Best Banks In Michigan In 2022: Top 12 Picks & A Quick Look

Let’s begin with the question, what are the best banks in Michigan?

Looking for assistance in Michigan in locating a bank that can help you? Finding and evaluating options isn’t as difficult as you might imagine. Continue reading the guide to the top Michigan banks to better prepare yourself for all of your banking and financial needs.

Continue reading if you’d like more detailed information on the top banks in Michigan.

Best Banks In Michigan

Ally Bank: Those Comfortable With Online & Mobile Banking

Finding a good savings account is harder said than done, but Ally’s Online Savings Account makes it much easier. To open an account, there is no minimal opening deposit necessary. This is a unique benefit for a savings account, especially given that Ally provides an above average 2.00% APY with daily compounding interest. With the Online Savings Account, there are also no monthly maintenance fees.

The majority of banking customers also have a checking account in addition to their savings account. To assist you in doing just that while continuing to be eligible to earn interest, Ally offers its Interest Checking Account. The APY for accounts with a minimum daily balance over $15,000 is 0.25%, while the APY for accounts with a balance below that amount is 0.10%. Upon opening your account, Ally will issue you a debit card that you can use to make purchases or make ATM withdrawals. Since Ally and the Allpoint ATM network have a partnership, you can visit any of its 55,000 U.S. and international ATMs for free.

Ally is an online/mobile bank without physical branches, as you may have guessed from the title “Online Savings Account.” Customers of Ally can take care of all of their needs using the bank’s website and mobile app, which includes view account statements, find a nearby Allpoint ATM, deposit checks remotely, and more. The mobile app for Ally has an overall rating of 4.35 stars out of 5 across both the Apple and Android app stores.

Huntington Bank: Best For Retail Automotive Financing

Huntington Bank is a full-service financial institution with a focus on developing a distinctive and open relationship with its clients, like you. It was established in the heart of the Midwest. Huntington serves its customers through a nationwide banking network of more than 800 branches, including 12 Private Client Group offices and more than 1,400 ATMs, to cater to their individual needs.

Huntington also offers retail financing to you when you purchase your next vehicle and commercial banking services to automotive dealers through partnerships with auto dealerships in a few states.

CIT Bank: Best Savings Account Rate

It’s not unusual for high interest rates to be coupled with arbitrary minimums that put them well beyond the means of anyone just starting their savings journey. However, CIT Bank only needs a $100 deposit to open its Savings Builder account, which offers a 0.85% APY. You must either make a $100 monthly deposit or keep your balance at or above $25,000 in order to keep this rate. Any customers who fail to meet these requirements will receive a respectable but unimpressive APY of 0.37%.

CIT offers a variety of other savings accounts in addition to the Savings Builder account, which is its main product. These include a money market account, a high-yield savings account, and a variety of certificates of deposit (CDs), among others.

Since CIT Bank doesn’t have any physical locations, its clientele can only access their accounts online and via its mobile app. Mobile check deposit, inter-account transfers, and digital account statements are features available on these platforms. The app, which has an average rating of 3.85 stars out of 5 between the two rival app stores, is available for download by both Apple and Android users.

Chase Bank: Best Customer Service

Residents of Michigan can turn to Chase Bank for the best banking customer service. In terms of overall banking customer satisfaction in the Midwest, this bank ranks third behind Wintrust Bank and First National Bank of Omaha (neither of which has any locations in Michigan). Power customer satisfaction survey.

Chase’s extensive reach is undoubtedly a major plus for its customer service ratings. The bank has about 240 branches in Michigan out of its over 5,1000 branches and 16,000 ATMs worldwide. On the bank’s website and mobile app, you can quickly find the branch or ATM that is closest to you. In the event there isn’t a branch nearby or you’re traveling, you can also access your accounts online and via mobile.

Chemical Bank: Offers A Variety Of Services Across Its 284 Branches

With assets close to $19 billion, Chemical Bank is the largest bank on the GOBankingRates list of Michigan’s best banks. Because there are no service charges or account minimums if you choose to receive e-statements, the bank’s ChemBasic checking account helped it climb into the GOBankingRates top 10. These extra services are offered as part of the account without charge:

• Debit card
• Voice banking and e-banking
• Unlimited e-bill payments
• Chemical Bank ATM transactions

The 284 branches of Chemical Bank provide a range of services. Holiday Club and Premier Money Market Accounts are two options for savings accounts. The bank also provides trust services, retirement planning, private banking options, and consumer loans, including mortgages.

Monroe Bank & Trust: Convenient & Flexible Access To Your Funds

With simple and flexible access to your money, Monroe Bank & Trust provides a checking account. The bank also provides: in addition to its own PopMoney Service, which enables you to pay anyone, anywhere using an email address or a mobile phone number:

• Mobile banking and check deposit
• Online bill payment
• MasterMoney debit card

There is a $3 monthly fee for the account, but this fee is waived if you:

• Set up direct deposits.
• At least two automatic payments should be set up.
• 10 or more debit card purchases are required.

Along with providing credit cards, auto loans, mortgages, and investment services like thorough investment management, trust administration, and estate administration, Monroe Bank & Trust also provides these financial products and services.

Flagstar Bank: Offers Several Different Checking Accounts For Customers

With just under $16 billion in assets, Flagstar Bank trails Chemical Bank in the race for the top asset spot. SimplyChecking, a free checking account offered by Flagstar, has a few nice features:

• Free check writing
• ATM access
• Electronic and mobile banking

If you open a SimplyChecking account and have automatic payments deducted from it, you are eligible for a 0.50 percent rate reduction on personal loans, home loans, and home equity lines of credit. However, there is a $50 minimum to open the account.

Customers looking for the best interest rates or extra services can choose from a variety of checking accounts offered by Flagstar, but there may be a fee. Additionally, the bank provides credit cards, mortgages, and auto loans.

Sterling Trust And Bank: Doesn’t Offer Auto Loans Or Credit Cards

Although Sterling Bank and Trust does not provide credit cards or auto loans, its Statement Savings account has the highest annual percentage yield of 0.40 percent among the top 10. The following advantages apply to the bank’s Freedom Checking account:

• No fees
• No minimum monthly balance
• Unlimited check writing
• Direct deposit
• Free online and phone banking
• Free bill pay
• Free MasterMoney debit card

Sterling provides a wide range of wealth management, lending, and business banking services, including commercial and residential loans. Despite having only 12 locations, the bank has assets worth over $2.4 billion.

Bank Of Ann Arbor: Auto Loans, Home Mortgages And Investment Services

One hundred of the most popular banks on Facebook and Twitter include Bank of Ann Arbor. The bank’s Basic Checking account has a $500 minimum opening deposit requirement and a $9 monthly maintenance fee, but those fees can be waived by fulfilling any of the following conditions:

• 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

The Basic Checking account doesn’t pay interest, but customers benefit from the following:

• Statements either electronically or via mail
• No activity limits

the offers investment services, as well as auto loans and mortgages. The University Employee Services offered by the bank, which aid in maximizing 403(b) retirement funds, are advantageous to University of Michigan employees.

Axos Bank: Best For Saving

Axos Bank is among your best choices for mobile and online banking, especially since GoBankingRates named Axos Bank as having the best checking account of 2019. Axos’ goal is to help you reach your saving and spending goals faster with little to no fees and low interest rates for a purely digital banking experience.

With high yield money markets, high yield savings accounts, and certificates of deposit (CDs), Axos can assist you in saving money. Axos high-yield money markets provide you with the safety of traditional savings with higher, daily-compound interest, no maintenance fees, and no required minimum balance.

You can get better returns on CDs with Axos Bank for a $1,000 minimum deposit, with no risk involved. These CDs offer terms ranging from three to sixty months and are fully insured by the FDIC.

Comerica Bank: Best For Checking

With a unified commitment to diversity and inclusion, community involvement, and environmental consciousness, Detroit’s Comerica Bank has been serving communities just like yours. For more than 170 years, Comerica has provided personal, business, and wealth management services to Michigan residents. Numerous services are provided here to meet your needs and enable you to concentrate on your financial objectives, including three additional rewards checking account options for your loyal clientele, money market accounts with flexible check writing, and loans for any requirements you might have as a student or homeowner.

A statement savings account with no monthly fee and increased interest on new fixed-rate CDs and IRAs with terms of at least one year are two notable interest-bearing accounts like Rich Rewards and Premier Checking.

Citizens Bank: Best For Mortgages

Over 5 million individuals, businesses, nonprofit organizations, and institutions receive a wide range of financial services from Citizens Bank, the 13th largest retail bank in the nation. Savings accounts, checking accounts, credit cards, personal loans, and prestigious mortgage options are just a few of the services that Citizens Bank offers to individuals.

When you refinance using a Citizens Bank mortgage option, you receive a loan that is best for you and professional guidance at every stage. An advantageously low interest rate and APR are available with a fixed-rate mortgage for either a 30-year or a 15-year loan. By establishing automatic payments from your Citizens Bank checking account, you’ll also receive a 0.125% rate discount.

Is Interest Paid On My Checking Account?

As you’ve probably seen from this and our other banking guides, regular checking accounts typically return very little interest. Rewards accounts are a type of high-yield checking account that typically offers higher interest but necessitates a higher balance requirement. Checking your bank’s deposit requirements and any disclosures is always a good idea if you want to know what to expect with particular accounts.

Read about: Best Banks In Arizona

Do I Have To Pay For Checks Or New Cards?

The initial batch of checks you receive when you open an account are typically free, but you’ll probably have to pay for additional books after that. Banks frequently charge you for a new debit card if yours is lost or stolen.

Conclusion

Finally, what do you think are Michigan’s top banks?

Do you know which Michigan banks are the best? Please leave a comment if you experience any issues with the top banks in Michigan. I’ll get right to the point and answer. Please bookmark and subscribe if you enjoyed the post.

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