2017 RANKING OF THE BEST BANKING FIRMS


Finding the Best Bank in Michigan

As you diligently conduct your research and shop around for the best banks in Grand Rapids, MI, or the rest of the state, we are pleased that you’ve come across our article.

At AdvisoryHQ, we believe that our stringent selection methodology allows us to understand which banks in Detroit and surrounding areas offer the kind of service and excellence you deserve.

It’s too easy these days for Michigan banks to slip extra fees and unfair stipulations into the fine print; without the help of a carefully-trained eye, you may not notice these pitfalls until it’s too late!

As you become familiar with our list of the top 11 best banks in Michigan, keep in mind which of the services offered by each bank are most important to you. Are you in the market for a list of Warren banks that can handle your business’s financial workload?

Top 11 Banks in Michigan-min

Are you trying to find the best bank in Detroit to help you save for your children’s college education? Perhaps as you search through our list of the best banks in Michigan, you are just trying to find a simple checking and savings account to fit your everyday needs.

No matter what the case may be, we are confident that there are some great Michigan banks on our list that can satisfy, and even surpass, your banking needs. Read on.



AdvisoryHQ’s List of the Best Banks in Michigan

List is sorted alphabetically (click any of the names above to go directly to the detailed review section for that bank)


Top 11 Best Banks in Michigan
(List is sorted alphabetically)

Bank

Location

Bank of America

Eastern/Central, MI

Chemical Bank

Northern, MI

Citizens Bank

Southeast, MI

Comerica Bank

Various locations in MI

Fifth Third Bank

Most areas in MI

FirstMerit Bank

Various locations in MI

Flagstar Bank, FSB

Various locations in MI

Independent Bank

Eastern, MI

JPMorgan Chase Bank

Most areas in MI

PNC Bank

Central

The Huntington National Bank

Various locations in MI


Don't Miss: High Yield Bank Accounts


Methodology for Selecting the Best Banks in Michigan

What methodology did we use in selecting this list of best banks in Michigan?

Using publicly available sources, AdvisoryHQ identified a wide range of Grand Rapids banks, banks in Detroit, Warren banks, and beyond.

We then applied AdvisoryHQ’s “Breakthrough Selection Methodology” to identify the final list of the best banks in Michigan.

Click here for a detailed review of our methodology: Methodology for Selecting Top Banks & Credit Unions.


Detailed Review – Top Ranking Banks in Michigan

Here, you will find detailed reviews of each Michigan bank that has been selected to be on our list of the best banks in Michigan.  We have highlighted some of the factors that allowed these banks to score so highly in our selection ranking.



Chemical Bank Review


Chemical Bank is a home-style bank founded in 1917 and remains the second largest bank headquartered and operating within the state of Michigan. They have over 175 branches throughout 47 counties and hold $9.3 billion in assets. Clients of all types can take advantage of Chemical Bank’s personal and business checking, savings, credit cards, loans, and custom-tailored wealth management services.

Key Factors that Enabled This Firm to Rank as a Top Banking Firm

The following is a listing of key factors that allowed Chemical Bank to rank as one of the top 11 banks in and around Michigan.

Personal Checking Options

Chemical Bank offers a variety of personal checking account options which make banking simpler than ever. Get only the services you need and none of the ones you don’t. Here’s a look at your options:

  • Advantage Checking: An interest-earning account to help you grow your money.
  • ChemBasic Checking: No minimum balance and no service charges when you use eStatements.
  • ChemPlus Checking: The account for individuals 55 years and older.
  • Classic Checking: Offers a low minimum balance and no per-check charge.
  • Green Checking: Paperless banking and 24/7 electronic access to your funds.

Business Checking Advantage

Businesses tend to vary in their needs — even more than individuals. To help your business grow and thrive and operate at its best, Chemical Bank has honed their craft to offer five unique business checking account options that are sure to get the job done. Check out the key benefits of each below:

  • Business Checking: Earn credit while you bank!
  • Business Checking II: For businesses with multiple locations.
  • Business Interest Checking: Get all the banking features you need while you earn interest on your money.
  • Business Interest Checking Plus: A high-yield interest earning option for your business.
  • Interest on Lawyer Trust Accounts (IOLTA): Earn interest with highly competitive rates.

Comprehensive Lending Services

When it comes to lending, Chemical Bank has been there a time or two, you could say. With over 100 years of lending under their belts, they have several options and tools available to you, whether you are looking for a personal or business loan. Let’s take a look at what exactly your loan options are:

  • Mortgage loans
  • Personal loans
  • Auto loans
  • Boat and RV loans
  • Tractor and trailer loans
  • Home equity loans
  • Lines of credit
  • Other secured loans
  • Working capital lines of credit
  • Equipment loans
  • Commercial real estate lending
  • Small Business Administration (SBA) lending
  • Agricultural lending
  • Credit cards

Additionally, here’s a brief look at current mortgage rates based on variable terms:

Chemical Bank Rates Review-min

Mortgage rates

Leading Wealth Management Services

With Chemical Bank, there’s no need to take your business elsewhere when looking for quality investment and wealth management services. They employ a team of highly skilled individuals who can lend expert knowledge to your financial needs through a client-centered approach. Growing, protecting, and preserving your wealth has just become a lot easier through the following comprehensive services:

  • Investment management
  • Private banking
  • IRA services
  • Financial planning
  • Brokerage services
  • Insurance
  • Trust and estate services

Other Useful Services

As a client, you’ll find it quick and easy to get things done with the following convenient services:

  • Title services
  • Purchase bank-owned properties
  • Financial calculators
  • Switching to chemical bank made easy
  • Points of interest newsletter
  • Chemical Bank races
  • Cash management 
  • Governmental banking


Citizens Bank Review


As the 13th largest retail bank in the United States, Citizens Bank gives customers a variety of financial services with a goal of delivering simplicity and quality above all else. They proudly offer banking, investing, and lending services to individuals, companies, non-profits, and institutions. Wholesale banking products, debt syndication, and treasury services are also among Citizens Bank’s key specialty services.

Key Factors that Enabled This Firm to Rank as a Top Banking Firm

Below is a list of contributing factors that allowed Citizens Bank to rank as one of the top 11 banks in and around Michigan.

The Checking Standard

Choosing the right checking account should reflect your financial needs and your overall goals. Do you want to minimize pesky fees? Grow your money through an interest-bearing account? Citizens Bank has you covered with the following accounts:

  • One Deposit Checking: A simple and clear checking account. One monthly deposit assures your checking fees are waived, and you still get all the great benefits of banking with Citizens Bank.
  • Value Checking: Low maintenance fee, paper statements, and checks. Get more for your money.
  • Personal Checking with Interest: All the basics you would expect, with the added value of accumulating interest.
  • Circle Gold Checking with Interest: Earn rewards, discounts, and preferred rates as you earn interest on your money.

Grow Your Savings

Staying on track with your savings is a little easier when you have customized options for managing your savings. Citizens Bank customers can enjoy:

  • Green Savings: Set savings goals and earn rewards for enrolling in the GoalTrack Savings program. 
  • Circle Gold Savings: Join together with your Circle Gold Savings account to really compound your earnings.
  • CollegeSaver: The future is bright and your child's education is important. Earn $1,000 when your child turns 18 (conditions must be met).
  • Citizens Bank HomeBuyer Savings: Saving for a home just got easier. Receive a $1,000 credit once you meet all program requirements.

Home Borrowing

As if buying a home isn’t complicated enough, don’t let yourself get weighed down by a heavy interest rate or hidden loan terms. Citizens Bank puts you front and center through the whole process and turns a long-term contract into a great partnership. Clients have the option to:

  • Buy a home
  • Refinance
  • Use home equity

And they can do so through:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Jumbo mortgages
  • First lien position home equity loans
  • HELOC (Home Equity Line of Credit)
  • Capped-rate home equity line of credit
  • Home equity loans

The following is a look at current rates for a Fixed Rate Mortgage based on 15-, 20-, and 30-year terms:

Citizens Bank Rates Review-min

Citizens Bank

Rewarding Credit Cards

Build your credit or keep a safety net within reach in case of emergencies. With a Citizens Bank Cash Back Plus World MasterCard or Clear Value MasterCard, you'll enjoy a 0% introductory APR, low rates,  unlimited 1.5% cash back rewards (for Cash Back card), and no annual fees. Applying is easy and can be done online.



Flagstar Bank (FSB) Review


As a full-service bank headquartered in Troy, Michigan, Flagstar Bank (FSB) has been in business since 1987. While having been around a relatively short time in comparison to many other banks, they are worth taking into consideration due to their community roots and excellent banking services and wide range of banking products. Additionally, FSB has worked with assets in the range of $13.7 billion and stands as the fifth largest savings bank in the country.

Key Factors that Enabled This Firm to Rank as a Top Banking Firm

Take a look at this listing of main factors that enabled Flagstar Bank (FSB) to rank as one of the top 11 banks in and around Michigan.

Grounded Through Principle

In order to offer clients a unique banking experience, FSB believes in the importance of creating lasting relationships with their clients and standing by a clear vision propelled forward by a set of guiding principles. One look lets you know they have a strong desire to view things beyond the numbers. These guiding principles include:

  • Hiring great people and giving them the tools to become even better.
  • Teamwork is a choice. So they choose to remove the “I” to build the “We.”
  • They believe that banking should always be personal, private, and secure.
  • They build products that make sense because they’ve asked, “Does this matter to our customers?”
  • Local means everything.

Personal Checking Solutions

With three checking options that allow you the freedom to build your account around your needs, you can rest assured you are getting all the features you need, and none of the ones you don’t. All checking accounts are equipped with the power of:

  • Online banking
  • Online bill pay
  • Mobile banking
  • Mobile check deposit
  • Free ATM access
  • Free Red Wings Branded Visa Debit Card

Furthermore, here’s a look at FSB’s personal checking account options and their key features:

  • Red Wings Checking: A great way to start off with attractive features such as online or paper statements, no monthly fee, overdraft protection, and preferred rate discounts on personal loans.
  • Power Play Checking: Earn interest on your balance, get access to great online money management tools, receive a free mortgage review, and more!
  • Hat Trick Checking: Also earns interest while waiving your loan origination fee for HELOCs (Home Equity Lines of Credit).

The Positive Lender

Taking out a loan to buy a new house or a new car should be an exciting time, not one filled with worry, doubt, and hidden fees. FSB offers a variety of loan options that can help you make your dreams a peaceful reality. Personal and business loans are available for:

  • Home mortgages
  • Refinancing
  • Home equity loans
  • Boat loans
  • Auto loans
  • Motorcycle loans
  • RV and snowmobile loans
  • Conforming and nonconforming mortgages
  • Government loans
  • Credits cards
  • Business loans
  • Business lines of credit
  • SBA loans
  • Commercial m0rtgages
  • And more!

The following is a look at current rates for 30-year, 15-year, 5/1 ARM, and 30-year FHA mortgages:

Investments Strategies that Work

FSB is a seasoned expert when it comes to helping you manage your investments. Through years of direct contribution and a keen sense of market trends, they are able to help you form strategies that yield greater returns on your long-term investments. Investment solutions are tailored for:

  • Traditional IRAs
  • Roth IRAs
  • Coverdell Educational Savings Accounts
  • Personal and business money market accounts
  • Personal and business certificates of deposit
  • Health savings accounts

Commercial and Institutional Banking

FSB offers trusted banking services on a commercial and institutional level that are tailored to meet the needs of Michigan-based businesses. Commercial and institutional banking products include:

  • Lending services
  • Treasury management
  • Payables and receivables
  • Fraud protection
  • Information reporting
  • Sweep services 
  • And more!


Independent Bank Review


As an institution that has been serving clients for an amazing 150 years, Independent Bank strives to go beyond what people expect and deliver the unexpected. This means trust, focus, and doing whatever it takes to meet your needs. Independent Bank gives clients the power of both personal and business banking solutions, and they have over $2.4 billion in assets to back up their expert knowledge and outstanding service.

Key Factors that Enabled This Firm to Rank as a Top Banking Firm

The following is a listing of key factors that allowed Independent Bank to rank as one of the top 11 banks in and around Michigan.

Checking Accounts Built Around You

What features do you need in your checking account? With Independent Bank it’s easy to get just what you need with their personal checking account options. While each varies in what they can do for you, all accounts offer:

  • SnapCheck mobile check deposits
  • Free online and phone banking
  • Competitive rates
  • Free debit card
  • Free Change It Up Savings program

Let’s take a more comprehensive look at individual account features for personal checking accounts:

  • Free Personal Checking: No minimum balances, free person-to-person payments, and more.
  • Select Personal Checking: No service fees, overdraft protection, and other added bonuses.
  • Premier Checking: The account that has it all. Free foreign ATM transactions, no minimum balance, and a host of additional perks.

The Business Checking Difference

In an effort to give your business the edge that it truly needs, Independent Bank allows you the freedom to choose between 5 business checking accounts that are tiered to fit the size of your business or organization. Below, we’ll discuss the layers of these business checking accounts:

  • Business Freedom Checking: A small business account with no service charges on daily balances of $1,000 or more and 250 free items per month.
  • Community Freedom Checking: The account for non-profit organizations featuring no service charges on daily balances of $1,000 or more and 250 free items per month.
  • BusinessFlex Checking: Earn interest with no minimum balances and free currency and coin deposits on your first $10,000 each month.
  • EagleAdvantage Checking: Great for high-volume businesses with a monthly service charge of just $10 and low per-item fees.
  • EagleAdvantage Plus Checking: The account for high balances, which earn more interest faster.


Borrowing with Confidence

In the words of The Wizard of Oz and Independent Bank, there’s no place like home! It doesn’t matter if this is your first home or beyond; you can take advantage of a variety of mortgage solutions that will help you make your home buying dreams a reality. Mortgages are available through more than 50 customized programs including the following:

  • Michigan State Housing Development Authority (MSHDA) Loans
  • Conventional fixed rate loans
  • Jumbo loans
  • Adjustable rate mortgages (ARMs)
  • USDA Rural Housing Services (RHS) loans
  • Federal Housing Administration (FHA) loans
  • Veterans Administration (VA) loans
  • Construction loans

Next is a brief overview of current mortgage rates given a variety of different terms:

Independent Bank Review-min

Independent Bank

Lastly, additional loans can be secured for the following purposes:

  • Personal loans
  • Auto loans
  • Personal and home equity lines of credit
  • Unsecured loans
  • CD Secured
  • Large and small RV loans
  • Boat loans
  • Traditional business financing programs
  • SBA Loans
  • Commercial loans
  • Credit cards
  • And more!

Treasury Management

To help keep your small or large business on track, Independent Bank offers Treasury Management services, which couple time-tested solutions with cutting-edge technology to keep you moving always ahead. Treasury management services for your business allow you to:

  • Streamline navigation
  • View balances, reports, and history
  • Make stop payments
  • Integrate QuickBooks and Microsoft Money services
  • Expand ACH, Child Support, and Other Payments
  • Research Services
  • Positive Pay
  • Pay Bills in the U.S. Virgin Islands, Puerto Rico, and more
  • Get lockbox services
  • Make remote deposits
  • Manage cash sweeps
  • Plus other banking services


To browse exclusive reviews of all top rated banks in Michigan, please click on any of the links below



Conclusion – Top 11 Banks in Michigan

We hope that as you’ve concluded reading the information presented within these reviews, you have emerged more confident than before about your options. As you decide on the best bank in Michigan for you, remember to keep your personal needs in mind. Do you frequently access ATMs? Then choose a bank with a large ATM network and free access. Are you trying to find the best bank in Michigan to help you build your savings? Then take the time to compare interest rates among your selections.

As you narrow down your final selections from our list of the top 11 best banks in Michigan, don’t be afraid to reach out and call your prospective institution with any further questions you may have. Any good bank will be happy to take the time to answer your questions. We hope that you are as excited about your future possibilities as we are. As always, happy banking!


 

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AdvisoryHQ Disclaimer:

Reasonable efforts have been made to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

Note: Firms and products, including the one(s) reviewed above, may be our affiliates. Click to view our advertiser disclosures.