The diverse banking landscape in Michigan offers a plethora of options, spanning from local banks to national and online entities.
To pinpoint the optimal bank, we meticulously evaluated vital factors. Assessing the extent of physical branches, product diversity, deposit interest rates, online banking efficiency, and the standard of customer service and support.
Best Michigan Regional Banks
Here are our top picks for regional and community banks in Michigan:
Fifth Third Bank
Checking Fees
Money Market APY
Savings APY
CDs APY
Fifth Third Bank maintains a robust presence in 110 cities, boasting nearly 150 branches across the state of Michigan.
The bank provides a comprehensive range of financial products, including diverse checking and savings accounts, loans, credit cards, mortgages, lines of credit, and investment opportunities. One of the bank's notable advantages lies in its offering of low or no monthly fees for checking accounts, coupled with low minimum deposit requirements.
Additionally, customers can benefit from easy access to a wide network of fee-free ATMs. Although customer service representatives may not be available around the clock, they remain reachable even on weekends.
For those prioritizing the highest interest rates on their accounts, it might be prudent to explore other banks, as both money market accounts and savings accounts at Fifth Third Bank offer comparatively lower rates.
Huntington Bank
Checking Fees
Money Market APY
Savings APY
CDs APY
Huntington Bank, a prominent regional financial institution in Michigan, boasts an extensive network of 300 branches spread across 190 cities.
A key advantage it offers is a fee-free basic checking account, empowering customers to manage their finances efficiently. The bank's all-day deposit feature facilitates swift and convenient fund transfers, enhancing customer convenience. Furthermore, the 24-hour grace period on overdrafts proves valuable, granting clients some flexibility when they inadvertently overspend.
Nevertheless, there are noteworthy downsides to consider. Huntington's interest rates on accounts are relatively modest, potentially diminishing the potential earnings on deposited funds.
Moreover, certain interest-bearing checking accounts impose high minimum balance requirements, limiting accessibility for individuals with limited financial resources seeking to avail themselves of these opportunities.
Comerica Bank
Checking Fees
Money Market APY
Savings APY
CDs APY
Comerica is a full-service bank providing a wide array of financial solutions, such as deposits, loans, credit options, investments, and insurance products.
Although it primarily operates as a traditional brick-and-mortar bank, certain services may require in-person visits for account openings. In Michigan alone, Comerica boasts an extensive network of over 170 branches spread across 75 cities. The bank has received acclaim for its mobile app, highly praised by both iOS and Android users.
Nevertheless, customers should be mindful that, akin to other physical banks, Comerica tends to offer lower interest rates on savings and may impose various fees to cover expenses. Although some fees can be waived, charges may be applicable in the long run. While CD accounts cannot currently be opened online, digital alternatives are available for opening savings and checking accounts.
Despite adhering to regular business hours, Comerica goes the extra mile to accommodate customers beyond closing time. They offer a 24/7 interactive voice-response service that caters to different time zones, and during weekdays' office hours, live agents are available to assist customers.
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