10 Best Banks in Michigan for 2023

Looking to open a new bank account in Michigan? Whether you live in Detroit or Grand Rapids, there are many things to consider. From independent to national banks, there are several options, each with pros and cons.

The key is to find a bank account that best matches your financial requirements and goals.

The following list will cover the best banks in Michigan, looking at fees and requirements associated with typical accounts before briefly looking at what each bank offers.

10 Best Banks in Michigan

Here are the best banks in Michigan that you can open an account with today:

  1. Ally Bank
  2. Fifth Third Bank
  3. PNC Bank
  4. Chase Bank
  5. Citizens Bank
  6. Bank of America
  7. Huntington Bank
  8. Flagstar Bank
  9. Bank of Ann Arbor
  10. Comerica Bank

1. Ally Bank ally bank Logo

  • Checking account fees: Starting from $0
  • Savings account fees: Starting from $0
  • Savings APY: 3.85% APY

Ally is an online bank with no physical locations in Michigan or anywhere else. Being an online bank, it has fewer overheads, which is how it can offer better rates than most of the competition.

Both checking and savings accounts have no monthly maintenance fees and minimum deposit requirements. The APY rate on their savings accounts is substantially higher than you’ll find anywhere else. Thanks to their Interest Checking Account, you can earn interest on money held in the checking account. Here, rates vary between 0.10% and 0.25%.

Ally does not offer any credit cards at the moment – but this doesn’t mean it never will. Here, you will also find several investment account options, including self-directed and Robo portfolio options.

2. Fifth Third Bank fifth third bank Logo

  • Checking account fees: Starting from $0
  • Savings account fees: Starting from $5.00
  • Savings APY: 0.01% APY

Fifth Third Bank is a community bank serving the Midwest. Its name is the product of a merger that happened way back in 1909 between Fifth National Bank and Third National Bank. It obtained its national charter in 2019, before which it was state-chartered.

Fifth Third offers one traditional checking account and several specialized accounts, including accounts for those who serve in the military, those who have a disability, and many others. The traditional checking account has no monthly fee and no balance requirements. The Overdraft Protection fee is also free of charge.

When it comes to savings, you can choose between a savings account and a money market account. Both will set you back $5.00 per month. There are many ways to waive the fee, including having a Fifth Third Checking Account.

Credit Cards come in different shapes and sizes, with the majority having no annual fee. Perks vary from card to card and include unlimited cashback, no penalty APR when missing a payment, and no points expiration, among other things.

3. PNC Bank PNC bank Logo

  • Checking account fees: Starting from $7
  • Savings account fees: Starting from $5.00
  • Savings APY: 0.01% APY

PNC Bank only operates in 27 states and the District of Columbia, though it is still considered one of the largest banks in the US. It operates over 2,600 branches and just over 9,500 ATMs, giving it a reasonable reach for those looking for a new bank.

PNC’s proposition is slightly different from what other banks offer. While you can undoubtedly get a checking or savings account individually, you can get both rolled into one virtual wallet.

The Virtual Wallet, which makes for an exciting account, comes in three tiers. The higher the tier, the higher the monthly maintenance fee – which you can always avoid meeting any of their requirements (they offer more than one).

There is no minimum deposit amount when opening your account online. All accounts also come with Low Cash Mode – an innovative tool that bundles no NSF (Insufficient Funds) fees, a maximum overdraft daily fee, and extra time to settle overdrafts.

When it comes to credit cards, you’ll find a sizeable variety of PNC cards, including cash back cards, secured cards, rewards cards, and others.

4. Chase Bank chase bank Logo

  • Checking account fees: Starting from $4.95
  • Savings account fees: Starting from $5.00
  • Savings APY: 0.01% APY

Chase Bank, more often referred to as just Chase, is the commercial banking arm of JPMorgan Chase Bank – the largest bank in the US.

They offer all the financial products and services you might need and offer a bonus of $200 to those opening a new checking account.

Checking accounts come in two classes – Everyday and Premium, with several different accounts.

Monthly fees are either fixed or waived, depending on your chosen account. Savings accounts have an APY rate set at 0.01% regardless of the account or how much money you keep in the account. For a higher interest rate, you might opt for a CD instead, with rates going up to 0.05%.

Chase also offers loans and credit cards, among other things. Their selection of credit cards is particularly varied and includes cards with no annual fee and a 5% cashback.

5. Citizens Bank citizens bank Logo

  • Checking account fees: Starting from $5
  • Savings account fees: Starting from $0
  • Savings APY: 0.01%

Citizens Bank is the 13th largest retail bank in the US, holding assets worth $192 billion as of March 2022. Headquartered in Rhode Island, they have a strong presence in Michigan, including branches and ATMs.

Checking accounts come in at different price points and features such as extra time to cover overdrafts, no overdraft fees, exclusive checks, contactless debit cards, and many others. Savings accounts have no fees when you also hold select checking accounts – otherwise, the fee is $4.99, which can easily be waived by making one monthly deposit. The APY rate is set at 0.01% regardless of your chosen account and your account balance.

There are two credit cards to choose from – Cash Back+ and Clear Value. Both cards have no annual fee and an APR starting from 14.24% – depending on your chosen card and your credit score.

6. Bank of America Bank of America Logo

  • Checking account fees: Starting from $4.95
  • Savings account fees: Starting from $8.00
  • Savings APY: Starting from 0.01%

Bank of America needs no introduction, being one of the biggest banks in the US. It offers all products and services that a typical consumer might want or need, making it a safe bet for long-term financial planning.

Although both checking and savings accounts come with a fee, there is an option to waive the fee. While this might very well be a deal-breaker for some, it can also act as an incentive to save money and leave a healthy balance in your account.

The APY rate is on the low side, starting at 0.01% and reaching a maximum of 0.04% for the highest-tier accounts. You will also find credit cards with cash rewards, no annual fee, and an online bonus offer. All of this makes Bank of America well worth checking out if you’re in the market for a new account.

7. Huntington Bank Huntington Bank Logo

  • Checking account fees: Starting from $0
  • Savings account fees: Starting from $4
  • Savings APY: Starting from 0.00%

Huntington National Bank is the banking subsidiary of Huntington Bancshares – a bank holding company based in the US. They operate 290 branches in Michigan, making Michigan the second largest market for this bank.

Checking accounts come in different shapes and sizes, starting with the Asterisk-Free Checking account. As the name suggests, this account doesn’t have many requirements with no balance requirements and no monthly fees.

You’ll also get paid up to two days earlier. Savings accounts start at $4 per month. This fee is waived when holding select checking accounts or maintaining a balance of at least $300. APY rates start on $25,000 or more balances and are 0.05%.

There are three credit cards to choose from, each of which has different benefits. Provided you qualify, you can choose from a cash back card, a rewards card, or a card that offers a lower rate.

8. Flagstar Bank Flagstar Bank Logo

  • Checking account fees: Starting from $0
  • Savings account fees: Starting from $3.00
  • Savings APY: Starting from 0.01%

Flagstar is a regional bank operating in the Midwest. While they have a website offering mobile and online banking, you can’t open an account online. Instead, you will need to either give them a call or head to the nearest branch.

Their basic checking account has no monthly fee and minimum balance requirement – ideal for those on a tight budget. On the other hand, savings accounts start at $3.00 per month. However, you can avoid this fee by maintaining an average daily balance of $300.

Flagstar Bank also offers other accounts such as CDs and IRAs, credit cards, and several loan facilities, including mortgages and personal loans.

9. Bank of Ann Arbor

  • Checking account fees: Starting from $0
  • Savings account fees: Starting from $2.00
  • Savings APY: Starting from 0.02%

Bank of Ann Arbor is a community bank headquartered in Ann Arbor. Following its latest acquisition at the end of 2021, they operate 17 branches and employ 300 employees.

The Bank of Ann Arbor packs quite a punch for a small bank, offering the same range of products and services you’ll find at much bigger banks. As it’s a community bank, you’ll also find they are quite competitive in their pricing – don’t expect the same reach as big banks.

Checking account maintenance fees start at $0, while the fee for a savings account starts at $2.00. You’ll need to deposit a minimum of $100 to open a savings account.

This requirement goes up to $500 for a basic checking account. The bank’s starting APY rate is worth noting, which is higher than most of the competition offers.

Credit cards are issued through TCM Bank and carry no annual fee. As a bonus, you will also get 0% APR during the first 12 billing cycles giving you some breathing room as you get accustomed to your new bank.

10. Comerica Bank Comerica Bank Logo

  • Checking account fees: Starting from $0
  • Savings account fees: Starting from $5.50
  • Savings APY: Starting from 0.01%

Comerica Bank is a regional bank with operations in several states, including Michigan. Founded in 1849, it maintains 591 branches and has total assets worth $73.4 billion.

Their most basic checking account has no monthly maintenance fee. However, you need to maintain at least $1,000 as your minimum daily ledger balance.

Balance requirements go up to $50,000 (average daily ledger balance) for higher-tier accounts. Comerica offers just one savings account with a monthly maintenance fee of $5.50, which is waived when maintaining a minimum ledger balance of $500 daily. The APY is 0.01%.

You can get a higher rate by the option to their High Yield Money Market Investment Account. Here, to waive the $17.00 monthly fee, you’ll need to maintain a balance of at least $15,000. The APY is 0.03%.

Comerica offers three different credit cards, each designed for a different type of customer. Two cards can help you build your credit score, while the third offers broader cash back and rewards program.

Choosing the Best Bank in Michigan

Think about what’s essential and valuable to you first. For example, a bank with low or no monthly maintenance fees might help you save a few bucks if you are on a low budget.

On the other hand, if you have managed to save a tidy sum, a bank with a higher APY rate can help you grow your savings.

If you’re not quite sure what you should be on the lookout for, this section is for you. In it, we will go through some of the things you might want to consider when deciding which bank is the right choice for you.

Keeping these in mind will help you make an informed decision that contributes to your financial success.


Bank accounts come with all sorts of fees – from basic account maintenance fees to savings account withdrawal and overdraft fees. You can easily avoid most fees if you understand how your bank and choose the account that plays on those strengths. Always look for the” Schedule of Fees,” which lists all of the fees charged by the bank.


Whether you’re looking for a debit card, credit card, or both, make sure the bank you choose offers these. Credit cards, in particular, can vary greatly, including yearly fees, interest rates, and perks such as cashback or travel benefits.


APY, short for Annual Percentage Yield, is effectively what the bank will pay you for keeping money in your account. Banks offer APY on many accounts, including savings accounts, CDs, and IRAs.

To understand how different rates might affect you, use an APY calculator to see how much you can gain with different rates depending on how much money you tend to keep in your account.


APR, short for Annual Percentage Rate, is what the bank will charge you when borrowing money, including loans, mortgages, and credit cards. For the most part, APRs are given as a range with the rate applicable to you depending on several factors, including your credit score. A lower range can help you get a lower effective APR.

Account Variety

Many banks offer account options that use a tier-based system. Lower-tier accounts generally have lower fees and fewer perks, while higher-tier accounts have higher fees and more extras. Make sure you understand what you’re paying for and what you might be missing out on by understanding your banking habits to determine whether an upgrade is worth the money.

Banking Services

Banking services are those services account holders are entitled to when holding a bank account.

Such services may include mobile banking, mobile check deposit, check writing facilities, debit cards, and others. You might also want to ensure that the bank is FDIC insured, which protects your money up to $250,000 should the bank go bust.

Minimum Deposits and Balances

Accounts can include a minimum deposit – how much money you need to deposit to open the account and a minimum balance – how much money you need to keep in your account.

You need to deposit that much money for the account to become active. Minimum balance requirements tend to be more flexible but do prepare to pay the monthly fee should you not meet the requirement on any given month.

ATM Access

If you use cash to conduct your daily financial affairs, easy ATM access can be a deciding factor. While some banks have an extensive reach and even partner with other networks for fee-free withdrawals, others have a more limited reach, leading to fee payments to withdraw money. In the latter cases, banks may also offer ATM fee refunds, which are always worth checking out.

Frequently Asked Questions

Who is the best bank in Michigan?

The best bank in Michigan will largely depend on what you look for in a bank. Not everyone has the same preferences, so picking one bank for everyone doesn’t quite work.

If you’re looking for a large bank that offers a variety of services and isn’t limited to Michigan, then Chase is a great option. Flagstar Bank is an excellent option if you’d rather go for a regional bank with very few fees.

Of course, if you’d like to earn a higher APY, then consider Ally Bank. Being an online bank, it can afford to offer better rates than the competition.

What’s the most popular bank in Michigan?

The most popular bank at the time of writing is JP Morgan Chase, with 305 branches in Michigan and an 18.93% market share (by deposit).

Who is the best bank to bank with?

The best bank for you will always depend on what you’re looking for in a bank. Banks are so different, and while some come with no fees, others charge a lot, giving you plenty of rewards and great interest rates.

So, while we can’t say which bank is the ultimate best to bank with, the list above will give you a good idea of what each bank in Michigan offers so that you can make an informed decision.

What is the most trustworthy bank?

According to the Better Business Bureau, the most trustworthy banks in Michigan are:

  • PNC: A+
  • Fifth Third Bank: A+
  • Comerica: A+

Which Michigan Bank is Best for You?

Whether you’re looking for the best checking account, savings account, or lender, there are countless options.

To be sure you’re picking the best Michigan bank or credit union for you, always start with what you need first – then find the bank that best caters to your specific requirements.

Take the time to understand everything on offer – you might need to adjust your expectations or the product you choose. For example, you might consider taking out certificates of deposit to maximize your return. Keeping an open mind can help you grow your finances that much quicker.