Best Savings Accounts in Michigan for 2024

1. Ally Bank Online Savings Account

Ally Bank is a popular online bank, offering an annual percentage yield (APY) of 4.00% as of 2024. With no monthly maintenance fees and no minimum balance requirements, Ally’s high-yield savings account is perfect for those looking to grow their savings faster.

Features:

• Organize using buckets
• No monthly fees or minimum balance
• Easy transfers between Ally accounts

2. ELGA Credit Union Kasasa Cash® Checking

Make your money work harder with ELGA’s Kasasa Cash Checking.  To take advantage of the rewards you simply have to have at least 15 debit or credit card transactions ($5.00 minimum), receive eStatements, and have at least 1 automatic payment (ACH) or direct deposit.

Features:

• 6.17% APY paid on balances up to $15,000*
• ATM fee refunds nationwide (up to $20 monthly)
• No minimum balance required

3. Michigan State University Federal Credit Union (MSUFCU) Savings Builder Account℠

Life can be unpredictable, and the MSUFCU Savings Builder℠ account helps you save for those unexpected moments. It offers tiered dividend rates, so you earn more as your balance grows, making it easier to reach your financial goals faster. Dividends are calculated daily and paid monthly, ensuring your money works for you every day.

Dividend Tiers:

• Tier 1: $0.00 to $999.99,  5.25%
• Tier 2: $1,000.00 to $1,999.99, 3.74% to 5.25%
• Tier 3: $2,000.00 and above, 1.20% to 3.74%

Use the Savings Builder℠ Calculator to estimate your earnings. Check out the current rates here.

5. Genisys Credit Union High-Yield Advantage Savings Account

Genisys Credit Union's High-Yield Advantage Savings Account offers excellent interest rates and easy access to your funds. This account is ideal for both beginners and seasoned savers looking to grow their money faster.

Features:

• High APY: Earn up to 5.25% APY on the first $7,500
• No monthly fees
• Online and mobile banking access
• Direct deposit available for automatic savings

With Genisys Credit Union, you'll enjoy higher interest rates while avoiding fees that could eat into your savings. This makes it an excellent option for anyone serious about reaching their financial goals.

Earn 10% APY on Your First $1,000 with CFCU

That’s right—CFCU offers a 10% APY on your first $1,000! You can earn nearly $100 just by parking your rainy day savings with Community Financial Credit Union. This high rate is perfect if you're starting an emergency fund or looking to diversify your savings.

This is an incredible opportunity for those new to saving or anyone looking for high returns on smaller balances. Take advantage of CFCU’s unmatched rates and watch your savings grow faster.

Final Thoughts: Picking the Best Savings Account for You

When selecting the best savings account for your needs, consider the following:

• Interest rates: Opt for a high-yield savings account if you want to grow your savings faster.
• Fees: Look for accounts with no or low monthly maintenance fees to avoid eating into your savings.
• Convenience: If in-person service is important to you, consider a bank or credit union with branches near you.
• Member-owned benefits: Credit unions often provide better rates and personalized service, making them a solid choice for Michigan residents.

Whether you choose a traditional bank or a Michigan-based credit union, the best savings account is one that aligns with your financial goals and offers flexibility without high fees.

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