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Chemical Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Chemical Bank Savings
0.05% APY

If you’re looking for a low-fee bank in Michigan, Chemical Bank is worth your consideration. One of the largest banks in the Great Lakes State, with over 200 branches across the lower peninsula, Chemical Bank doesn’t offer the highest rates on deposits. But it does offer a number of checking and savings account options with no balance requirements and no monthly fees. 

It also has CD rates that are higher than those offered by many other Michigan banks, with a minimum deposit of just $100. On the other hand, extremely low ratings for its mobile app and a poor grade from the Better Business Bureau may give some potential customers pause. Read on to find out more about personal banking services offered by Chemical Bank.

Products Offered

Product Key Details 
Savings Accounts
  • No balance requirement or monthly fee on basic savings account
  • Tiered interest rates
  • Four free-fee withdrawals per month
Certificates of Deposit
  • $100 minimum deposit
  • Higher interest rates than a savings account or money market account
  • “Add-on” CD allows for additional investments
Money Market Account
  • Minimum balance of $2,500 required to avoid monthly $10 fee
  • Variable interest rates
  • “Premier” option has higher balance requirement and pays more interest
Checking Account
  • Five account options available, with interest-earning abilities 
  • Low-fee options

Chemical Bank Interest Rate Comparison

Chemical Bank Overview

Chemical Bank may sound like an unusual name for a financial institution, but it makes perfect sense in Midland, Michigan, where the bank was founded. Midland has long been the home of numerous large chemical plants, and even today Dow, Inc. calls the city home.

Chemical Bank may have started out providing financial services to chemical companies and their employees, but it has since grown to become one of the largest banks in Michigan. It has 230 locations spread throughout the lower peninsula of the state, and a few additional locations in Ohio and Indiana.

Chemical Bank Account Features

With most of its personal banking accounts, Chemical Bank offers several options, ranging from a low-deposit, low-fee account, to a premium account with higher minimum balances and more features. In general, all accounts come with free online and mobile banking, and free ATM access at any Chemical Bank ATM. 

Compare Chemical Bank to Other Competitive Offers

Chemical Bank Savings Accounts: Classic Savings, Classic Savings - Minor, Community Savings and Midwest Savings

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • Midwest Savings: No monthly fee
  • Classic Savings - Minor: No monthly fee
  • All other accounts: $3 monthly fee, waivable with $300 minimum monthly balance
Current Terms and Rates
  • Midwest Savings
    • Account balances below $9,999: 0.05% APY
    • Account balances of $10,000 - $24,999: 0.15% APY
    • Account balances of $25,000 - $49,999: 0.20% APY
    • Account balances of $50,000 - $99,999: 0.05% APY
    • Account balances of $100,000 and over: 0.05% APY

Unlike many banks, Chemical Bank does not have any minimum deposit requirements to open a savings account. Even if you only have a few dollars, you can open an account and let those greenbacks start accumulating interest, without paying any monthly fees.

That being said, interest rates on Chemical Bank’s savings account are relatively low. The most basic account, called the Midwest Savings Account, offers interest rates of less than 0.10% on the first $10,000 in deposits. Still, its interest rates come in slightly higher than many large national banks like Chase or Bank of America.

Chemical Bank's other savings options, its Classic Savings and Classic Savings - Minor accounts, may have higher higher rates than the Midwest Savings Account. However, Chemical Bank only makes specific rate offers on those accounts at its local branches. The Classic savings account also charges a monthly fee, although pretty low and waivable. The Classic Savings - Minor account, for kids under 18 years old, doesn't charge a monthly fee at all.

There’s one other savings account option at Chemical Bank that bears mentioning. The Community Savings Account has no fees and no minimum deposit, but it also pays no interest. 

Chemical Bank Certificates of Deposit 

Key Features Details
Minimum Deposit $100
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but penalties for early withdrawals may apply.
Current Terms and Rates
  • 12 Month "Add-On": 0.50% APY
  • 15 Month: 0.50% APY
  • 18 Month: 0.50% APY
  • 24 Month: 0.50% APY
  • 30 Month: 0.55% APY
  • Raise-Your-Rate
    • 36 Month: 0.90% APY
    • 48 Month: 1.20% APY
    • 60 Month: 1.50% APY

The best opportunity for (relatively) higher interest rates at Chemical Bank is a certificate of deposit. Chemical Bank offers CD terms as long as five years, with rates up to 1.5%. Those rates are higher than the rates offered at a number of other Michigan banks, including Comerica.

There are a number of variations on the CDs available at Chemical Bank. It has an Add-On CD, which allows you to periodically increase the amount of money you have in your CD (most CDs are fixed once you open them). 

They also have a “raise-your-rate” CD, which allows you to make a one-time interest rate increase of up to 1%. This can be handy if you open a long-term CD and interest rates on CDs go up during your CD term.

Chemical Bank Money Market  and Premier Money Market Accounts

Key Features Details
Minimum Deposit $0
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with $2,500 minimum balance
Current Terms and Rates
  • Money Market Account
    • Account balances below $10,000: 0.05% APY
    • Account balances of $10,000 to $99,999: 0.15% APY
    • Account balances of $100,000 and over: 0.20% APY
  • Premier Money Market Account
    • Account balances below $10,000: 0.05% APY
    • Account balances of $10,000 - $49,999: 0.10% APY
    • Account balances of $50,000 - $99,999: 0.20% APY
    • Account balances of $100,000 and over: 0.40% APY

A money market account can offer higher interest rates than a typical savings account. At current rates, however, Chemical Bank’s standard savings account is actually the better deal than the money market account, with lower fees and interest rates that are equal to or higher than the money market account across the board.

If you are nonetheless interested in a money market account, make sure you have at least $2,500 to deposit. Below that amount, you will be charged a monthly fee of $10, which will easily wipe out any interest earnings.

Chemical Bank also offers a “Premium” money market account, which has a minimum balance requirement of $35,000 in order to avoid a $30 monthly fee. Rates on that account are somewhat higher at larger deposit amounts than on a regular money market account.

Chemical Bank ChemBasic Checking, Classic Checking and Green Checking Accounts

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • ChemBasic & Green Checking: No monthly fee
  • Classic Checking: $5 monthly fee, waivable with $500 daily minimum balance

You don’t need much to get started with a checking account at Chemical Bank. For its most basic account, fittingly named ChemBasic Checking, there is no minimum deposit and no monthly service fee. Even if you only have a few bucks in your pocket, you can open a checking account at Chemical Bank.

What will those few bucks get you? Aside from a safer spot for your money, you will have access to free online and mobile checking, online bill pay and the option to get a Mastercard debit card.

If you do open a checking account with a relatively low balance, be careful not to overdraw your account by writing a check that is a greater than your deposits or spending too much on your debit card. Chemical Bank charges overdraft fees (or insufficient funds fees) which can rack up quickly if you’re not careful.

Chemical Bank Advantage Checking

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $7 monthly fee, waivable with one of the following
  • $1,000 minimum balance
  • $1,500 minimum average balance
Current Terms and Rates 0.02% APY

If you want to earn a little interest on your checking deposits and have at least $1,000 to put away, Chemical Bank’s interest checking account might be a better option. The Advantage Checking Account has all the features of a regular checking account with a very small amount of interest on deposits.

The rate currently sits at 0.02%, which means you can expect to earn about 20 cents of interest annually for every $1,000 in deposits every year.

That’s not a lot of interest, but there’s not much of a downside if you are planning on having a few thousand dollars in your checking account anyway. The minimum deposit to avoid a monthly fee with the Advantage Checking account is $1,000. Below that threshold, you have to pay $7 per month to keep your account open.

Where Can I Find Chemical Bank?

Chemical Bank is based in Michigan, and that is where the vast majority of its branches and ATMs are located. It has branches throughout the lower peninsula, and a few additional location in northern Indiana and Ohio.

What Can You Do Online With Chemical Bank?

Chemical Bank’s website allows you to check your account balance, pay bills, access past transactions and transfer money between accounts. These same features are available on its mobile app, although users should be aware that the app has just 1.8 stars on the Apple app store. 

How Do I Access My Money?

There are a number of options to withdraw or view your money with Chemical Bank. As mentioned above, you can use the mobile app or website for a number of transactions. If you want to withdraw cash, you can do so at a branch, or at one of the bank’s ATMs. Withdrawing money from a non-Chemical Bank ATM will cost you several dollars in fees.

How Can I Save More Money With Chemical Bank?

If you want to increase your savings with Chemical Bank, a certificate of deposit is likely the best way to do so. Its CD rates are far higher than rates on savings accounts, money market accounts or interest checking accounts.

What’s the Process for Opening an Account With Chemical Bank?

You cannot open an account online with Chemical Bank. So if you want to open an account, you will have to visit one of Chemical Bank’s branches and talk to a banker. In order to get through the process quickly, make sure to have your Social Security number handy and bring some kind of photo ID. You should also have a check or cash to open your account.

What’s the Catch?

Chemical Bank has a number of low-fee, low-deposit account options for those who are new to banking or who don’t have a lot of money to save. However, interest rates on many of its accounts are quite low. 

Bottom Line

As one of the largest banks in Michigan, Chemical Bank provides a reasonable option for residents of the Great Lakes State. It has numerous personal deposit account options that require no minimum deposit and have no fees. On the other hand, many of these same accounts have fairly low interest rates. 

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