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Best Banks in Michigan

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by Lauren Perez Updated

Finding the Best Banks in Michigan

There are so many banks to choose from it can be difficult to know which is right for your financial needs. SmartAsset has made the choice easier by rounding up and reviewing the best banks in Michigan. We looked at access to branches, fees, interest rates and more in order to help you determine which bank is right for you.

Bank APY Minimum Deposit Highlights
Chase Bank Chase Bank logo Read More 0.01% $25
  • Best National Bank
  • Thousands of branches and ATMs throughout the country 
Huntington National Bank Huntington National Bank logo Read More 0.05% $2500
  • Best Regional Bank
  • Most branches throughout Michigan
Chase Bank Chase Bank logo Read More 0% $25
  • Best Customer Service
  • Worldwide presence, with 240 branches in Michigan 
Huntington National Bank Huntington National Bank logo Read More 0% $0
  • Best Free Checking Account
  • Over 330 Huntington branches in Michigan
Huntington National Bank Huntington National Bank logo Read More 0.25% $0
  • Best High-Yield Checking Account
  • Solid interest rate on all account balances
Independent Bank Independent Bank logo Read More 0.10% $50
  • Best Savings Account
  • Competitive interest rates 
Chase Bank Chase Bank logo Read More 0% $25
  • Best for Students
  • Thousands of physical locations perfect for traveling students 

How We Determined the Best Banks in Michigan

To start our search for the best banks in Michigan, SmartAsset looked at the top 15 banks in the area based on number of branches. This ensures that the best national and regional banks for Michigan residents offer the easiest access to a branch or ATM. For more specific accounts, we paid specific attention to low fees and favorable interest rates. 

If you're interested in saving money, consider opening up a CIT Savings Account. Earn over 8 times the national average with a 2.25% APY on balances of at least $25,000 OR monthly deposits of $100 or more with an initial $100 minimum deposit.

Best National Bank: Chase Bank

Chase

National banks like Chase offer banking customers the convenience and comfort of being able to find a branch or ATM almost anywhere. Certainly Michigan customers shouldn’t have a problem with around 240 Chase branches in the state. The bank has a physical presence in 25 other states. Otherwise, you can take advantage of the bank’s incredibly user-friendly website and mobile features. This makes banking with Chase even easier. 

Chase offers a decent spread of bank accounts from a couple simple savings accounts to long-term certificates of deposit. That way, you can find an account that matches your financial situation and habits. All Chase savings and checking accounts do charge a monthly service fee, ranging from $5 to $25 depending on the account. You can often have these fees waived, however, usually by meeting a minimum account balance or completing a certain number of transactions per statement cycle. 

As is the case with most banks of this size, Chase doesn’t offer the best rates on its interest-earning accounts. This is largely due to the cost of maintaining thousands of branches and ATMs around the world. Only Chase’s 120-month CD carries rates higher than 1%, with its basic savings account earning at a 0.01% APY. If you’re looking for the highest rates in the industry, you’ll want to look at online banks instead. 

Best Regional Bank: Huntington Bank

Huntington Bank

While Chase has the biggest national reach, Huntington Bank outdoes its Michigan numbers with over 330 branches in the Great Lake State. This makes it easy for you to find a branch or ATM no matter where you are in Michigan. Once outside of the state, however, you can only find the bank’s branches in Ohio, Illinois, Kentucky, West Virginia, Pennsylvania and Wisconsin. Of course you can still access your accounts online and on the bank’s mobile bank app, too. 

If you choose to bank with Huntington, you’ll have access to some great bank accounts. You can choose from two savings accounts, a variety of CDs, a money market account, three checking accounts and IRAs. This means you could keep all your money together if you wanted. Just be conscious of the bank’s monthly service fees. You can usually get these fees waived by meeting certain requirements like an average daily account balance. You should also pay attention to each account minimum deposit requirement before opening. For example, the Huntington Relationship Savings account requires a large opening deposit of at least $25,000. 

Huntington Bank offers decent interest rates. However, the best rates are reserved for high account balances and when you link accounts together. For example, the Huntington Money Market Savings Account can earn at a 0.63% APY, but only when you link the account with a Huntington 25 Checking account and have a balance of $25,000 and over. Different rates will apply to other linked accounts and account balances. The Huntington 25 Checking account opens up earnings to more customers with a 0.25% APY on all account balances.

Best Customer Service: Chase Bank

Chase

For the best banking customer service, Michigan residents can turn to Chase Bank. This bank comes in third behind Wintrust Bank and First National Bank of Omaha (neither of which has no Michigan locations) in overall banking customer satisfaction in the Midwest, according to a J.D. Power satisfaction survey. 

Certainly a big plus to Chase’s customer service ratings is its widespread presence. The bank has over 5,1000 branches and 16,000 ATMs worldwide with around 240 branches in Michigan. You can easily find the branch or ATM closest to you on the bank’s website and mobile app. You can also access your accounts online and mobile in the event there’s no nearby branch or you’re traveling. 

Best Free Checking Account: Huntington Bank Asterisk-Free Checking® Account

Huntington Bank

For the best free checking account in the area, Michigan residents can turn to the best regional bank in the area for the Huntington Bank Asterisk-Free Checking® Account. This account offers a very simple approach to checking accounts. You won’t have to worry about a monthly maintenance fee nor a fee for your account statements, whether online or in writing. There is no minimum deposit for this checking account, which makes it easier for more people to open. 

The only fees with this account are easily avoidable. Using a non-Huntington ATM will cost $3 per transaction and overdrafts can cost you $37.50.

Best High-Yield Checking Account: Huntington 25 Checking® Account

Huntington Bank

The Huntington 25 Checking® account offers Michiganians the best interest rate on a checking account in the state at a 0.25% APY. Plus, this rate applies to all account balances rather than reserving it for balances over thousands of dollars. Owning this account can also boost your Huntington Savings or Money Market account (if you have one) by 15% if you link the two accounts together. 

This checking account includes free checks, ATM fee reimbursements, and free text and mobile banking. You can also set up overdraft protection for free if you have a Huntington savings or money market account to link to. 

Unfortunately, this account does have a pretty high monthly fee of $25. You can avoid this fee if you maintain a total balance of at least $25,000 in a combination of deposits with the bank.

Best Savings Account: Independent Bank Eagle Savings

Independent Bank

The Independent Bank Eagle Savings account can help you grow your money at a solid rate in a standard savings account. Interest rates vary according to balance tiers, with the lowest rate at 0.10% and the highest at 0.35%. Account balances below $10,000 will earn at the 0.10% APY while you’ll need a balance of at least $250,000 to snag the 0.35% APY. 

You will need to open an Eagle Savings account with at least $50. This account does charge a $12 monthly service fee. However, you can easily waive that with a minimum daily balance of $300 or combined account statements. 

Independent Bank has 65 branches throughout Michigan, with residential loan offices in Akron and Columbus, Ohio. This small geographical reach makes this account better for customers who just want to put money into a savings account and let it grow.

Best for Students: Chase

Chase

Students from the Great Lake State and beyond stand to benefit from opening one of Chase’s student checking accounts. For starters, high school students from 13 to 17 years old can open a Chase High School Checking account to get their money management skills started. The account doesn’t come with any huge perks. The bank does make it convenient for students to access their accounts with online and mobile banking abilities. High school students will need an adult co-owner who also has their own Chase checking account. There is a small $6 fee with the Chase High School Checking account. However, you can easily avoid this when you link a qualifying personal guardian checking account, a direct deposit each statement cycle or a $5,000 average ending day balance. 

College students from 17 to 24 years old can open their own Chase College Checking account. Again, there is a $6 monthly fee, but you can have this waived by making a direct deposit or maintaining a $5,000 average ending day balance each statement cycle. You can also waive this fee for five years while you’re in college.

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study