8 Best Banks In Michigan

Are you a Michigan resident that is looking for the best bank for your needs? Whether it’s personal, business, or student banking, these are the nine best banks in Michigan.
Updated December 2023
Fact checked by Cathy Gresham
An image of a credit union overlayed with a shape of the state of Michigan

Michigan is located in the upper Midwest of the United States and is in the Great Lakes region. It’s the 11th largest state in the union and the 10th most populated and includes Detroit, one of the most important cities in the country.

Around 10 million people live within the borders of Michigan and this means that there are millions of people that need a good bank to look after their money. Bills are becoming less common in modern society so having a checking account and card has become essential for most people.

Banks are also essential for anyone that runs a business or is hoping to start their own. Most banks have services especially for businesses to help with day-to-day cash flow and growth and they will also offer many commercial solutions.

Whatever you need a bank for, there is sure to be a bank in Michigan for you. In this article, we will look at the 8 best banks in Michigan and highlight their best products and services along the way.

1. Fifth Third Bank

For our first choice of bank, we’ve picked Fifth Third bank. The bank was created when Fifth National Bank and Third National Bank merged in 1909 and it has been a constant fixture in the Midwest ever since.

It has 170 branches in Michigan alone so you’re sure to find a branch in a convenient location for you.

Fifth Third has many different services that will appeal to personal customers. There are three different checking accounts to choose from and these are geared toward both people with a high level of assets and those without.

The Momentum Checking account requires no minimum balance or monthly service fee, making it accessible to all.

Best Features

  • 170+ branches in the state
  • Good range of checking accounts
  • Decent savings accounts

Best For

  • Accessible checking accounts

2. PNC Bank

Like Fifth Third Bank, PNC Bank is another brick-and-mortar bank that has over 140 branches throughout Michigan. In all, it has branches in 28 different states and also the District of Columbia as well as ATMs throughout the rest of the country.

PNC offers a service it calls a Virtual Wallet and this allows you to link your checking and savings accounts in a way that most other banks don’t. We highly recommend looking into this service if you are interested in opening both of these.

PNC Bank also has several services for small businesses as well. You can open a business account, get a business credit card, or set your business up to take credit card payments.

Best Features

  • 140+ branches in the state
  • Virtual Wallet linking service
  • Good local business services

Best For

  • Small and local businesses

3. Huntington Bank

Huntington Bank has one of the largest number of bank branches in Michigan as there are nearly 300 across the state. The bank offers a number of personal, business, commercial, and private banking services so there is sure to be something for everyone.

Many of the checking accounts such as the Asterisk-Free Checking account have no monthly fees or balance requirements. They also have fast deposit so in many cases, you can receive your pay a couple of days earlier.

Many of the different types of savings accounts have administration fees but these are often waived if you also have a checking account.

Best Features

  • 290+ branches in the state
  • No maintenance fees on many accounts
  • Fast deposit available

Best For

  • Anyone who doesn’t want to spend money on maintenance fees

4. Citizens Bank

Based out of Rhode Island, Citizens Bank is one of the largest banks in the country. There are over 70 across Michigan so you should always be able to find someone to speak to if you need to discover your finances.

The bank focuses on personal banking and small businesses and personal customers can get any loans or credit cards they need through the bank as well.

Many of the checking accounts have monthly maintenance fees but these can often be waived when conditions such as regular deposits are met.

There is also a student checking account for those under the age of 25 years old.


Best Features

  • 70+ branches in the state
  • Great student account
  • Maintenance fees can be waived

Best For

  • Students and young adults
9 Best Banks In Michigan

5. Flagstar Bank

This bank has over 110 branches in Michigan. It’s a regional bank that focuses on the Midwest and although there are online services, these are only available to existing customers so you can’t open an account online.

There is an entry-level checking account that has no monthly fee or minimum balance requirement so this account is open to all. The savings accounts do have monthly fees but in many cases, these are waived for customers with checking accounts as well.

Best Features

  • 110+ branches in the state
  • Entry-level checking account
  • Good online services for existing customers

Best For

  • People who are new to banking

6. Bank Michigan

Bank Michigan was founded in Onsted, MI, in the early 1900s and still has a branch there. It’s a small local bank with only three branches (Onsted, Brooklyn, and Ann Arbor) but is dedicated to serving the local community.

It offers a great number of online services so if you want a bank that is 100 percent Michigan but the three branches aren’t always convenient, you can still manage your banking online.

The bank offers two types of checking accounts which both require a fee to open and monthly fees to maintain.

There are a variety of savings accounts available, which include a Youth Savings Account and a Health Savings Account, so you can save money for your child’s future or any unexpected health costs.

Best Features

  • 3 branches in the state
  • Robust online services
  • Long Michigan history

Best For

  • Saving for a specific purpose

7. Ally Bank

Ally Bank is a purely online bank so it has no branches within the state of Michigan at all.

If you’re after that personal touch and want to speak with your bank staff face to face then Ally Bank isn’t for you, but if you’re comfortable with online banking it is definitely a bank you should consider.

Our favorite of Ally Bank’s services is the Online Savings Account. You can split your money into different “buckets” and this is a great way of keeping your money organized.

It gives a high-interest rate and you don’t need a minimum deposit to open the account. There are no monthly maintenance fees, either.

Ally does offer a decent checking account as well and you will get a debit card to allow you to access your money. There are ATMs everywhere that will give you paper money as well.

Best Features

  • High-interest saving accounts
  • Allows you to take control of your savings
  • High-quality online and mobile banking

Best For

  • High-interest savings

8. Bank Of Ann Arbor

For our final Michigan bank, we’ve picked one that is small and regional. It has less than 20 branches but is a community bank, so you’re sure to get great service.

If you’re not planning on moving out of Michigan any time soon and don’t need a bank that has national reach, it’s definitely a bank worth considering.

It offers most of the services that you need from a bank. Many of the checking accounts offered by the Bank of Ann Arbor require a deposit, however, and this is usually higher than other banks.

Many of the interest rates offered by this bank are decent and better than other banks with physical branches although they do require some monthly maintenance fees. The bank also offers some business services for small businesses such as loans and deposits.


Best Features

  • Community bank
  • High-interest rates for a physical bank
  • 15+ branches in the state

Best For

  • Anyone who wants a physical bank with high-interest rates

Final Thoughts

In this article, we introduced the 8 best banks in Michigan. We picked a wide variety of different banks that residents in Michigan can choose from, including national, regional, and online banks.

Although all of the banks offer a wide array of services and virtually all of them have both personal and business banking, some banks are better suited for personal than banking customers and vice versa. Other banks offer great interest rates for savings accounts and this is very typical of online banks.

The best bank for you will depend on what services you are looking for. If you prefer to speak to your bank in person, then look for one that has a branch in a convenient location for you. If you’re content with only using online and mobile banking then you will find some of the best rates in online-only banks.

Editor's Note:

At Personal Finance Guru, we want to help you maximize your lifestyle through personal finance. You can trust the integrity of our independent financial advice. Our opinions are our own and have not been provided, reviewed, approved, or endorsed by any advertiser or financial product provider. To support and grow the site, however, we may receive compensation from the issuers of some products.

John Wayman

John Wayman


John has always been fascinated by money, wealth, and investing. He got a front-row seat into how Ultra High Net Worth individuals, families, and entities manage their money while working for years in Goldman Sachs’ Private Bank. 

He learned a great deal about personal finance and wealth management from some of the most experienced professionals in the industry.

Now he enjoys helping all kinds of people grow their wealth and achieve their financial goals.

When he’s not advising clients, Cody enjoys playing golf and spending time with family and friends.