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Choosing the right bank in Michigan can feel like a big decision, whether you’re a new entrepreneur in Detroit, a student opening your first account in Grand Rapids, or a family managing day-to-day expenses in towns like Traverse City or Marquette.
Michigan’s banking landscape is diverse, with everything from trusted local credit unions to nationwide institutions and modern online banks. Each option offers different strengths, from low fees and competitive interest rates to personalized service and cutting-edge mobile tools.
To simplify your search, we’ve reviewed the top banks in Michigan for 2025. This guide breaks down the best choices for checking, savings, and small business banking, helping you find the financial partner that matches your goals.
>> Don’t Miss Out on 3.7% APY – Open Your Account Today! >>
Best Banks in Michigan (2025)
- Bluevine – Best Overall Online Bank in Michigan
- Lili – Best for Simple, Low-Cost Banking for Freelancers
- Novo – Best Bank for Digital Entrepreneurs in Michigan
- Grasshopper – Best for Startup-Friendly Business Banking
- nbkc Bank – Best Fee-Free Business Checking Account
- Chase Business Banking – Best for Full-Service Business Tools & Branch Access
- Found – Best for Solo Business Owners in Michigan
- Mercury – Best for Tech Startups and Remote Teams
- Live Oak Bank – Best for SBA Loans & High-Yield Business Savings
- Wise Business Banking – Best for International Payments & Currency Management
Bluevine – Best Overall Bank for Small Businesses in Michigan
Bluevine stands out in Michigan as a top choice for entrepreneurs and independent business owners who want a digital-first banking experience. It offers a high-yield business checking account with no monthly fees, unlimited transactions, and an easy-to-use online platform that streamlines day-to-day finances, perfect for Michigan’s growing community of remote workers and small startups.
Whether you’re running an e-commerce brand from Ann Arbor or managing a landscaping business in Kalamazoo, Bluevine provides flexibility and value with features like mobile check deposit, bill pay, and same-day vendor payments. It’s a powerful, no-frills alternative to traditional banking.
Why We Chose It
Bluevine’s fee-free model, up to 3.7% APY, and digital convenience make it an ideal fit for Michigan’s freelancers, LLCs, and tech-savvy small business owners.
- Up to 3.7% APY on balances
- No monthly or overdraft fees
- Unlimited digital transactions
- No ATM fee reimbursements
- No physical branches or business savings account
- $4.95 cash deposit fee (via Green Dot)
Mobile Banking
With Bluevine’s mobile app, Michigan business owners can manage everything on the go, track spending, transfer funds, and pay vendors from anywhere in the state.
>> Bluevine: Modern Banking, No Strings Attached >>
Lili – Best for Simple, Low-Cost Banking in Michigan
Lili is a go-to solution in Michigan for freelancers, artists, and gig workers seeking a clean, affordable, all-digital banking platform. The free standard account includes zero monthly fees or minimums, while Lili Pro ($9/month) adds features like automated tax savings, built-in invoicing, and a savings account offering up to 4.15% APY.
Whether you’re a graphic designer in Grand Rapids or a photographer in Flint, Lili simplifies money management by helping you separate business expenses, categorize transactions, and stay prepared for tax season without extra overhead.
Why We Chose It
Lili’s low-cost structure and smart financial tools make it ideal for Michigan’s independent workers who want to stay lean, focused, and organized.
- 4.15% APY on savings with Lili Pro
- Smart tools for taxes and invoicing
- Access to 38,000+ fee-free ATMs
- No physical branches or phone support
- Limited features for joint or multi-user accounts
- Cash deposits only through retail partners
Mobile Banking
The Lili app powers the whole experience, tracks expenses, sends invoices, automates savings, and manages cash flow entirely from your phone.
Start Banking Smart With Lili >>
Novo – Best for Freelancers and Digital Entrepreneurs in Michigan
Novo is built for modern Michigan entrepreneurs, mobile-first, fee-free, and packed with integrations for the tools today’s self-starters already use. There are no monthly fees, no minimum balance requirements, and full integration with apps like Stripe, Shopify, QuickBooks, and more.
From tech consultants in Troy to Etsy shop owners in Lansing, Novo helps streamline operations with unlimited ATM reimbursements, easy invoicing, and reserve budgeting features, perfect for running a business wherever you are.
Why We Chose It
Novo is perfect for digital-first business owners in Michigan who want zero-friction banking and seamless software integration.
- No monthly fees or minimums
- Full ATM fee reimbursement
- Syncs with top business platforms
- No interest on account balances
- No cash deposits or branch banking
- No business savings or credit options
Mobile Banking
Novo’s sleek mobile app allows you to invoice, categorize expenses, manage funds, and link directly with Stripe, Square, and more, all from your phone.
>> Open a Novo Account in Minutes >>
Grasshopper – Best for Startup-Friendly Banking in Michigan
Grasshopper is designed with early-stage startups and digital entrepreneurs in mind, making it a smart fit for Michigan’s growing tech and innovation hubs like Ann Arbor, Grand Rapids, and Detroit. While it’s not a full-service bank, Grasshopper delivers a modern platform focused on streamlining payments, automating invoicing, and managing cash flow for founders building something new.
By linking to external accounts, Grasshopper provides a sleek dashboard for financial oversight without the complexities of traditional banking. It skips branches and deposits in favor of digital-first simplicity.
Why We Chose It
Grasshopper empowers Michigan-based startup founders with streamlined tools, automation, and a lean banking experience built for growth.
- Invoice and vendor payment automation
- Mobile-first dashboard with real-time insights
- Startup-friendly app integrations
- Not a standalone bank (requires a linked account)
- No physical banking or cash deposits
- No lending or interest-earning features
Mobile Banking
Grasshopper’s mobile platform is purpose-built for startup agility, track expenses, manage payments, and send invoices without leaving your desk.
>> Try Grasshopper for Startup Banking >>
nbkc Bank – Best for Fee-Free Business Checking in Michigan
Though based in Kansas City, nbkc Bank is a favorite among Michigan entrepreneurs seeking transparent, fee-free banking. With no monthly fees, no minimum balance, and unlimited transactions, it’s a practical solution for small business owners who want efficiency without the fine print.
It’s especially appealing to businesses handling regular transfers. nbkc includes free domestic wires, which many banks charge for. While it lacks Michigan branches, access to 90,000+ ATMs nationwide ensures convenience across the state, from Lansing to Traverse City.
Why We Chose It
nbkc bank offers simple, cost-effective business banking with essential tools and zero fluff, ideal for Michigan’s budget-conscious small businesses.
- No monthly fees or minimums
- Free domestic wires and unlimited transactions
- Access to 90,000+ fee-free ATMs
- No physical branches in Michigan
- No interest in checking balances
- Only one business account option
Mobile Banking
nbkc’s intuitive mobile app supports check deposits, bill payments, and real-time alerts, perfect for on-the-go professionals across Michigan.
>> Open Your nbkc Account Today! >>
Chase Business Banking – Best for Comprehensive Financial Tools & Services in Michigan
Chase’s strong branch and ATM network across Michigan, from Detroit to Flint to Grand Rapids, makes it an ideal choice for small businesses seeking full-service banking with in-person support. Whether you’re launching a new venture or scaling an existing one, Chase offers everything from merchant services to small business loans.
The Chase Complete Banking® account provides integrated payment tools like QuickAccept®, same-day deposits, and a powerful mobile app, great for companies needing fast, secure transactions.
Why We Chose It
Chase’s all-in-one approach, local access, and scalable financial tools make it a go-to for Michigan business owners who want both tech and traditional services.
- QuickAccept® for card payments
- Extensive ATM/branch network across Michigan
- Access to credit lines, business cards, and payroll tools
- Multiple ways to waive the monthly fee
- Monthly fee if waiver requirements aren’t met
- Limited free monthly transactions (up to 20)
- Minimal or no interest in checking balances
Mobile Banking
Chase’s mobile app allows Michigan entrepreneurs to accept payments, transfer funds, pay vendors, and manage accounts, anytime, anywhere.
>> Open Your Chase Business Account Today! >>
Found – Best for Solo Business Owners in Michigan
Found is built for Michigan’s growing freelance and gig economy, from coaches in Grand Rapids to consultants in Lansing. It’s a fully digital banking platform created for solo entrepreneurs, offering no monthly fees, unlimited ACH transfers, and essential tools like built-in invoicing and automatic tax tracking.
While Found doesn’t offer lending or savings products, it shines in simplifying day-to-day financial admin, so solopreneurs can spend more time growing their business and less time doing bookkeeping.
Why We Chose It
Found is perfect for Michigan’s freelancers, creators, and independent contractors who want automated money management with zero overhead.
- No fees or minimum balances
- Automated tax savings and expense categorization
- Built-in invoicing for client payments
- Fast, app-based account setup
- No support for physical cash or check deposits
- No interest or lending products
- Not suitable for multi-owner businesses
Mobile Banking
Found’s streamlined mobile app lets you track income, categorize expenses, invoice clients, and manage taxes, all from a single, intuitive dashboard.
>> Start Managing Finances With Found >>
Mercury – Best for Tech Startups and Remote Teams in Michigan
Michigan’s tech ecosystem, from Ann Arbor’s startups to Detroit’s SaaS ventures, can benefit from Mercury’s startup-first digital banking. It’s fully online, with no fees, seamless team access, and deep integrations with platforms like QuickBooks, Stripe, and Shopify. There are no physical branches or cash deposits, but for software-driven teams, it’s ideal.
With Mercury, venture-backed startups and distributed teams get modern controls, powerful APIs, and built-in financial infrastructure, tailored to how tech businesses operate today.
Why We Chose It
Mercury is a perfect match for Michigan’s high-growth startups and remote-first teams that need modern, scalable banking without the fees.
- Free domestic wires and no account fees
- Spend controls and user permissions
- Syncs with major business platforms
- Developer-friendly APIs
- No in-person banking or cash deposits
- No interest earned on balances
- Best suited for tech-focused businesses
Mobile Banking
Mercury’s mobile app gives Michigan startup teams instant access to balances, transactions, wire transfers, and team permissions, all from one clean interface.
>> Power Your Startup With Mercury >>
Live Oak Bank – Best for SBA Lending & High-Yield Savings in Michigan
Live Oak Bank is a great option for Michigan businesses looking to grow through SBA or USDA loans. As an online-only bank, Live Oak specializes in government-backed small business lending and offers high-yield business savings and CDs, currently around 3.5% APY.
With no branches in Michigan, Live Oak isn’t for everyday cash handling, but for business owners in places like Midland or Traverse City who are focused on growth capital and maximizing reserves, it’s a compelling choice.
Why We Chose It
Live Oak combines top-tier lending programs with strong savings rates and no-fee checking, perfect for Michigan business owners looking to scale.
- Competitive high-yield savings (~3.5% APY)
- Industry-best SBA and USDA lending options
- No monthly fees on checking accounts
- FDIC sweep protection up to $10 million
- No support for cash or check deposits
- No physical branches in Michigan
- Limited integrations with third-party apps
Mobile Banking
While Live Oak is better suited for desktop users, its secure online banking portal allows full management of savings accounts, loan applications, and business checking.
>> Open Your Live Oak Bank Account Today! >>
Wise Business Banking – Best for Global Payments in Michigan
If your business in Michigan deals with clients or suppliers overseas, whether you’re a freelance designer in Holland or running an eCommerce store from Novi, Wise (formerly TransferWise) is the smart way to manage cross-border payments. With multi-currency accounts, near mid-market exchange rates, and low fees, Wise makes sending and receiving global payments easy.
While it doesn’t support cash deposits or traditional banking features, it’s ideal for international freelancers, global consultants, and remote teams.
Why We Chose It
Wise stands out for Michigan business owners who need transparent, low-cost international banking without the markup and headaches.
- Access to 50+ currencies with competitive exchange rates
- Send and receive international payments fast
- Free business debit card
- No hidden fees or monthly charges
- No U.S. branches or phone support
- Doesn’t pay interest on balances
- Limited tools for domestic banking
Mobile Banking
Wise’s mobile app lets you manage multi-currency balances, track exchange rates, and send global payments, all in just a few taps.
>> Start Banking Globally With Wise >>
How to Choose the Best Bank in Michigan
Looking for the right bank in Michigan? Whether you’re in Detroit, Grand Rapids, or a smaller town like Traverse City or Midland, it’s important to find a financial partner that matches your lifestyle and goals. Use these key criteria to help you narrow down the best option:
- Bank Type: Choose between traditional banks, mobile-first neobanks, online-only platforms, or Michigan-based credit unions. Each offers different levels of technology, customer service, and in-person access. Pick what matches how you prefer to bank.
- Business Lending Access: Flexible financing is key for Michigan’s seasonal ventures, expanding startups, and local storefronts. Focus on banks that provide SBA loans, business lines of credit, and working capital solutions, with clear terms and accessible customer support.
- Account Variety: Determine which accounts you need: checking, savings, CDs, or business banking. Some institutions specialize in high-yield savings or small business tools, while others focus on basic, fee-free options for everyday banking.
- Fee Structure: Look for banks with low or no fees. Prioritize those that avoid monthly maintenance charges, offer ATM fee reimbursements, and minimize overdraft penalties to help you keep more of your money.
- Branch & ATM Access: If you value face-to-face service, choose a bank with strong branch coverage and ATM networks across Michigan. Prefer digital? Go for online banks with wide ATM access and robust mobile features.
- Key Features: Consider tools like mobile check deposit, early direct deposit, cashback, or high APYs. Many digital banks also offer invoicing, tax tracking, or budgeting features, ideal for freelancers, entrepreneurs, or side hustlers.
- Customer Support: Check third-party reviews to see how banks handle issues. Fast, responsive support can make a huge difference, especially when managing business finances or resolving account concerns.
- Terms & Conditions: Always read the fine print. Ensure your bank is FDIC- or NCUA-insured, and review requirements tied to bonuses, usage limits, or minimum balances.
- Additional Services: Looking for an all-in-one solution? Explore whether the bank offers extras like business loans, investment services, credit cards, or home mortgages to support your long-term financial plans.
>> Open a Bluevine Account Today! >>
Frequently Asked Questions (FAQs)
Still unsure which bank is right for you in Michigan? Here are answers to some of the most common questions to help you make an informed decision.
>> Bluevine: Modern Banking, No Strings Attached >>
Conclusion – Best Banks in Michigan (2025)
Michigan’s banking landscape in 2025 is as diverse as its residents, whether you’re a small business owner in Detroit or a freelancer in Traverse City. From digital-first options to full-service local branches, there’s a bank to match every need.
Online platforms like Bluevine, Lili, and Found provide flexibility, smart financial tools, and competitive APYs for those who prefer mobile banking. Meanwhile, traditional banks such as Chase deliver reliable in-person service with wide branch access across the state.
The right bank is the one that aligns with your financial goals, whether that’s managing everyday expenses, growing your savings, or supporting your business. Take time to compare options and choose a partner that helps you stay financially confident.
>> Open a Bluevine Account Today! >>
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