Banking » Savings » Best Savings Accounts In Michigan: 7 Lucrative Options
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Best Savings Accounts In Michigan: 7 Lucrative Options

Eliminate the hassle of searching for a competitive savings account in Michigan. We've gathered the best options for you.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony High Yield Savings

Savings APY

4.75%

Minimum Deposit

$0

Promotion

None

Fees

$0

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 4.75% 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

discover logo
discover logo

Discover Online Savings Account

APY Savings

4.25%

Minimum Deposit

$0

Promotion

$150 – $200 Minimum deposit of $15,000 / $25,000, expired on 03/14/2024

Fees

$0

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

UFB direct savings
UFB direct savings

UFB Premier Savings Account

APY Savings

Up to 5.25%

Minimum Deposit

$0

Promotion

None

Fees

$0

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 5.25% 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

Ivy Bank
Ivy Bank

Ivy Bank High Yield Savings

APY Savings

5.30%

Minimum Deposit

$2,500

Promotion

None

Fees

$0

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 May 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

American Express
American Express

American Express Savings Account

Savings APY

4.30%

Minimum Deposit

$0

Promotion

None

Fees

$0

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

Wealthfront Cash Account
Wealthfront Cash Account

Wealthfront

Savings APY

4.55%

Minimum Deposit

$0

Promotion

None

Fees

$0

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 4.55% 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

UpgradeLogo
UpgradeLogo

Upgrade Savings Account

Savings APY

5.21%

Minimum Deposit

$0

Promotion

$200 $200 welcome bonus when you start using a new Rewards Checking account and make 3 purchases with Upgrade OneCard

Fees

$0

The Upgrade savings account is an appealing choice for residents of Michigan. This account offers a remarkable APY of 5.21% 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.

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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
4.35%
$0
Marcus
4.40%
$0
CIT Platinum Savings
5.00%
$5,000
Citizens Access
4.50%
$0.01
Bread Financial
5.15%
$100
Lending Club
5.00%
$100
Quontic
4.50%
$100
Ally Bank
4.25%
$0
SoFi
up to 4.60%
$0

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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