There are several good banks in Michigan to consider banking with, depending on your needs and preferences. Here are some of the best Michigan banks to bank at:
Huntington Bank
Huntington Bank is a popular bank in Michigan that offers a range of banking products and services, including checking accounts, savings accounts, loans, and credit cards. They have a large network of branches and ATMs throughout the state, making it easy to access your money.
The bank offers a range of financial products and services to individuals, small businesses, corporations, and other organizations. These include personal and business banking services, wealth management and investment services, mortgage and home equity loans, and credit cards.
Huntington Bank is known for its 24-Hour Grace® overdraft fee relief program, which automatically waives overdraft fees on accounts that are overdrawn by less than $50 if the account is brought back to a positive balance within 24 hours. The bank also offers a range of digital banking services, including online and mobile banking, mobile deposits, and account alerts.
As of 2021, Huntington Bank had over 1,000 branches and approximately 12,000 employees. It is a subsidiary of Huntington Bancshares Incorporated, which is listed on the NASDAQ stock exchange under the ticker symbol HBAN.
Flagstar Bank
Flagstar Bank is another popular Michigan bank that offers a range of banking products and services, including checking and savings accounts, loans, and credit cards. They have a large network of branches and ATMs throughout the state and are known for their excellent customer service. A friend who owns a Marquette, MI Crane Rental company told me he has banked at Flagstar for more than 22 years.
Flagstar Bank offers a wide range of banking and financial services to consumers, small businesses, and commercial clients, including checking and savings accounts, loans, credit cards, investment services, and insurance. The bank is also a leading provider of mortgage lending services, including refinancing and home equity loans.
In addition to its retail banking operations, Flagstar Bank also provides banking services to mortgage brokers and correspondents, as well as servicing for third-party investors. The bank is publicly traded on the New York Stock Exchange under the ticker symbol FBC.
Ally Bank
Ally Bank is an online bank that is popular with Michigan residents due to its competitive interest rates and low fees. They offer a range of banking products, including checking and savings accounts, as well as investment and retirement accounts.
One of the primary advantages of Ally Bank is its competitive interest rates. Ally Bank offers high yields on savings accounts and CDs, which can help customers earn more on their deposits. Additionally, Ally Bank does not charge monthly maintenance fees or require minimum balances, making it an accessible option for those who want to avoid fees.
Ally Bank also offers a user-friendly online banking platform, mobile app, and 24/7 customer service, which can make it easy for customers to manage their finances and get assistance when needed.
However, as an online-only bank, Ally Bank does not have physical branches where customers can visit in person. This may not be a problem for those who prefer to do their banking online, but it may be a disadvantage for those who prefer a more traditional banking experience.
Chemical Bank
Chemical Bank is a regional bank that is headquartered in Michigan. They offer a range of banking products and services, including checking and savings accounts, loans, and credit cards. They have a large network of branches and ATMs throughout the state and are known for their excellent customer service.
Chemical Bank was known for being an innovative bank, introducing many new financial products and services over the years. For example, it was one of the first banks to offer personal loans and installment credit, and it was an early adopter of automated teller machines (ATMs).
In addition to its banking operations, Chemical Bank was also known for its philanthropy. The bank established the Chemical Bank Foundation in 1953, which provided funding for education, health care, and community development projects in the United States and around the world.
Fifth Third Bank
Fifth Third Bank is a national bank that has a strong presence in Michigan. They offer a range of banking products and services, including checking and savings accounts, loans, and credit cards. They have a large network of branches and ATMs throughout the state and are known for their competitive interest rates.
Fifth Third Bank is one of the largest banks in the Midwest and operates over 1,100 branches in 10 states, primarily in the Midwest and Southeast regions of the United States. The bank offers a wide range of financial services to individuals, businesses, and government entities, including personal banking, business banking, wealth management, investment advisory services, and more. Fifth Third Bank is also known for its commitment to sustainability and social responsibility, and has received numerous awards and recognition for its efforts in these areas.
Ultimately, the best bank for you will depend on your individual needs and preferences. It’s important to shop around and compare the features and fees of different banks to find the one that best meets your needs.