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Michigan Savings Rates 2017

If you have your savings dollars in a bank with low savings rates, then you are losing real money. With the magic of compounding interest, even an interest rate difference under 1% can really add up over time. See our Savings Booster Calculator to see why you should seek out a higher interest rate. The table below has an unbiased list of the savings and money market account rates of FDIC-insured banks that are near your current location (if they aren’t, then change the zip code above). Take a few minutes to explore these options and see how you can boost your savings by more than 6X the national average rate. You may also want to check credit unions near you or online banks by navigating through the tabs above. There is competition for your money. Take advantage of it!

MI - January 17, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Flagstar Bank, FSB 0.90% 7.20x $1 -
Grand River Bank 0.70% 5.60x $10,000 -
Liberty Bank and Trust Company 0.65% 5.20x $1 -
First National Bank of America 0.60% 4.80x $2,500 -
Grand River Bank 0.50% 4.00x $1 -
The State Bank of Ewen 0.50% 4.00x $500 -
Northpointe Bank 0.40% 3.20x $25,000 -
Grand River Bank 0.35% 2.80x $1 -
Edgewater Bank 0.30% 2.40x $2,500 -
West Michigan Community Bank 0.30% 2.40x $25,000 -
Level One Bank 0.25% 2.00x $10,000 -
Hantz Bank 0.25% 2.00x $20,000 -
Community Shores Bank 0.25% 2.00x $15,000 -
Peoples State Bank of Munising 0.25% 2.00x $1 -
Traverse City State Bank 0.25% 2.00x $25,000 -
First National Bank of Crystal Falls 0.25% 2.00x $25,000 -
Lake-Osceola State Bank 0.25% 2.00x $1 -
Northpointe Bank 0.25% 2.00x $2,500 -
First National Bank of America 0.25% 2.00x $1 -
Alden State Bank 0.25% 2.00x $25,000 -
Gogebic Range Bank 0.25% 2.00x $25,000 -
Bay Port State Bank 0.20% 1.60x $25,001 -
Eaton Federal Savings Bank 0.20% 1.60x $5 -
The Miners State Bank 0.20% 1.60x $2,500 -
First Bank, Upper Michigan 0.20% 1.60x $25,000 -
Edgewater Bank 0.20% 1.60x $25,000 -
First National Bank of Crystal Falls 0.20% 1.60x $1,000 -
Alden State Bank 0.20% 1.60x $10,000 -
West Michigan Community Bank 0.20% 1.60x $25,000 -
Superior National Bank & Trust Company 0.20% 1.60x $10 -
The First National Bank of Norway 0.20% 1.60x $25,000 -
Central Savings Bank 0.20% 1.60x $25,000 -
Urban Partnership Bank 0.20% 1.60x $10,000 -
Old Mission Bank 0.18% 1.44x $25,000 -
Bay Port State Bank 0.15% 1.20x $10 -
The State Savings Bank of Manistique 0.15% 1.20x $1 -
First Bank, Upper Michigan 0.15% 1.20x $50 -
Homestead Savings Bank 0.15% 1.20x $1 -
Independent Bank 0.15% 1.20x $1,000 -
University Bank 0.15% 1.20x $5,000 -
Edgewater Bank 0.15% 1.20x $2,500 -
Northpointe Bank 0.15% 1.20x $1 -
Community Shores Bank 0.15% 1.20x $1 -
First National Bank of Michigan 0.15% 1.20x $10,000 -
Old Mission Bank 0.15% 1.20x $10,000 -
Traverse City State Bank 0.15% 1.20x $1 -
First National Bank of Crystal Falls 0.15% 1.20x $100 -
The First National Bank of Norway 0.15% 1.20x $25 -
Range Bank, National Association 0.15% 1.20x $25,000 -
The Citizens State Bank of Ontonagon 0.15% 1.20x $10 -
Flagstar Bank, FSB 0.15% 1.20x $10,000 -
Lake-Osceola State Bank 0.15% 1.20x $25,000 -
Hantz Bank 0.15% 1.20x $5,000 -
Level One Bank 0.15% 1.20x $2,500 -
Alden State Bank 0.15% 1.20x $1 -
Upper Peninsula State Bank 0.15% 1.20x $1 -
OSB Community Bank 0.15% 1.20x $5,000 -
The Huntington National Bank 0.15% 1.20x $10,000 -
Central Savings Bank 0.15% 1.20x $10,000 -
The Miners State Bank 0.15% 1.20x $300 -
Gogebic Range Bank 0.15% 1.20x $1 -
Macatawa Bank 0.15% 1.20x $25,000 -
The State Bank 0.15% 1.20x $20,001 -
The Stephenson National Bank and Trust 0.15% 1.20x $10,000 -
The First National Bank of St. Ignace 0.15% 1.20x $10 -
Liberty Bank and Trust Company 0.15% 1.20x $2,500 -
The Dart Bank 0.15% 1.20x $25,000 -
Lapeer County Bank & Trust Co. 0.13% 1.04x $20,000 -
PNC Bank, National Association 0.11% 0.88x $25,000 -
The First National Bank of Norway 0.10% 0.80x $1,000 -
Lake-Osceola State Bank 0.10% 0.80x $1 -
OSB Community Bank 0.10% 0.80x $150 -
Alden State Bank 0.10% 0.80x $1 -
Thumb National Bank and Trust Company 0.10% 0.80x $25,001 -
Isabella Bank 0.10% 0.80x $25,000 -
Flagstar Bank, FSB 0.10% 0.80x $1 -
Ann Arbor State Bank 0.10% 0.80x $50 -
Freeland State Bank 0.10% 0.80x $1 -
Bank of Birmingham 0.10% 0.80x $10,000 -
Blissfield State Bank 0.10% 0.80x $10,000 -
Bank of Ann Arbor 0.10% 0.80x $100 -
University Bank 0.10% 0.80x $1 -
West Michigan Community Bank 0.10% 0.80x $1 -
Macatawa Bank 0.10% 0.80x $100 -
Edgewater Bank 0.10% 0.80x $10 -
First State Bank of Decatur 0.10% 0.80x $2,500 -
The Dart Bank 0.10% 0.80x $1 -
The State Bank 0.10% 0.80x $25,000 -
Hantz Bank 0.10% 0.80x $1 -
Lapeer County Bank & Trust Co. 0.10% 0.80x $100 -
The Port Austin State Bank 0.10% 0.80x $1 -
Oxford Bank 0.10% 0.80x $1 -
Superior National Bank & Trust Company 0.10% 0.80x $1 -
Nicolet National Bank 0.10% 0.80x $5,000 -
Urban Partnership Bank 0.10% 0.80x $50 -
SSBBank 0.10% 0.80x $10,000 -
Charlevoix State Bank 0.10% 0.80x $1 -
First Federal of Northern Michigan 0.10% 0.80x $25,000 -
Old Mission Bank 0.10% 0.80x $1 -
The First National Bank of Wakefield 0.10% 0.80x $10 -
Traverse City State Bank 0.10% 0.80x $1 -
Wolverine Bank, Federal Savings Bank 0.10% 0.80x $10,000 -
Union Bank 0.10% 0.80x $2,500 -
Northern Michigan Bank & Trust 0.10% 0.80x $10,000 -
Century Bank and Trust 0.10% 0.80x $25,000 -
Level One Bank 0.10% 0.80x $1 -
Baybank 0.10% 0.80x $1 -
United Bank of Michigan 0.10% 0.80x $1 -
Chelsea State Bank 0.10% 0.80x $1 -
Mercantile Bank of Michigan 0.10% 0.80x $1 -
West Shore Bank 0.10% 0.80x $25,000 -
The Stephenson National Bank and Trust 0.10% 0.80x $1 -
Central Savings Bank 0.10% 0.80x $2,500 -
Range Bank, National Association 0.10% 0.80x $1 -
Tri-County Bank 0.10% 0.80x $25,000 -
First National Bank in Howell 0.10% 0.80x $25,000 -
Northstar Bank 0.10% 0.80x $25,000 -
Independent Bank 0.10% 0.80x $300 -
New Buffalo Savings Bank 0.10% 0.80x $25,000 -
First Bank, Upper Michigan 0.10% 0.80x $1 -
mBank 0.10% 0.80x $25,001 -
Capitol National Bank 0.10% 0.80x $25,000 -
First National Bank of Michigan 0.10% 0.80x $300 -
Homestead Savings Bank 0.10% 0.80x $100 -
The Huntington National Bank 0.10% 0.80x $50 -
PNC Bank, National Association 0.09% 0.72x $10,000 -
SSBBank 0.08% 0.64x $100 -
The Hastings City Bank 0.08% 0.64x $1 -
West Shore Bank 0.08% 0.64x $10,000 -
Exchange State Bank 0.08% 0.60x $25,001 -
Oxford Bank 0.07% 0.56x $20,000 -
The Shelby State Bank 0.07% 0.56x $1,500 -
Ann Arbor State Bank 0.07% 0.56x $10,000 -
New Buffalo Savings Bank 0.06% 0.48x $5,000 -
Horizon Bank, National Association 0.05% 0.40x $5,000 -
First State Bank 0.05% 0.40x $1 -
Nicolet National Bank 0.05% 0.40x $1,000 -
State Savings Bank, Frankfort, Mich. 0.05% 0.40x $1 -
Thumb National Bank and Trust Company 0.05% 0.40x $1 -
Isabella Bank 0.05% 0.40x $1 -
Citizens National Bank of Cheboygan 0.05% 0.40x $1 -
KeyBank National Association 0.05% 0.40x $10,000 -
Farmers State Bank of Munith 0.05% 0.40x $250 -
Bank of Birmingham 0.05% 0.40x $1 -
The PrivateBank and Trust Company 0.05% 0.40x $1 -
Century Bank and Trust 0.05% 0.40x $500 -
G. W. Jones Exchange Bank 0.05% 0.40x $50 -
Bank of Ann Arbor 0.05% 0.40x $25,000 -
Southern Michigan Bank & Trust 0.05% 0.40x $25,000 -
Kalamazoo County State Bank 0.05% 0.40x $25,000 -
The State Bank 0.05% 0.40x $1 -
Oxford Bank 0.05% 0.40x $1 -
Exchange State Bank 0.05% 0.40x $1 -
Eastern Michigan Bank 0.05% 0.40x $100 -
First Federal of Northern Michigan 0.05% 0.40x $1 -
Macatawa Bank 0.05% 0.40x $1 -
Community Shores Bank 0.05% 0.40x $1 -
Blissfield State Bank 0.05% 0.40x $50 -
Tri-County Bank 0.05% 0.40x $100 -
Flagstar Bank, FSB 0.05% 0.40x $1 -
Wolverine Bank, Federal Savings Bank 0.05% 0.40x $10 -
Chemical Bank 0.05% 0.40x $1 -
mBank 0.05% 0.40x $1 -
Range Bank, National Association 0.05% 0.40x $1 -
Northstar Bank 0.05% 0.40x $1 -
West Shore Bank 0.05% 0.40x $1 -
Lake-Osceola State Bank 0.05% 0.40x $1 -
West Michigan Community Bank 0.05% 0.40x $1 -
First National Bank in Howell 0.05% 0.40x $2,500 -
Central State Bank 0.05% 0.40x $20 -
Mercantile Bank of Michigan 0.05% 0.40x $1 -
The First National Bank & Trust Company of Iron Mountain 0.05% 0.40x $1 -
Clarkston State Bank 0.05% 0.40x $1 -
Chelsea State Bank 0.05% 0.40x $1 -
First State Bank of Decatur 0.05% 0.40x $50 -
Fifth Third Bank 0.05% 0.40x $25,000 -
Commercial Bank 0.05% 0.40x $1 -
First Federal Bank of the Midwest 0.05% 0.40x $25,000 -
Central Savings Bank 0.05% 0.40x $1 -
Ann Arbor State Bank 0.05% 0.40x $1 -
Northern Michigan Bank & Trust 0.05% 0.40x $1 -
Huron Community Bank 0.05% 0.40x $100 -
Mayville State Bank 0.05% 0.40x $2,500 -
Capitol National Bank 0.05% 0.40x $100 -
The Huntington National Bank 0.05% 0.40x $1 -
Union Bank 0.05% 0.40x $5,000 -
First National Bank of Michigan 0.05% 0.40x $1 -
KeyBank National Association 0.04% 0.32x $2,500 -
Old National Bank 0.04% 0.32x $2,500 -
Nicolet National Bank 0.04% 0.32x $100 -
New Buffalo Savings Bank 0.04% 0.32x $100 -
Comerica Bank 0.04% 0.32x $15,000 -
Monroe Bank & Trust 0.03% 0.24x $25,000 -
Eastern Michigan Bank 0.03% 0.24x $1 -
Comerica Bank 0.03% 0.24x $1 -
The Hastings City Bank 0.03% 0.24x $1 -
First Federal Bank of the Midwest 0.03% 0.24x $1 -
Bank of America, National Association 0.03% 0.24x $1 -
PNC Bank, National Association 0.03% 0.24x $1 -
1st State Bank 0.03% 0.24x $1,500 -
Old Mission Bank 0.03% 0.24x $1 -
Guaranty Bank 0.03% 0.24x $2,500 -
The Shelby State Bank 0.03% 0.24x $100 -
Farmers State Bank 0.03% 0.24x $10,000 -
Kalamazoo County State Bank 0.03% 0.24x $1 -
Horizon Bank, National Association 0.03% 0.24x $1 -
River Valley Bank 0.03% 0.24x $25 -
ChoiceOne Bank 0.03% 0.24x $10,000 -
First National Bank in Howell 0.02% 0.16x $1 -
Sturgis Bank & Trust Company 0.02% 0.16x $1 -
KeyBank National Association 0.02% 0.16x $2,500 -
Monroe Bank & Trust 0.02% 0.16x $1 -
Century Bank and Trust 0.02% 0.16x $1 -
Bank of Ann Arbor 0.02% 0.16x $1 -
The Huntington National Bank 0.02% 0.16x $2,500 -
Fifth Third Bank 0.02% 0.16x $10,000 -
New Buffalo Savings Bank 0.02% 0.16x $500 -
Mayville State Bank 0.02% 0.16x $50 -
Farmers State Bank 0.02% 0.16x $2,500 -
PNC Bank, National Association 0.01% 0.08x $2,500 -
Horizon Bank, National Association 0.01% 0.08x $1 -
JPMorgan Chase Bank, National Association 0.01% 0.08x $1 -
The Hastings City Bank 0.01% 0.08x $1 -
Southern Michigan Bank & Trust 0.01% 0.08x $1 -
1st State Bank 0.01% 0.08x $1 -
Citizens Bank, National Association 0.01% 0.08x $2,500 -
Oxford Bank 0.01% 0.08x $1 -
Fifth Third Bank 0.01% 0.08x $1 -
Comerica Bank 0.01% 0.08x $1 -
Wells Fargo Bank, National Association 0.01% 0.08x $1 -
Bank of America, National Association 0.01% 0.08x $1 -
ChoiceOne Bank 0.01% 0.08x $1 -
TCF National Bank 0.01% 0.08x $500 -
Guaranty Bank 0.01% 0.08x $25 -
The State Bank 0.01% 0.08x $1 -
Capitol National Bank 0.01% 0.08x $1 -
Old National Bank 0.01% 0.08x $1 -
Farmers State Bank 0.01% 0.08x $200 -


BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.

PRODUCT INFORMATION


Local Savings Accounts 2017

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (assuming your deposit amounts are within FDIC limits – see below). Savings accounts are a good place to keep money for unforeseen expenses, as well as money that you may be preparing to use and want to keep safe. Individuals often use savings accounts for a home down payment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures. However, if you have cash that you do not believe you will need for at least a year, you may want to consider investing in a certificate of deposit.

While online savings account have grown in popularity and usage dramatically over the past fifteen years, some consumers prefer opening an account in a branch and having a personal relationship with the people who safeguard their money. Physical branches also provide an easy way to get cash instantly, to deposit checks, to access to notaries, and sometimes to get free coffee and donuts.

You will find a map with all banks that are close to you here.

FDIC Insurance

BestCashCow strongly recommends that when depositing money, you stay within the insured limits of the Federal Deposit Insurance Corporation (“FDIC”). You should not deposit over $250,000 at a single bank across all products (savings or share certificates, certificates of deposit or time deposits, etc.) unless these deposits are made across different product types (individual, joint, etc). Learn more about FDIC insurance and different product types here. If you are still uncertain whether you are within FDIC limits, you should visit the FDIC's website to determine your coverage limits based on your circumstances.

Advantages of Local Savings or Money Market Accounts:

  • Higher interest rate than a checking account, usually.
  • Personal service and interaction. Unlike an online account you are building a relationship with your banker by opening it in a branch.
  • Online access. Often, depending on the size of the bank, banks enable transactions and deposits to be performed online or through a mobile application.
  • Liquidity. Depositors can withdraw their money at any time.

Disadvantages:

  • A variable interest rate. Rates can change at any time. In a falling rate environment, this is a negative. In a rising rate environment, this is a positive.
  • A lower rate than an online bank. Branches are expensive and non-online banks often can't afford to pay as much interest as an online bank.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


Why do savings rates vary so much?

Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

What is the difference between a savings account and a money market account?

The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

What does annual percentage yield (APY) mean?

Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?

Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you and be sure it is appropriate. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD BOOSTER CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.

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  • george koshefsky

    April 21, 2015

    Where is the list of the worst online banks to bank with or the States to avoid

  • ctyank January 19, 2015

    January 19, 2015

    Liberty Bank...Hamden, CT...new branch opening...special savings rate, 1.50% up to $100,000.00 through 2016...do not beleive it is available to om-line customer(s)...checking account linked, free...

  • Sol @ Travis

    September 29, 2013

    @ Travis

    In many cases we do provide this information. For example, the Belmont Savings Bank rate you list above comes with a clear disclaimer if you click the Learn more button. We're always trying to improve though and will certainly continue to gather additional information. Thanks for your comment.

  • Travis MacDonald

    September 29, 2013

    I find the numbers decieving. Some of your banks listed with the highest APR have many restrictions and requirements. I feel that these should be listed on your site in the "details" section to avoid any "bait-and-switch" claims. For instance, Belmont Savings Bank in Belmont, MA is listed as having a 1.00% APR, but the savings account requires a companion checking account with a daily average balance of 250,000. Another example is Salen Five cents Bank under the online banks. The account listed is not available on their website. When I inquired about it, they told me that particular savings product was reserved as an add-on for accounts with daily balances in excess of $10,000. It seems alot of research went into the details pages in terms of company financials and whatnot. Seems like a little more research could be done on the savings and checking products themselves.

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