Best Banks and Credit Unions in Michigan

Michigan is home to hundreds of banks and credit unions. If you're thinking of opening a new bank account in the Great Lakes State but have trouble figuring out which is right for you, Money can help.

We researched the top financial institutions in the state by analyzing account offerings, annual percentage yields (APYs), rates and fees to identify the best banks and credit unions in Michigan for 2024-2025:

• Chase - Best Overall
• Capital One - Best for Savings Accounts
• Comerica Banks - Best for Checking Accounts
• Michigan First Credit Union - Best Credit Union
• Flagstar Bank - Best for CDs

*Rates and APYs are subject to change. 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, as well as high-yield CDs. Plus, it's one of the top-ranked banks in the country for customer satisfaction. The bank has powerful digital and mobile banking tools, and you can take advantage of low fees on accounts for kids and teens.

However, Chase charges monthly fees on checking and savings accounts, and the APYs on its savings accounts tend to be quite low, so you can likely find a higher rate with another bank.

With Capital One, you can open a high-yield savings account without worrying about meeting minimum deposit requirements, and there are no 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 a great option for growing your money.

Be mindful, though, that Capital One doesn't have any physical branches, so it's best for those who prefer digital or mobile banking. Capital One does offer high-yield APYs on its CDs, but it has more limited CD terms than other banks.

Comerica Bank has several checking account options, including a basic, low-cost account for those just starting out. However, it has more complex options, including a interest-bearing checking account and premium accounts that include discounts on loans and interest rate 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 may want to open a savings account with another bank to earn the highest APY possible.

Credit unions can be great choices for those looking for accounts with high rates and low fees. Michigan First Credit Union is no 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 within the state, making it easier to join than most.

However, the credit union has lower APYs on savings accounts, and if you want a money market account, you need to keep six figures in your account to earn the highest APY.

Flagstar Bank offers much higher-than-average rates on CDs, and it has a broad range of CD terms to choose from. Plus, you can 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 a good option for your emergency fund.

But only those who keep substantial amounts in their accounts will qualify for the highest-advertised APYs. Additionally, if you opt for paper statements, you'll have to pay an added fee.

How we chose the Best Banks of 2024-2025

To determine our list of best banks for 2024-2025, Money evaluated hundreds of the largest 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 determine our top picks.

To select the banks and credit unions in Michigan for 2024-2025, we researched leading banks and credit unions operating within the state. We compared their available accounts, fees, deposit minimums and interest rates to identify the top choices.

You can read our full methodology here.

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