®®Top 10 Savings Accounts in Michigan by High Yield in 2024
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Top savings accounts in Michigan ranked by best APY.
Sort the best APY by deposit amount, and watch earnings work as car down payments in our MI car payment calculator.
The rates listed are the best offered by top banks on high yield savings accounts with earnings calculated as an annual percentage yield.
The APY listed may change at any time. Rates vary based on deposit date, terms, and location. Sort rates by clicking the top of the list. $
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Flagstar Bank Flagstar was established in 1987 and has over 115 locations in Michigan and 420 branches nationwide. Anyone can open a savings account with a $500 starting deposit. Flagstar ranks #1 on our 2024 list of the best savings rates in Michigan for the highest yield with top customer service. Flagstar Bank is headed by Sandro DiNello who became CEO in 2023 after decades of service. He got into banking as a financial examiner before getting hired by the Security Savings Bank in Michigan which later became Flagstar. Sandro was born in Detroit and studied business at Western Michigan University. Savings Rate: Deposit Amount: Annual Yield:
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Marcus by Goldman Sachs
The Marcus high yield savings account is named after Marcus Goldman who founded Goldman Sachs in 1869. Anybody can get started with Marcus by opening a savings account with no minimum deposit or monthly fees. Goldman Sachs is managed by David Solomon who joined the company in 1999 and became CEO in 2018. David was born in 1962 and studied politics at Hamilton College. In his spare time he likes to DJ for Payback Records. Savings Rate: Deposit Amount: Annual Yield:
American Express Amex was created in 1850 as a freight shipping company and began extending credit in the mid 1900s. American Express offers online banking without branch locations. Anyone can open a savings account with no monthly fees or minimum balances. Amex is led by Stephen Squeri who has been with the company for over 35 years and became CEO in 2018. Steve was born in 1959 and studied business at Manhattan College. He began his career as a consultant for Arthur Anderson before getting hired by Amex to issue Traveler's Checks in the 1980s. Savings Rate: Deposit Amount: Annual Yield:
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Discover Bank
Discover offers nationwide service via digital banking without physical branches. Anyone can get started on a savings account with no minimum deposit and no service fees. Discover Financial was founded as Greenwood Trust in 1911, and became Discover Bank in 1985 as a result of department store efforts to offer payments plans for home furnishings.
Advia Credit Union
Advia was founded in 1935 and has 30 branches in Michigan. Membership is available to residents of the Southern Peninsula. Members can get savings rates with the best APY by maintaining a $10,000 balance and qualifying for Advantage Plus Rewards with $400 per month in direct deposits. Advia is run by Jeff Fielder who started in 2007 and became chief executive in 2023. Jeff studied accounting at Western Michigan University and began his banking career as a financial auditor.
MSU Federal Credit Union MSUFCU was established in 1937 and has 25 branches in MI with membership open to MSU and anyone who contributes to the Desk Drawer Fund. Members can get savings rates with the best APY on balances between $2,000 and $10,000. MSUFCU is run by April Clobes who attended MSU as an undergraduate. She started with the company in 1996 and was elected chief executive in 2015. In her spare time she enjoys art and music. |
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Michigan First Credit Union
Michigan First was created in 1926 and has over 35 locations in Michigan. Anyone can open a savings account with the best APY on balances over $5,000. Michigan First is run by Jennifer Borowy who was hired in 2018 and became Chief Executive Officer in 2022. Jennifer learned business at Walsh University and began her finance career in 2008 at PNC Bank in branch management. She enjoys running and hiking near the lakes in MI and practicing golf at the local driving range.
Arbor Financial Credit Union
Arbor Financial was founded in 1935 and has 12 branches in Southwest Michigan. Members can open a savings account with the best APY when balances over $15,000 are maintained. Arbor Financial is managed by Julie Blitchok who joined the company in 2015 with 23 years of banking leadership experience. Julie learned economics at the University of Michigan.
Dow Credit Union
Dow CU was established in 1937 and offers 2 locations in MI focused on digital banking with personal service. Members can get savings rates with the best APY on amounts over $150,000 plus lower tiers available with no minimum balance. Dow CU is headed by Michael Goad who was hired in 2018 as CFO and was promoted to CEO in 2020. Mike was an adjunct business professor at Notre Dame prior to joining Dow.
Bank of Ann Arbor Bank of Ann Arbor was created in 1996. It has 17 branches in MI. Anybody can get started on a savings account with a $100 deposit. Bank of Ann Arbor is led by Tim Marshall who took over in 2004. Tim attended the Purdue school of business and began his career as a loan officer at Bank One. |
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Savings account rates are listed for reference only.
Banks may set best rates depending on deposit amount, linked accounts, minimum balances, and membership status. Verify final rates, terms, and fees before considering deposits. Savings accounts perform well during long-term savings when balance changes are intended, but they have variable rates that rise and fall with market conditions. If early withdrawals are not intended, a high yield CD account with a fixed rate and term may be a better option. |
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