--- title: Best Banks and Credit Unions in Michigan for 2025 description: Money looked at dozens of financial institutions to find the best banks and credit unions in New York. editors: - name: Jordan Chussler role: Editor, Investing and Banking url: https://money.com/author/jordan-chussler/ bio: Jordan is an investment editor who specializes in topics ranging from traditional equities, retirement savings and income investing to alternative assets and commodities, specifically focusing on gold and other precious metals. He combines his personal interests and professional experience in finance and education to help readers increase their financial literacy and make better investment choices. Jordan is a Certified Personal Finance Counselor. education: Lynn University certifications: Certified Personal Finance Counselor at_money_since: 2023 articles: 131 covers: - Banking - Credit - Credit Cards - Economy and Politics - Housing - Identity Theft - Insurance - Investing - Loans - Mortgages - Personal Finance - Professional Services - Retirement also_seen_in: - Weiss Ratings - 24/7 Wall Street - Better Investing - Yahoo Finance - Nasdaq - Investing.com - Marketbeat - MSN Money social: - https://www.linkedin.com/in/jordan-chussler-b3597811/ published: '2024-10-08T15:08:53.000Z' modified: '2024-12-26T14:40:31.000Z' section: Banking tags: - Best - Best Banks 2024-2025 word_count: 704 canonical: https://money.com/best-banks-and-credit-unions-michigan/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Illustration of the state of MI](https://img.money.com/2024/09/Best-Banks-2024-Ranking-States-MI.jpg) ## Our Partners ### TOP PARTNER ![View Rates](https://s3.consumersadvocate.org/prd/image/image/19227/medium_5c3a0d96-3da5-45d8-8e99-d58f043e9433.png) Our Partner [View Rates](https://money.com/go/7b5992066f1c?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&bidid=4079612791&ptid=667296171&ptoken=fc49a3a37bb03118dc858574da52805a&zip=20149) **Earn up to 3.10% APY\* & up to $50 or $400 with direct deposit\*** - Limited Time Offer - +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.8 - $0 min. balance to earn APY - Open Checking & Savings Accounts with 1 Sign Up - Up to 2-Day-Early Paycheck3 - Access additional FDIC insurance up to $3M on deposits4 - No Account Fees5 & No-fee Overdraft Coverage6 \*Terms Apply **\[AFFILIATE LINK: Open SoFi Account Today\]** * * * ![View Rates](https://s3.consumersadvocate.org/prd/image/image/7510/medium_8a6feaaf-bb2a-4668-a20d-603241767f86.png) Our Partner [View Rates](https://money.com/go/caf954440653?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&bidid=4079612788&ptid=667296171&ptoken=17ceab065703269296d85181e869a7ab&zip=20149) **Earn up to 3.65% APY\* on qualifying balances with a Barclays' Tiered Savings account** - $200 Bonus with qualifying activities. Terms Apply. - No monthly maintenance fees - Easy direct deposits & online transfers - Member FDIC \*Rate as of 6/24/2026 **\[AFFILIATE LINK: View Barclays Offer\]** * * * ![View Rates](https://s3.consumersadvocate.org/prd/image/image/38558/medium_9a7de13e-ef66-4a9d-9afd-0d742334c0be.webp) Our Partner [View Rates](https://money.com/go/4e3d59415413?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&bidid=4079612794&ptid=667296171&ptoken=761125e5bf56bf72ce93b1f26541c9dc&zip=20149) **Earn 4.10% APY\* for 6 months with $5k min. balance** - $5,000 min. balance to earn top APY - $100 minimum deposit to open an account - No account opening or monthly service fees - Member FDIC \*Boosted rate for 6 months; 3.75% APY after. Enter promo code CITBOOST for APY bonus. Rate as of 07/01/2026. **\[AFFILIATE LINK: View CIT Bank Offer\]** * * * ![View Rates](https://s3.consumersadvocate.org/prd/image/image/35396/medium_03f248f6-d7f4-4da6-8f13-322fce5d1be2.webp) Our Partner [View Rates](https://money.com/go/268048933a8d?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&bidid=4079612797&ptid=667296171&ptoken=bd984d77d955fd18fc3e6851b08961c0&zip=20149) **Earn 3.80% APY\* with an Openbank High Yield Savings account** - $500 minimum opening deposit - Keep more of your money with no fees - Trusted device security with quick face or fingerprint login - Member FDIC, Santander Bank, N.A. \*Rate as of 8/24/2026 **\[AFFILIATE LINK: View Openbank Offer\]** 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****](#chase) - Best Overall - [****Capital One****](#capone) - Best for Savings Accounts - [**Comerica Banks**](#comerica) - Best for Checking Accounts - [****Michigan First Credit Union****](#mfcu) - Best Credit Union - [****Flagstar Bank****](#flagstar) - Best for CDs \**Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.* ## Open a High-Yield Savings Account today and start earning interest ### Take advantage of an FDIC insured, High-Yield Savings Account from SoFi®. Click on your state and find out more. [View Rates](https://money.com/pr/b6d40efa5682?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F) ## Best Overall: Chase ![](https://s3.consumersadvocate.org/prd/image/image/7495/large_dff023d1-5f3a-49fc-aedb-c13cafc62863.webp) [View Rates](https://money.com/pr/uacc6c66cc66?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&url=) [Chase](https://money.com/pr/i7be8f252370?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-banks-and-credit-unions-michigan%252F) 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. **Pros** - Highly-ranked for customer satisfaction - CDs with much higher-than-usual APYs - Accounts for kids and teens **Cons** - Monthly fees on most accounts - Low APYs on savings accounts - No money market accounts ## Best for Savings Accounts: Capital One ![](https://s3.consumersadvocate.org/prd/image/image/10557/large_faa620b8-68bc-44fa-9370-2f0937de3bab.png) [View Rates](https://money.com/pr/xe850cbf4680?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&url=) With [Capital One](https://money.com/pr/r3316d95513a?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-banks-and-credit-unions-michigan%252F), 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. **Pros** - No minimum deposit requirement - No monthly fee - Substantially higher-than-average APY on savings accounts **Cons** - No physical branches available - Limited CD terms ## Best for Checking Accounts: Comerica Banks [View Rates](https://money.com/pr/a0754b82ad0e?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&url=) [Comerica Bank](https://money.com/pr/b3f7840f3df2?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-banks-and-credit-unions-michigan%252F) 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. **Pros** - Interest-bearing checking accounts available - Multiple fee waivers - Rewards checking options **Cons** - Lower-than-average APYs on savings accounts - Monthly fees apply ## Best Credit Union: Michigan First Credit Union ![](https://s3.consumersadvocate.org/prd/image/image/25809/large_efd11d48-35c3-408b-9c8e-05e44ec1bebb.png) [View Rates](https://money.com/pr/qeb22b43a2ac?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&url=) Credit unions can be great choices for those looking for accounts with high rates and low fees. [Michigan First Credit Union](https://money.com/pr/ifa66093e3a8?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-banks-and-credit-unions-michigan%252F) 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. **Pros** - Higher-than-usual rates on CDs - Free checking options - Broad membership criteria **Cons** - Lower APYs on savings accounts - High balance requirements for higher APY money market accounts ## Best for CDs: Flagstar Bank ![](https://s3.consumersadvocate.org/prd/image/image/25594/large_0faff392-1384-4f96-8746-0d0aaeb18fd5.png) [View Rates](https://money.com/pr/n629a4144cfd?ap_referrer=%2Fbest-banks-and-credit-unions-michigan%2F&url=) [Flagstar Bank](https://money.com/pr/s18dd733ca59?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-banks-and-credit-unions-michigan%252F) 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. **Pros** - Much higher-than-usual APYs on CDs - Low minimum deposit requirement - High APYs on some savings accounts **Cons** - Paper statements require added fee - Highest APY for savings account requires large balance ## Compare Savings Accounts rates today ### Up to 2-day-early paycheck ![Sign Up](https://s3.consumersadvocate.org/prd/image/image/19227/medium_5c3a0d96-3da5-45d8-8e99-d58f043e9433.png) Our Partner [Sign Up](https://money.com/go/c245909484ce?bidid=4079612781&pmeta=p129-c561-u25621&ptid=667296169&ptoken=6c886c66c41d02f586ce7984d0961590) ### No monthly maintenance fees ![Sign Up](https://s3.consumersadvocate.org/prd/image/image/7510/medium_8a6feaaf-bb2a-4668-a20d-603241767f86.png) Our Partner [Sign Up](https://money.com/go/2c2e55e3406d?bidid=4079612780&pmeta=p129-c561-u25621&ptid=667296169&ptoken=6324c7b573f787ee8f501bbd91ee0c5c) ### Open an account in 5 minutes ![Sign Up](https://s3.consumersadvocate.org/prd/image/image/38558/medium_9a7de13e-ef66-4a9d-9afd-0d742334c0be.webp) Our Partner [Sign Up](https://money.com/go/1271493f168e?bidid=4079612782&pmeta=p129-c561-u25621&ptid=667296169&ptoken=7f0f2b6f894ad20b9fe26bbfdd265835) ### $500 minimum opening deposit ![Sign Up](https://s3.consumersadvocate.org/prd/image/image/35396/medium_03f248f6-d7f4-4da6-8f13-322fce5d1be2.webp) Our Partner [Sign Up](https://money.com/go/65b67be7b99c?bidid=4079612783&pmeta=p129-c561-u25621&ptid=667296169&ptoken=f55360fe1501663b1a7c4caf8afedf09) ## 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. 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