Best Banks and Credit Unions in Michigan for 2025
Earn up to 4.00% APY* & up to $50 or $400 with direct deposit*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.00% for up to 6 months with eligible direct deposit*
- $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
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Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
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APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet. -
Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. -
Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. -
ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time. -
Early Access to Direct Deposit Funds Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
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Overdraft Coverage Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi.
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0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Earn Up to 3.75% APY* with Barclays' Tiered Savings Account
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 4/14/2026
* Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC's National Rates and Rate Caps, accurate as of 09/16/2024.
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
*Boosted rate for 6 months; 3.75% APY after. Enter promo code CITBOOST for APY bonus. Rate as of 04/13/2026.
*For complete list of account details and fees, see our Personal Account disclosures
1 Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-ofday account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2 Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.
*Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends June 30, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
• New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
• The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
• Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
• Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
• Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
• Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
• The Platinum Savings APY Boost promotion may not be combined with other promotions.
• Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
o They are earning an APY over the standard rate.
o They participated in a cash bonus promotion in the past 6 months.
• Custodial accounts and accounts in the name of a Trust are not eligible.
• This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
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.
Best Overall: Chase
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.
- Highly-ranked for customer satisfaction
- CDs with much higher-than-usual APYs
- Accounts for kids and teens
- Monthly fees on most accounts
- Low APYs on savings accounts
- No money market accounts
Best for Savings Accounts: Capital One
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.
- No minimum deposit requirement
- No monthly fee
- Substantially higher-than-average APY on savings accounts
- No physical branches available
- Limited CD terms
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.
- Interest-bearing checking accounts available
- Multiple fee waivers
- Rewards checking options
- Lower-than-average APYs on savings accounts
- Monthly fees apply
Best Credit Union: Michigan First Credit Union
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.
- Higher-than-usual rates on CDs
- Free checking options
- Broad membership criteria
- Lower APYs on savings accounts
- High balance requirements for higher APY money market accounts
Best for CDs: Flagstar Bank
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.
- Much higher-than-usual APYs on CDs
- Low minimum deposit requirement
- High APYs on some savings accounts
- Paper statements require added fee
- Highest APY for savings account requires large balance
Compare Savings Accounts rates today
Up to 2-day-early paycheck
Earn up to 4.00% APY* & up to $50 or $400 with direct deposit*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.00% for up to 6 months with eligible direct deposit*
- $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
No monthly maintenance fees
Earn Up to 3.75% APY* with Barclays' Tiered Savings Account
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 4/14/2026
Open an account in 5 minutes
- With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
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.