If you reside in Michigan and are searching for the finest savings account and want to leverage the rising interest rates, we have carefully compiled a selection of the leading savings accounts accessible in Michigan.
Whether you aim to save for a new car, an emergency fund, or a children's education, these accounts present attractive interest rates, minimal or zero charges, and user-friendly attributes.
Synchrony High Yield Savings
Savings APY
Minimum Deposit
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Fees
Residents of Michigan can also benefit from The Synchrony High Yield Savings account, which caters to the needs of savers by offering an array of features. With a competitive rate of 4.65% APY, it stands out as an appealing choice for individuals looking to save money. Notably, this account imposes no minimum balance requirements, providing added flexibility.
To enhance convenience, Synchrony offers an optional ATM card that enables account holders to access their funds without incurring fees at ATMs displaying an Accel or Plus logo. Moreover, Synchrony covers up to $5 per month for domestic ATMs, alleviating any concerns about additional charges.
Account holders have multiple options for accessing their funds, ensuring seamless and convenient transactions. Additionally, Synchrony provides a practical savings goal calculator to assist customers in planning and maintaining motivation as they work towards specific savings targets.
Discover Online Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
For residents of Michigan seeking to optimize their savings without the requirement of a physical bank branch, the Discover Bank Online Savings account presents an advantageous solution. It offers 4.25% apy while the interest calculations are performed daily and added to your account on a monthly basis. Importantly, maintaining this account does not entail any fees.
Additionally, Discover Bank provides a user-friendly mobile application specifically designed for Android and Apple devices. This intuitive app simplifies processes such as money transfers, balance inquiries, reviewing recent account activity, and even depositing checks. If you have a Discover checking account, you also have the option to configure automatic transfers to your savings account, streamlining the process of expanding your savings.
However, it is worth noting that this account does not include an ATM card, and the available savings tools are relatively straightforward.
UFB Premier Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
The UFB Direct Savings Account provides a very good opportunity for residents of Michigan who are seeking a maximize their savings. Boasting an impressive Up to 5.15% APY, it surpasses traditional banks and competes with leading online savings accounts. Furthermore, this account is devoid of maintenance fees or minimum deposits.
In addition, the account comes with an ATM card, enabling convenient access to funds at ATMs nationwide without incurring any fees. Moreover, the UFB Direct mobile app offers remarkable convenience, allowing users to review transactions, transfer funds, and even deposit checks without leaving the comfort of their homes.
UFB Premier Savings is yet another offering from UFB Direct, a digital bank specializing in online accounts and mortgages. Notably, UFB Direct operates under the umbrella of Axos Bank, a well-established entity in the realm of digital banking.
Ivy Bank High Yield Savings
APY Savings
Minimum Deposit
Promotion
Fees
Illinois residents can benefit from Ivy Bank's high yield savings account, which provides them with a highly competitive interest rate of 5.30%, as of September 2024. This rate surpasses even the top savings accounts available in the market, making Ivy Bank an excellent choice. While the minimum deposit required may not be exceptionally low, it remains a reasonable amount for the majority of customers.
Regarding withdrawals from the Ivy Bank Savings account, customers have various options, including eTransfer, domestic wire transfer, or requesting a Treasurer's Check. It's important to note that withdrawals can only be made payable to one or more of the account owners.
Ivy Bank operates as a division of Cambridge Savings Bank, a long-established Massachusetts state-chartered bank and Member FDIC. Since 1834, Cambridge Savings Bank has been dedicated to serving its customers, and with assets exceeding $6 billion, Ivy Bank was created to extend the same level of service nationwide.
American Express Savings Account
Savings APY
Minimum Deposit
Promotion
Fees
The American Express High Yield savings account offers a relatively high-interest rate and removes the requirement for a minimum deposit or maintaining a specific balance. Additionally, it does not impose monthly maintenance fees, ensuring a convenient experience with a quick setup and the ability to link multiple accounts.
The provision of 24/7 customer support and the added security of FDIC insurance ensures that customers receive both assistance and peace of mind. However, it's worth noting that the account does not grant access to ATMs or support mobile deposits, necessitating a third-party bank account.
Opening a savings account through the Amex website is a straightforward procedure, even for individuals who are not existing customers of American Express. Additionally, Amex extends its range of services to encompass checking accounts and competitive certificate of deposit (CD) options.
Wealthfront
Savings APY
Minimum Deposit
Promotion
Fees
For Michigan residents facing challenges when it comes to moving funds between their bank and investment platform, Wealthfront presents an ideal solution. Departing from the conventional banking model, Wealthfront provides a specialized account that combines attractive interest rates with the flexibility to contemplate your next investment move.
This account offers comprehensive benefits, including a debit card for convenient access to over 19,000 ATMs without any associated fees. It also facilitates online bill payments and provides the advantage of receiving direct deposits up to two days earlier. What sets it apart, however, is the exceptional interest rate it offers—currently 5.00% on all your deposited funds.
But that's not all—another exciting aspect is the ability to invest your surplus funds by seamlessly transferring them to your linked Wealthfront Investment Accounts.
Upgrade Savings Account
Savings APY
Minimum Deposit
Promotion
Fees
The Upgrade savings account is an appealing choice for residents of Michigan. This account offers a remarkable APY of 5.02% and does not incur any monthly fees. Individuals can open and fund an Upgrade Premier Savings account independently, without requiring a checking account.
Various methods are available to deposit funds into this account, such as regular ACH transactions, wire transfers, or setting up direct deposit with an employer. However, it is important to note that while the Premier Savings account is highly regarded, it lacks certain mobile-friendly features like check depositing via mobile devices or person-to-person money transfers.
Upgrade, a fintech company established in 2017, has rapidly gained a strong reputation for helping individuals achieve their financial objectives.
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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Can I Find Better Savings Accounts In Michigan?
Certainly! The savings account mentioned earlier is just one example of a wide range of account types available in Michigan and throughout the country. Banks and credit unions offer numerous choices for your consideration.
When you decide to open a savings account, comparing interest rates and considering other important factors is advisable. If you already have an existing banking relationship, it would be wise to inquire if they provide exclusive promotions designed for you.
That being said, the following savings accounts are undeniably outstanding options. They offer competitive APYs and generally do not have monthly fees. Additionally, each account provides unique features to cater to different savers.
These options can be particularly relevant for various individuals, such as young investors, those who need a one-stop shop bank, or those who prefer the convenience of online banking rather than visiting a physical branch.
Alternative Savings Accounts To Consider
Multiple financial institutions, including banks and credit unions, provide numerous options for individuals looking to save money.
As previously mentioned, a wide range of alternatives can be found both within Michigan and across the country. The following table highlights some of the top choices currently available for those in search of a savings account.
Bank/Institution | Savings APY | Minimum Deposit |
|---|---|---|
Laurel Road High Yield Savings | 5.00% | $0 |
Capital One | 4.25% | $0 |
Marcus | 4.40% | $0 |
CIT Platinum Savings | Up to 4.85% | $5,000 |
Citizens Access | 4.50% | $0.01 |
Bread Financial | 5.15% | $100 |
Lending Club | 5.00% | $100 |
Quontic | 4.50% | $100 |
Ally Bank | 4.20% | $0 |
SoFi | up to 4.50% | $0 |
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Best Savings Accounts In Michigan: Ranking Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Michigan . We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:
- Rates And Terms (40%): We examined the savings rates offered by Michigan -based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
- Savings Account Features (30%): This category assessed the range of features tailored to Michigan savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Michigan -centric options earned higher scores.
- Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Michigan Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
- Bank Reputation (10%): We considered the reputation of each Michigan -based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Michigan customers received higher scores.
