Michigan is home to tons of of banks and credit unions. Should you’re pondering of opening a recent checking account within the Great Lakes State but have trouble determining which is correct for you, Money may help.
We researched the highest financial institutions within the state by analyzing account offerings, annual percentage yields (APYs), rates and charges to discover the very best banks and credit unions in Michigan for 2024-2025:
*Rates and APYs are subject to alter. All information provided was accurate as of Oct. 8, 2024.
Chase operates nearly 200 branches in Michigan, so it’s easily accessible. It offers multiple checking and savings accounts, in addition to high-yield CDs. Plus, it’s certainly one of the top-ranked banks within the country for customer satisfaction. The bank has powerful digital and mobile banking tools, and you’ll be able to make the most of low fees on accounts for teenagers and youths.
Nonetheless, Chase charges monthly fees on checking and savings accounts, and the APYs on its savings accounts are likely to be quite low, so you’ll be able to likely find the next rate with one other bank.
- Highly-ranked for customer satisfaction
- CDs with much higher-than-usual APYs
- Accounts for teenagers and youths
- Monthly fees on most accounts
- Low APYs on savings accounts
- No money market accounts
With Capital One, you’ll be able to open a high-yield savings account without worrying about meeting minimum deposit requirements, and there aren’t any monthly maintenance fees. The APY Capital One offers on its 360 Performance Savings account is about 10 times higher than the national average, making it an incredible option for growing your money.
Be mindful, though, that Capital One doesn’t have any physical branches, so it is best for many who prefer digital or mobile banking. Capital One does offer high-yield APYs on its CDs, but it surely has more limited CD terms than other banks.
- No minimum deposit requirement
- No monthly fee
- Substantially higher-than-average APY on savings accounts
- No physical branches available
- Limited CD terms
Comerica Bank has several checking account options, including a basic, low-cost account for those just starting out. Nonetheless, it has more complex options, including a interest-bearing checking account and premium accounts that include discounts on loans and rate of interest bonuses on CDs.
Although Comerica Bank does charge monthly maintenance fees, it has several ways to qualify for a fee waiver. Unfortunately, the APYs on Comerica Bank’s savings accounts are lower than average, so you might wish to open a savings account with one other bank to earn the very best APY possible.
- Interest-bearing checking accounts available
- Multiple fee waivers
- Rewards checking options
- Lower-than-average APYs on savings accounts
- Monthly fees apply
Credit unions might be great decisions for those in search of accounts with high rates and low fees. Michigan First Credit Union isn’t any exception; it offers free checking account options and high APYs on share certificates — the credit union equivalent of a CD. While many credit unions have strict eligibility requirements, Michigan First Credit Union’s accepts anyone who lives, works or worships throughout the state, making it easier to affix than most.
Nonetheless, the credit union has lower APYs on savings accounts, and for those who desire a money market account, it’s essential to keep six figures in your account to earn the very best APY.
- Higher-than-usual rates on CDs
- Free checking options
- Broad membership criteria
- Lower APYs on savings accounts
- High balance requirements for higher APY money market accounts
Flagstar Bank offers much higher-than-average rates on CDs, and it has a broad range of CD terms to pick from. Plus, you’ll be able to open a CD — and lock in a high APY — with as little as $500, a much lower minimum deposit than most banks require. The bank also offers high-yield savings accounts, making it option in your emergency fund.
But only those that keep substantial amounts of their accounts will qualify for the highest-advertised APYs. Moreover, for those who go for paper statements, you will have to pay an added fee.
- Much higher-than-usual APYs on CDs
- Low minimum deposit requirement
- High APYs on some savings accounts
- Paper statements require added fee
- Highest APY for savings account requires large balance
How we selected the Best Banks of 2024-2025
To find out our list of best banks for 2024-2025, Money evaluated tons of of the biggest retail banks, credit unions, regional and state banks and online banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to find out our top picks.
To pick out the banks and credit unions in Michigan for 2024-2025, we researched leading banks and credit unions operating throughout the state. We compared their available accounts, fees, deposit minimums and rates of interest to discover the highest decisions.
You possibly can read our full methodology here.