (HSAs).
While Bank Michigan is a local bank serving the community, it competes with the best national banks by offering personalized service, competitive account options, and the convenience of online banking. Bank Michigan strives to deliver a seamless banking experience and build lasting customer relationships.
3. Comerica Bank
Comerica Bank is a regional bank with a rich history, founded in 1849. With 591 branches across several states, Comerica Bank serves a broad customer base.
This bank offers a range of checking accounts, including a basic checking option with no monthly fee if a minimum balance of $1,000 is maintained. For high-tier accounts, a daily balance of $50,000 is required.
Comerica Bank provides customers with a single savings account option, which incurs a monthly fee of $5.50. However, this fee can be waived by maintaining a minimum daily balance of $500.
While the savings account offers a relatively low APY rate, customers can explore the High Yield Money Market Investment Account for a higher rate. By maintaining a balance of $15,000 or more, the $17 monthly fee can be waived.
In addition to their deposit accounts, Comerica Bank offers three credit card options. Two cards are designed to help customers build their credit scores, while the third card provides cashback rewards.
With its extensive branch network and diverse banking services, Comerica Bank offers competitive options for customers seeking the best checking accounts in Michigan. The bank's long-standing presence and commitment to serving its customers contribute to its reputation as a trusted financial institution.
4. Consumers Credit Union
Consumer Credit Union offers various checking account options to suit different needs. Their Simple Checking account is free for members who sign up for eStatements and includes the convenience of online and mobile banking services.
Consumer Credit Union offers an Interest Checking account for those who maintain a balance above $1,000. This account allows members to earn interest on their balances while enjoying the same benefits of online and mobile banking.
In addition to their checking accounts, Consumer Credit Union allows members to benefit from credit union promotions. Consumer Credit Union members receive one free box of checks annually, adding value to their checking account relationship.
5. Dart Bank
Dart Bank, established in April 1925, is a family bank known as the “pink bank.” Dart Bank caters to individuals and businesses with a wide range of financial services.
This bank’s offerings include investment accounts, personal checking and savings accounts, mortgages, business loans, and business checking. Dart Bank also provides various checking account options to suit different needs.
The Simple Checking account offers a straightforward solution, while the Advantage Checking account allows customers to earn $0.10 back per debit card purchase. The Premium Checking account provides interest on the balance, making it suitable for those looking to grow their funds.
The bank also tailors accounts to specific age groups, with options designed for individuals aged 18 to 25 and those aged 62 and over. Dart Bank also offers online and mobile banking services, and customers have the flexibility to open an account online.
6. Flagstar Bank
Flagstar Bank is a regional bank operating primarily in the Midwest. With a focus on providing convenient banking solutions, Flagstar Bank offers mobile and online banking services.
While opening an account online requires a visit to a branch, customers can also call and open a checking account. Flagstar Bank provides a basic checking account option with no minimum balance requirement or monthly maintenance fee.
For savings accounts, monthly fees start at $3. However, customers can avoid the fee by maintaining a daily balance of $300 or more.
In addition to checking and savings accounts, Flagstar Bank offers a range of financial products and services, including CDs, IRAs, credit cards, and loans. The bank has an extensive ATM network with over 56,000 ATMs nationwide.
With over 110 branches in the state, Flagstar Bank provides a strong presence throughout the region.
7. Independent Bank
Independent Bank offers the Eagle Savings account, a savings option with tiered interest rates to help customers grow their funds. The account provides attractive APY rates, with the best rates available to those maintaining a balance of $250,000 or more.
A minimum deposit of $50 is required to open the Eagle Savings account. The account has a monthly fee of $12, which can be waived by maintaining a daily balance of $300 or more.
With a network of 65 branches, Independent Bank provides convenient access to its services across its area. Customers can easily visit a branch to open an account, manage their finances, or seek assistance from knowledgeable staff.
8. Lake Michigan Credit Union
Lake Michigan Credit Union (LMCU), established in 1933, is a financial institution providing its members with various services. LMCU offers competitive rates on CDs.
One of LMCU's notable offerings is the Max Checking account, which provides members with interest on their balances while having no fees or minimum balance requirements. This account allows individuals to manage their finances with ease.
LMCU also provides the Prime Platinum credit card, offering members additional financial flexibility and rewards. Opening an account with LMCU is convenient, as you can easily open an account online.
To become a member of LMCU, individuals must meet specific eligibility criteria. With a minimum initial funding requirement of $5, individuals can quickly establish their membership.
Membership requires living, working, or worshiping in Michigan's lower peninsula or Florida. Membership is also open to those with an immediate family member already enrolled with LMCU or donating $5 to the ALS Foundation.
LMCU is insured by the National Credit Union Administration (NCUA), providing members with peace of mind and deposit protection.
9. Mercantile Bank of Michigan
Mercantile Bank of Michigan offers various personal, business, and mortgage banking services, focusing on community, diversity, and inclusion. Customers can benefit from its comprehensive lineup of financial products and services, including HSAs, loans, and CDs.
Mercantile Bank of Michigan understands the importance of digital banking and provides convenient online and mobile banking platforms. Its commitment to financial wellness is reflected in the various accounts it offers, including MercStart Fresh™.
This account helps individuals build credit and comes with a $4.95 monthly fee. While check writing is unavailable, customers enjoy waived overdraft and dormant fees, no minimum balance requirements, and a free debit card.
With tools like MercMoney®, customers can easily monitor their budgets and spending. As part of its dedication to providing top-notch digital banking experiences, Mercantile Bank of Michigan offers one of the best banking apps in the market.
This app allows customers to conveniently manage their accounts, make transactions, and access a wide range of banking services from the palm of their hand. Additionally, Mercantile Bank of Michigan emphasizes financial education and partners with Everfi to provide valuable resources to its customers.
10. Michigan State University Federal Credit Union
Michigan State University Federal Credit Union (MSUFCU) is a community-forward financial institution offering various services, including the Rebuild Checking Account. This account is designed as a second-chance checking account, allowing individuals to rebuild their banking history.
With a monthly fee of $10, it offers benefits such as direct deposit and free bill pay. Customers can conveniently manage their accounts through online banking, and MSUFCU's extensive network of shared branches exceeds 5,000 locations.
In addition to the Rebuild Checking Account, MSUFCU provides various financial products and services to cater to diverse needs. These include loans, business banking solutions, money market accounts, IRAs, and HSAs.
Customers can access these services and a wealth of online resources such as financial education materials and calculators. The credit union also offers personal and home loans, ensuring members can access the financial support they need to achieve their goals.
For those seeking the best money market accounts, MSUFCU provides competitive options within its lineup of financial products. These accounts allow customers to earn interest on their savings while maintaining convenient access to their funds.
11. Northpointe Bank
Northpointe Bank, established in 1999, offers a comprehensive range of personal and business banking services, making it a versatile financial institution. With its ICARE pledge, Northpointe Bank prioritizes customer satisfaction and delivers genuine value.
The bank has a remarkable track record, having funded an impressive $34 billion in loans since 2020. One standout feature of Northpointe Bank is its Health Savings Account (HSA), enabling individuals to save for medical expenses while enjoying tax advantages.
Additionally, the bank provides various loan options to cater to diverse financial needs. Moreover, Northpointe Bank offers insurance services, ensuring comprehensive coverage for its customers.
In the realm of digital banking, Northpointe Bank stands out by offering a savings account with a competitive Annual Percentage Yield (APY) comparable to the best digital banks. You can benefit from monthly reimbursement of up to $15 for non-network ATM fees.
While the free checking account does not earn interest, it requires a minimum deposit of $100 to open. For those seeking interest-earning accounts, Northpointe Bank offers an Interest Checking account, which requires an opening deposit of $2,500.
The bank also caters to long-term savers with CDs and two types of savings accounts, including one designed specifically for children. Additionally, Northpointe Bank provides IRAs to help customers plan for their future.
12. Old National Bank
Old National Bank has a strong presence in Michigan, with 20 locations across the state. The bank offers a comprehensive range of personal and business banking services.
Old National Bank provides various account options for personal banking, including checking and savings accounts, home loans, and private banking services. The bank also offers digital banking features, such as mobile check deposit, Zelle, and bill pay, for convenient and secure money management.
Old National Bank's business services encompass small business banking, commercial banking, and treasury management solutions. The bank offers four checking account options:
- ONB Everyday Checking
- ONB Student Checking
- ONB Preferred Checking
- ONB Classic Checking
Preferred Checking allows customers to earn interest on their balances, while Classic Checking is tailored for members aged 50 and older. Everyday Checking comes with a $6.95 monthly fee, which can be waived by maintaining a daily balance of $750, having direct deposits of $500 or more, or being an active-duty member.
Student Checking has no minimum balance requirement or monthly fee, providing a suitable option for students. Additionally, Old National Bank provides wealth management services to assist individuals in managing and growing their financial portfolios.
13. United Bank of Michigan
United Bank of Michigan offers a comprehensive range of financial services for both personal and business needs. These services include personal and business checking accounts, home loans, insurance, wealth management, loans, IRAs, HSAs, and trust services.
With a history dating back to 1887 when it was known as the Wayland Exchange Bank, United Bank of Michigan has a long-standing presence in the region. The bank embraced technological advancements, launching its first website in 1997 to enhance customer convenience and accessibility.
United Bank of Michigan provides various checking account options. Personal Checking and NextGen Checking accounts do not earn interest, while UBenefit Checking and High-Yield Checking accounts offer tiered interest rates based on the account balance.
For Personal Checking accounts, customers can waive the $5 monthly fee by enrolling in eStatements, maintaining a minimum balance of $500, or receiving direct deposits of $500 or more each month. In addition to its personal banking services, United Bank of Michigan also offers a comprehensive suite of business banking solutions, including merchant solutions, insurance, commercial real estate services, and business loans.
14. Bank of Ann Arbor
Bank of Ann Arbor is a community bank headquartered in Ann Arbor, Michigan. With a network of 17 branches, the bank serves the local community and offers a comprehensive range of products and services comparable to larger banks.
Bank of Ann Arbor remains competitive in pricing. Their checking accounts start with fees as low as $0.
Savings accounts may have a monthly fee starting at $2, with a $100 minimum deposit required to open an account. Regarding account opening requirements, Bank of Ann Arbor sets a $500 minimum deposit for checking accounts.
The bank also offers credit cards with no annual fees. Additionally, they provide a 0% Annual Percentage Rate (APR) during the first 12 billing cycles, offering short-term interest-free usage for new cardholders.
FAQ
Comerica Bank, Independent Bank, and Flagstar Bank offer free checking accounts. Other banks on our list may offer free checking accounts, some of which require you to meet specific criteria to waive the monthly fees.
To open a bank account in Michigan, you must first choose the bank you want to work with. Then, you can create an account online or visit a local branch to open an account.
Michigan's best credit unions include Michigan State University Federal Credit Union, Lake Michigan Credit Union, and Consumers Credit Union. You’ll find several other noteworthy credit unions in this state, too many to mention in a single sitting.
Striking it Rich Among the Great Lakes
Michigan is home to several exceptional banks, including many that made our list. These banks offer various services, from checking and savings accounts to loans, mobile banking, and business banking.
We hope this article helps you find the best bank you can work with to keep your money safe and your financial future secure. When you bank with a true partner, you can rest assured your funds are safe from harm.
Regardless of the bank you choose, you can’t go wrong with banks in Michigan. These banks offer invaluable resources for those looking to improve their financial futures.
Which bank account will you open?
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