Need some help finding the bank that works for you in Michigan? Options aren’t as complicated to find and compare as you might think. Keep reading through Benzinga’s guide for the best banking options in Michigan to help educate yourself for all of your financial and banking needs, and consider our partners like CIT Bank and Axos Bank.
Quick Look: Best Banks in Michigan
Best for Retail Automotive Financing: Huntington Bank
Founded in the heart of the midwest, Huntington Bank is a full-service financial shop with a focus on building a unique and communicative relationship with its clients, just like you. To meet your unique needs, Huntington serves its clients through a banking network of over 800 branches including 12 Private Client Group offices and over 1,400 ATM locations throughout the U.S.
Huntington provides the following:
- Commercial, small business and consumer banking services to boot
- Mortgage financing
- Treasury management and foreign exchange services
- Equipment leasing
- Wealth and investment management
- Trust services
- Brokerage services
- Customized insurance brokerage and service programs
Through partnerships with auto dealerships in select states, Huntington also provides commercial banking services to automotive dealers and retail financing for you when you make your next automobile investment.
Best for Saving: Axos Bank
Axos Bank is one of your best options for mobile and online banking, especially since GoBankingRates has named Axos Bank as having the best checking account of 2019. Axos’ goal is to help you reach your saving and spending goals faster with little to no fees and low interest rates for a purely digital banking experience.
Axos can help you save up with high yield money markets, high yield savings accounts and certificates of deposits (CDs). Axos high-yield money markets give you the security of traditional savings with higher, daily-compounded interest, no maintenance fees and no required minimum balance.
CDs through Axos Bank can give you higher returns with 0 risk a $1,000 minimum deposit. You can choose these CD terms between 3 and 60 months, and they are FDIC-insured to the max.
Best for Checking: Comerica Bank
Detroit’s own Comerica Bank has been serving communities like yours with a unifying commitment to diversity and inclusion, community involvement and environmental consciousness. Comerica has been serving Michiganders with personal banking, commercial banking and wealth management services for over 170 years. Plenty of services are offered here to help fit your needs and help you focus on financial goals, such as 3 extra rewards checking account options for your dedicated clientship, money market accounts with flexible check writing and loans for any need you could have as a student and homeowner.
Notable interest-bearing accounts like the Rich Rewards and the Premier Checking accounts, make you eligible for a statement savings account with no monthly fee, and can give you increased interest on new fixed-rate CDs and IRAs for a term of at least 1 year.
Best for Small Businesses: CIT Bank
CIT Bank is a notable online option for your banking needs as it is known for turning your ideas into outcomes. Aside from convenient personal services such as eChecking, a range of saving options, home loans and mortgages, CIT's commercial services help with lending, leasing and treasury management to small- and middle-market businesses across the country. These treasury management products aim to improve cash flow, reduce cost, improve productivity and protect businesses like yours against fraud.
If you’re on your way to successful entrepreneurship, CIT Bank is ready to help you build your business by putting your dreams and financial needs first. CIT can help finance your new equipment for up to $500,000, marketing and employee payroll through working capital up to $250,000 and equipment and technology upgrades through franchise financing up to $500,000, all within the same day or 24 hours after applying.
Best for Mortgages: Citizens Bank
As the 13th largest retail bank in the country, Citizens Bank delivers a broad range of financial services to over 5 million individual clients, businesses, nonprofits and institutions. Citizens Bank offers personal banking services such as savings accounts, checking accounts, credit cards, personal loans and notable mortgage options.
When you refinance with a Citizens Bank mortgage option, you get a loan best suited for you and expert advice each step of the way. With a fixed-rate mortgage, you can get a 30-year interest rate or a 15-year deal at a conveniently low interest rate and APR. Plus, you’ll get a 0.125% rate discount by setting up automatic payments from your Citizens Bank checking account.
Banking in the Mitten Made Simple
We hope you found our guide helpful for comparing Michigan banking options that work for you,. Remember to keep yourself educated on various options and the fees attached to financial products such as checking accounts, savings and mortgages. Also, make sure to check out more on our website about our awesome partners like Axos Bank and CIT Bank.
Frequently Asked Questions
Does my checking account pay me interest?
Generally speaking, as you’ve probably noticed from this and our other banking guides, regular checking accounts tend to give back very low interest. High-yield checking account options, such as rewards accounts, tend to offer higher interest but require you to maintain a higher balance. It’s always a good idea to check your bank’s deposit requirements and any disclosures to know what to expect with specific accounts.
Do I Have to pay for checks or replacement cards?
When you open an account your first supply of checks is usually complimentary, but you’ll likely need to pay for additional books after that. It’s also common for banks to charge you to replace your lost or stolen debit card.
To determine the best banks in Michigan, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Michigan with co-op ATMs and cash-back options. We also gave greater rankings to banks that offer the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources and a mobile app.
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