Best Banks in Michigan
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
Michigan offers a wide range of banking options, from local community banks to major national institutions. Whether you’re looking to open a high-yield savings account, invest in a long-term CD or find a checking account with modern features, you can use this GOBankingRates guide to find the best banks in Michigan.
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GOBankingRates' editorial team is committed to bringing you unbiased bank reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our in-depth bank review methodology.
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TOP MICHIGAN BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in Michigan
Some Michigan banks stand apart from the crowd. Here’s a look at the best banks and credit unions in the Great Lake State.
Gold Winner: Fifth Third Bank
Fifth Third Bank offers a range of stand-out deposit products, including checking accounts, savings accounts and CDs. With a mix of in-person branches throughout Michigan and a highly-rated mobile app, many customers enjoy working with what Fifth Third Bank has to offer.
Best For
Mobile Banking
No Minimum Deposit
Low Monthly Fees
Loan Options
Wealth Management
Resources for All Areas of Your Financial Life
Fifth Third Bank stands out for its Momentum Banking, which helps you set up your new account for direct deposit, gives you a free 90-day overdraft window, and then pays your direct deposit two days early. There's no minimum deposit and no monthly service fee.
Total Branch Locations
Over 1,000
Mobile App Rating
4.8 on the Apple App Store and 4.6 on Google Play
Other Products Offered
Checking, savings, CDs, credit cards, loans and wealth management services
Pros
- Help transfer your old account and set up direct deposit
- Different banking programs for all kinds of needs
- Award-winning mobile app
Cons
- Savings interest rate is low
- Express Checking has a $5 per month fee that can't be waived
Why We Like Fifth Third Bank
First Third Bank is among the top banks because it offers holistic banking services that can help you take charge of your finances. From help transferring your direct deposit to checking and savings accounts that work together, this is a bank that grows with you.
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Silver Winner: Independent Bank
Independent Bank has earned a reputation across the Great Lakes State as a friendly place to handle most of your finances in one place. The bank offers a wide range of deposit and loan products, which make it easy to manage multiple facets of your money under one roof.
Best For
Low Monthly Fees
Mobile App
Personal Loans
Low Minimum Deposits
Auto Loans
Competitive Interest Rates Available
Independent Bank stands out with a wide range of deposit and loan products, some of which offer competitive interest rates. For customers willing to regularly use their debit card, higher interest rates are on the table for the bank’s ONE Account.
Total Branch Locations
Over 80
Mobile App Rating
4.6 on the Apple App Store and 4.1 on Google Play
Other Products Offered
Checking, savings, CDs, HSAs, mortgages, personal loans, auto loans
Pros
- Competitive APYs available
- Sign-up bonus for ONE checking account
Cons
- Must regularly use your debit card to unlock highest interest rates
- Only some accounts have waivable monthly fees
Why We Like Independent Bank
Independent Bank offers attractive rates for savers — on CD terms and across savings accounts. With dozens of branch locations across Michigan, this could be a great fit for anyone seeking a physically accessible bank with plenty of online money management options.
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Bronze Winner: Huntington Bank
Huntington Bank offers a large selection of financial products, ranging from checking and savings accounts to loan and investment products. With competitive APYs on certain deposit products and multiple user-friendly tools, it’s a good option for many seeking a new Michigan bank.
Best For
Mobile App
No Minimum Deposit
Low Monthly Fees
Loan Options
Investment Services
Competitive Rates on Deposit Products and a Fee-Free Checking Account
Huntington Bank offers residents a robust selection of deposit, loan and insurance products. Some of the standout options include its Asterisk-Free Checking Account, which doesn’t have a monthly maintenance fee, and the Caregiver Banking option, which allows for limited shared access between accountholders and trusted caregivers.
Total Branch Locations
Over 1,000
Mobile App Rating
4.8 on the Apple App Store and 4.6 on Google Play
Other Products Offered
Checking, savings, CDs, credit cards, mortgages, loan options, insurance
Pros
- Competitive APYs
- 24-hour grace period to avoid overdraft fees
Cons
- Only some accounts offer fee waivers
- Higher APYs may be available elsewhere
Why We Like Huntington Bank
Huntington Bank offers a wide range of products tailored to individual needs. Its Caregiver Banking feature lets aging customers grant limited account access to trusted caregivers, while the 24-hour grace feature gives you extra time to avoid overdraft fees. Many accounts also come with competitive APYs and low fees.
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Best Banks
Best Checking Accounts
Best Savings Accounts
CD Account Rates
Best Money Market Accounts
Research Methodology
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 29, 2025.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
How To Choose the Right Bank in Michigan
Michigan is home to a strong mix of national, regional and community banks, each with its own strengths. Regional institutions like Huntington Bank and Independent Bank are popular across the state for offering in-person service with a more personalized feel than large national chains. However, they may not always match the high interest rates of online banks or the expansive product lineups of national institutions.
When choosing the best bank for your needs in Michigan, consider the following:
- Location: Some banks only operate in certain areas of the country, so be sure a bank you’re interested in has a nearby location if you prefer in-person banking.
- Availability: Check the operating hours, including holidays, of your regional bank. Some may not have the availability of a national or online bank.
- Bank health: Look for Michigan banks with strong financial performance and a solid reputation. You can research local institutions’ financials or check for high customer service satisfaction scores.
- Rewards and promotions: Regional banks in Michigan often run seasonal promotions or have loyalty perks for customers. Compare the current offers at the banks you’re considering.
- Account offerings: Some credit unions in Michigan and banks are limited in terms of their product lines. Before opening an account, check that the bank you’re considering offers everything you’ll need.
Conclusion
The best bank for your needs depends on your personal financial goals. Michigan offers a strong mix of options, and top banks like Fifth Third Bank, Huntington Bank and Independent Bank stand out for their range of services and customer-friendly features.
Best Banks in Michigan: FAQ
Here’s more information to help you find the best Michigan bank for your needs.- What is the best bank for high-yield savings in Michigan?
- Huntington Bank and Independent Bank each offer attractive APYs for savers in Michigan. If you are interested in a credit union, Lake Michigan Credit Union also offers highly competitive APYs.
- Which banks have the most ATMs in Michigan?
- Many banks and credit unions offer an ATM network to customers, which grants access to thousands of ATMs. For example, the University of Michigan Credit Union participates in a CO-OP network, which grants access to more than 30,000 ATMs around the state.
- Are there any banks in Michigan with no monthly fees?
- Yes, Huntington Bank is one bank in Michigan that offers a checking account without any monthly fees, making it one of the top banks in Michigan.
More Resources for Banking
Best Banks
Best Checking Accounts
Best Savings Accounts
CD Account Rates
Best Money Market Accounts
Sarah Sharkey contributed to the reporting for this article.
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