8 Best Banks in Michigan
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
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If you want to choose the bank that services your location the best, start by looking at what Michigan’s eight best banks have to offer. When it comes to finding the best financial institution near you, you want one that is full-service and fits your needs. To help you narrow down your choices, GOBankingRates has assessed local and regional bank offerings to find the overall best banks in the state.
How Michigan Banks Were Chosen
Narrowing down the best banks or credit unions in Michigan meant sifting through several levels of varying products and services. The methodology consisted of several factors including:
- Asset size
- Savings account interest rate
- Bank accessibility and ATM Network
- Checking account fees and product selection
- Customer service and satisfaction
- Mobile app and digital products
Best Banks And Credit Unions in Michigan
Whether you’re looking to open a savings account, a checking account, a small business loan or the best mortgage rates, you’ll find a quality bank among Michigan’s top eight banks:
- Chase Bank
- The Huntington National Bank
- Flagstar Bank
- Sterling Bank and Trust
- Isabella Bank
- First National Bank of America
- Bank of Ann Arbor
- Independent Bank
1. Chase
Chase is not only a great national bank but also has a stronghold in the mitten state. Between offering mobile banking with its accounts online that are user-friendly and its widespread branch availability, the reach of Chase’s financial services seems endless.
It offers everything from car and home loans to wealth management and investing and you get better rates and fees the more you bank. Here are some key features:
- Most monthly maintenance fees are waivable
- Fast mobile deposits — usually available the next business day
- Relationship rates with specific accounts open
- Chase Bank offers some of the top rewards credit cards, such as the Sapphire Reserve and Sapphire Preferred for travel and the Freedom Flex and Freedom Unlimited for cash back.
- Lower-than-average yields on most accounts
- High overdraft fees
2. The Huntington National Bank
If you open a Huntington Bank account in Michigan you can take advantage of many services and products such as mobile banking and all-day deposits. This full-service bank is a great option for those in Michigan but also throughout the Midwest as it was ranked as one of the Best Midwest Regional Banks of 2024 by GOBankingRates. Here are some key features:
- Large network of branches and ATMs
- Locations in Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia and Wisconsin
- Savings accounts have low APYs
- Waivable monthly maintenance fees
- Grace periods and Safety Zone features to provide overdraft protection
3. Flagstar Bank
Flagstar offers several different checking accounts for customers hoping to find the best interest rates or additional services, but you might have to pay a fee. The bank also offers auto loans, mortgages and credit cards. Flagstar Bank offers a free checking account, known as SimplyChecking, with some nice features:
- Free check writing
- ATM access
- Electronic and mobile banking
- Opening a SimplyChecking account entitles you to a rate reduction on personal loans, home loans and home equity lines of credit when you have automatic payments debited from the account.
- There is a $50 minimum to open the account.
4. Sterling Bank and Trust
Sterling Bank and Trust doesn’t offer auto loans or credit cards, but its Statement Savings account has an annual percentage yield of . The bank’s Freedom Checking account comes with the following benefits:
- No fees
- No minimum monthly balance
- Unlimited check writing
- Direct deposit
- Free online and phone banking
- Free bill pay
- Free MasterMoney debit card
Sterling offers a host of business banking, wealth management, and lending services, including both home and commercial loans. Although the bank only has 12 branches, it boasts over $2.4 billion in assets.
5. Isabella Bank
Isabella Bank offers banking services such as auto loans, mortgages, credit cards, investment services and insurance. With a minimum deposit of $1, you can open the Free Local Checking account offering free:
- Debit card
- Telephone banking
- E-statements
- Mobile banking
- Online banking
No minimum balance is required once you have an open checking account, another reason Isabella Bank is a great option for Michigan residents.
6. First National Bank of America
First National Bank of America offers a relatively high savings APY, but it doesn’t provide auto loans, insurance, investment services or credit cards. Its free Personal Checking account has the following terms:
- $100 minimum to open the account
- Minimum maintaining balance of $100 or average daily balance of $350
- You could also open a HomeTowne Checking account and maintain a $1,000 balance for one of the best money market rates available in the state.
7. Bank of Ann Arbor
Bank of Ann Arbor is ranked highly among its customers and reviewers. The bank’s Basic Checking account requires a $500 minimum deposit to open and charges a $9 monthly maintenance fee, but that fee can be waived by meeting any of these requirements:
- Maintaining a $600 minimum balance
- Maintaining an average collected balance of $1,200
- Having $5,000 in savings on deposit
- Having $10,000 in certificates of deposit on account
- Having a monthly direct deposit
No interest is paid on the Basic Checking account, but account holders enjoy:
- Statements either electronically or via mail
- No activity limits
The also provides auto loans, home mortgages and investment services. University of Michigan employees can benefit from the bank’s University Employee Services, which assists with maximizing 403(b) retirement funds.
8. Independent Bank
Independent Bank which is headquartered in Grand Rapids, Michigan has 62 branches, all of which are located in Michigan. There are several account options, including checking, savings, CDs and more. Here are some of the benefits of One Account
- Competitive interest rates
- Good selection of bank account options
- Earn a high APY on its One Account just for using thedebit card
- Multiple overdraft service options available
Final Take To GO
The bottom line is if you are in the Michigan or even the Midwestern area, there are several solid national and regional banking options. Knowing which one is right for you is almost as great as the lakes.
John Csiszar contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 26, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
