Are you a resident of Michigan looking for the best financial institutions to save your money, check out his post to find out the best banks in the state.
Generally, there are many banks in the state of Michigan that offer financial services to customers. When it comes to finances, searching for the best and most reliable institutions is important.
It’s safer banking with bigger banks rather than smaller ones. It all comes with benefits and assurance that your money is safe when you choose to bank with a reliable financial institution.
So, the question is, what are the best banks in Michigan? How do we determine if a bank will safeguard our funds?
In a moment, we will list the best banks in Michigan but first, we have to look at how to determine the best financial institutions in Michigan.
How to Determine the Best Banks in Michigan
Generally, there are several factors to consider when searching for a reliable bank to entrust your funds. Conducting a little research about a particular bank and getting customers’ reviews is one way to identify a good bank.
Customer service is another factor to consider and what is more important is the size of the bank. If anything were to happen to your bank, are you going to get your money back?
These factors are just a few things to consider to identify the best banks.
Now according to SmartAsset, searching for the best banks in Michigan involves looking at the top 15 financial institutions in the state based on the number of branches.
Looking at the outcome, the best national or regional banks for residents of Michigan provide easy access to an automated teller machine or a branch.
Other factors considered also include favourable interest rates and low fees.
Also Read: 10 Best Banks in Tennessee in 2024
10 Best Banks in Michigan
Here are the ten best banks in Michigan and what they offer to their customers. Most of the banks on this list are also top financial institutions in states like Colorado and Arizona.
#1. Ally Bank
Ally Bank is arguably one of the best banks in several states across the United States. With Ally’s Online Savings Account, you have fewer worries, as things are easier.
Now if you are thinking about a minimum initial deposit to own an account, the truth is there isn’t any. Yes, there is no minimum initial deposit needed to open an account.
That is not all Ally Bank has to offer for a savings account. The bank offers account holders more than an average of 3.40% APY with daily compounding interest.
Additionally, account holders are not required to pay any monthly maintenance fee.
At Ally Bank, accounts with a minimum daily balance just above $15,000 will receive a 0.25% APY and customers whose accounts are below that amount will get a 0.10% APY.
Ally Bank provides a debit card to customers once they open an account. You can purchase items and withdraw cash from ATMs with your debit card.
Ally Bank partnered with the Allpoint ATM network, so this means you can visit any of the 55,000 U.S. and International ATMs.
#2. Chase Bank
Next on the list of the best banks in Michigan is Chase Bank.
Chase Bank is a national bank that offers customers easy access to a branch or an ATM. Residents of Michigan should have no problem locating any of the 240 branches of Chase Bank across the state.
Chase Bank is not only found in Michigan. Out of the 50 states in the country, Chase Bank has a branch in 25 states.
Chase offers accounts that suit the financial situation of every citizen it offers simple savings accounts.
All savings and checking accounts offered by Chase have a monthly service fee. Depending on the account of the customer, the fee ranges from $4.95 to $35.
Now, if you are concerned about this fee, you can have it waived by meeting a minimum account balance. Or you can complete a certain number of transactions per statement cycle to have these fees waived.
Do not expect to get the best rates on interest-earning accounts as Chase Bank does not offer any. This is because of the bank’s size and the cost of maintaining thousands of ATMs and branches worldwide.
The bank’s 120-month CD carries a 0.01% APY and Chase basic savings accounts also have a 0.01% APY.
#3. Huntington Bank
Huntington is one of the best banks in Michigan with a large presence in The Great Lake State.
If you are a resident of Michigan, you can easily find any of the 330 branches of Huntington Bank in the state. ATMs are also easy to access provided you live or visit the state of Michigan more often.
Besides having over 300 branches in Michigan, Huntington Bank can also be found in states like Ohio, Pennsylvania, Illinois, West Virginia, Kentucky, and Wisconsin.
Huntington Bank has a mobile banking app and it also allows customers to access their accounts online.
Huntington is one bank that offers the best interest rates. These rates are reserved for accounts with high balances and customers that link accounts together.
For instance, the Huntington Money Market Savings Account comes with a 3.56% APY. However, you can only receive this offer when you link the Money Market Savings Account with a Huntington Platinum Perks Checking Account and you must have a balance of $25,000 or above.
#4. CIT Bank
Residents of Michigan and those who do business in the state can rely on CIT Bank.
To open a CIT Bank Savings Builder account, all you need is a minimum deposit of $100. The Savings Builder Account also comes with a 1.00 APY.
Now, there is a requirement to maintain this rate and it involves depositing a minimum of $100 every month or keeping an account balance of $25,000 or above.
Customers who are unable to meet these stipulations will receive a 0.40% APY.
Generally, CIT Bank does not have or operate any physical branch, meaning customers will only access their accounts through the bank’s website and mobile app.
Feel free to download the bank’s app available online for Android and Apple users.
#5. Independent Bank
Independent Bank is one of the best banks in Michigan.
The Independent Bank Eagle Saving account is designed to assist customers in growing their money at a good rate in a standard savings account.
Now the interest rates vary based on balance tiers. The lowest rate offered is 0.01%, while the highest is 0.75%.
Customers with account balances below $10,000 will receive a 0.01% APY and those with an account balance of up to $250,000 will earn a 0.75% APY.
To open an Eagle Savings account, all you need is a minimum deposit of $50. Keep in mind that this account has a $12 monthly service fee. With a minimum daily balance of $300, the monthly service fee will be waived.
Independent Bank has about 65 branches across the state of Michigan. If you are a resident of Ohio, you can find residential loan offices in places like Akron and Columbus.
Also Read: 10 Best Banks in Arizona in 2024
#6. Best Customer Service: Chase Bank
Chase comes third just behind Wintrust Bank and First National Bank of Omaha in terms of the best banking customer service.
Residents of Michigan can rely on Chase when it comes to the best banking customer service. Besides the size of Chase Bank, this shows a good reputation and it’s also an advantage.
So when you walk into any of the 240 branches across Michigan, expect warm customer service from the staff working at Chase. Millions of customers banking with Chase Bank worldwide also get the best customer service.
Locating a branch or an ATM is not that difficult once you have the bank’s mobile app or can access its website.
#7. Huntington Bank Asterisk-Free Checking Account
As a resident of Michigan who wants to find the best banks in the state, try the Huntington Bank Asterisk-Free Checking Account.
Now if you are wondering what this account has to offer to you as a customer, allow me to explain.
Huntington Bank Asterisk-Free Checking Account offers what is known as a simple approach to checking accounts. As an account holder, you don’t have to worry about paying any monthly maintenance fee or any other fee for account statements, be it online or in writing.
It’s a checking account that is easy to open as it does not require any minimum deposit. The fee you have to be worried about is when you use a non-Huntington ATM.
The cost for doing that is $3.50 per transaction, while an overdraft costs about $15.
#8. Best High Yield Checking Account: Huntington Platinum Perks Checking Account
Residents of Michigan can get the best interest rate on a checking account with the Huntington Platinum Perks Checking Account. A 0.03% APY is up for grabs and what is more interesting is that the rate applies to every account balance.
They are not reserved for balances with thousands of dollars.
Owning this account helps boost a customer’s Huntington Saving or MMA by 15%, provided the customer links the two accounts.
This Huntington Platinum Perks Checking Account comes with a high monthly fee. Account holders are required to pay a monthly fee of $25 or they can prevent paying this fee if they maintain a minimum balance of at least $25,000 or above.
#9. Best for Students: Chase Bank
If you are a student in Michigan searching for the best banks with great benefits, then you should consider Chase Bank.
When you open any of the Chase student checking accounts, you have more to enjoy. The Chase High School Checking account is available to students from 13 to 17 years old.
The account has no huge perks so you should not expect any as a student. However, Chase Bank allow students to access their accounts through online and mobile banking means.
To open the Chase High School Checking account, high school students are required to provide an adult co-owner, someone who has a Chase checking account.
High schoolers must be between the ages of 13 to 17 if they want to enjoy the free monthly service fee.
Chase College Checking account is also available to college students between 17 and 24 years old. Depositing or maintaining a minimum balance of $5,000 in your Chase College Checking account will waive the $6 monthly service fee.
Also Read: What Banks Are Open on Sunday?
#10. PNC Bank
PNC Bank completes the list of the best banks in Michigan.
As of 2021, PNC Bank has a total of 2,629 branches across the United States. Some of these branches can be found in the state of Michigan, including ATMs owned by PNC Bank.
Headquartered in Pittsburgh, Pennsylvania and operating in 27 states (including Washington D.C.), PNC Bank is on the list of largest banks in the country by assets.
The total of PNC Bank as of 2022 is about $577 billion.
Conclusion
Financial institutions are responsible for protecting customers’ funds. It’s safer to bank with bigger banks than smaller ones generally.
Banks should offer more than just saving customers’ finances. The banks we have listed here offer more than just saving your money.
We hope this post on the best banks in Michigan was helpful.
