Michigan Savings Rates - October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Michigan savings account rates range from 2.28% to 10.00% APY, verified by MonitorBankRates as of October 13, 2026. The best savings rates for Michigan include ORSA Credit UnionORSA Credit Union500 S HARVEY ST, PLYMOUTH, MI 48170 1759A5.0 ★Texas Ratio: 12.47%Real return: +7.20%APY minus 2.8% CPI (February 2026) High Yield Savings Account at 10.00% APY, Traverse Catholic Federal Credit UnionTraverse Catholic Federal Credit Union3797 Veterans Dr, Traverse City, MI 49684 4516A+5.0 ★Texas Ratio: 4.67%Real return: +3.37%APY minus 2.8% CPI (February 2026) STUDENT SHARES at 6.17% APY, Genisys Credit UnionGenisys Credit Union2100 Executive Hills Dr, Auburn Hills, MI 48326 2947A+5.0 ★Texas Ratio: 5.37%Real return: +3.20%APY minus 2.8% CPI (February 2026) High Yield Youth Savings at 6.00% APY, Alpena-Alcona Area Credit UnionAlpena-Alcona Area Credit Union1100 S Bagley St, Alpena, MI 49707 8104A+5.0 ★Texas Ratio: 4.22%Real return: +2.32%APY minus 2.8% CPI (February 2026) Health Savings Account at 5.12% APY, and Commercial Bank Ithaca, MICommercial Bank Ithaca, MI322 S Jefferson St, Mason, MI 48854A+5.0 ★Texas Ratio: 2.37%Real return: +2.20%APY minus 2.8% CPI (February 2026) Blue Ribbon Savings at 5.00% APY.
Use the tables below to compare savings rates across Michigan side-by-side. Michigan savings rates currently reach as high as 10.00% APY from ORSA Credit Union at 500 S HARVEY ST, PLYMOUTH, MI 48170 1759. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Michigan and the surrounding area. Last Updated and Verified: October 13, 2026
Compare the Best Savings Rates in Michigan
Balances of $1,000.01 and above earn an APY of 0.10%.
APY (as high as); Student defined as child 18 years or younger; only one student share per qualifying SSN
High-Yield Youth Savings account is only for members from ages 0-21. No minimum balance. Balances above $2,500.00 are paid the standard share savings rate.
5% Annual Percentage Yield on balances up to $5,000*; Account must be opened with eligible fair sale proceeds; Help local youth build financial confidence; eStatements
Balance: $1.00 - $2,500.00
Balance: $0 - $5,000; Membership required; $5 minimum to open a membership
Balance: $0 - $999.99; Blended rate account, qualifying balance up to $999.99; Valid thru 10/31/2026
Balance: $500.00 - $999.99; Limit 1 per membership; checking with a debit card required to open account; not eligible for combination with business or youth savings accounts
Balances $1,000.01 and over earn a lower, standard savings dividend rate than the first $1,000 on deposit
Balance: $0.00 - $1,000.00; Must be an active Meijer Team Member; Eligible for overdraft protection; Eligible for debit card round-up; No monthly service fees
Balance: $0-$1,000.00; Blended APY; Limit one Youth Savings account per member
Balance: $0.00 - $499.99; Limit 1 per membership; checking with a debit card required to open account; not eligible for combination with business or youth savings accounts
Balance: $0.01+; Educational IRAs can be opened by a custodian for anyone under the age of 18
- Oct 7, 20264.07%▲ from 3.87%
- Sep 8, 20263.87%first recorded
All Balances for first 6 months
Promotional APY. Balances at or below $9,999.99 do not qualify for this promotional rate and are subject to the current non-promotional interest rate applicable to this account type. At the end of the 180-day promotional period, the interest rate and APY will revert to the then-posted non-promotional rate(s) applicable to this account type. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. To qualify, you must be a new personal savings client of Flagstar Bank and open a Flagstar Ready Savings account. You must make an initial minimum opening deposit of at least $1.00. To qualify for the promotional rate, you must deposit additional funds, to maintain a balance greater than or equal to $10,000 is required and must be "new money," which is defined as money that is not currently on deposit in any Flagstar Bank account; money moved from any Flagstar Bank affiliate or subsidiary account or funded from a Flagstar/affiliate loan or line of credit does not qualify. For purposes of this offer, funds from maturing certificate of deposit accounts held at Flagstar Bank will be considered eligible. The account must remain open for the full 180-day promotional period. This offer is limited to one promotion per household. If any signer on this account has previously received a savings promotion from Flagstar Bank, you are ineligible for this offer. This offer cannot be combined with any other offers or promotions. An early account closure fee may be imposed for accounts closed within 180 days. Offer subject to change or cancellation at any time without notice. Receiving this offer does not guarantee eligibility. All account applications are subject to our normal approval process. Personal accounts only. Area restrictions may apply.
- Oct 6, 20264.00%▲ from 3.75%
- Sep 18, 20263.75%first recorded
Terms and Conditions apply; Dividend rate may change after the account is opened
Qualifying; Balance: $0.01 - $100,000.00; Qualifying balance up to $100,000.00; Compounded monthly
Ages 17 & Younger; Liquid Savings Account; Can Add Funds At Anytime; Can Withdraw Funds At Anytime
Balance: $500,000+
- Oct 3, 20263.91%▲ from 3.75%
- Sep 19, 20263.75%first recorded
Balance: $1,000,000 and over
Earn up to 3.75% APY with a Money Market Savings
Balance: $100,000 +
Balance: $50,000.01 and greater
Balance: $150,000 - $499,999.99
- Sep 27, 20263.75%▲ from 3.51%
- Sep 14, 20263.51%first recorded
Published APY range: 3.62% to 5.00%. Balance: $1,000 - $1,999.99; Blended rate account (each tier rate applies only to its balance band); Valid thru 10/31/2026
Valid Thru: 10/18/2026
Balance: Greater than $250,000
Tiered, variable rate account. When your balance falls into a specific rate tier, your entire balance will earn the interest rate and APY for that tier. Promotional and Platinum rates are not available for Health Savings Accounts.
Balance: Greater than $250,000
- Oct 7, 20263.51%▲ from 3.50%
- Sep 18, 20263.50%first recorded
Balance: Greater than $250,000
Best for: building a healthcare cushion. Competitive earnings using our Standard HYSA rates. Easy transfers to/from HSA Checking. Tax-free growth.
Tiered, variable rate account. Available to new FNBA customers. When your balance falls into a specific rate tier, your entire balance will earn the applicable rate for that tier.
Tiered, variable-rate account. The APY for the applicable tier applies to the entire account balance.
- Oct 7, 20263.51%▲ from 3.50%
- Sep 18, 20263.50%first recorded
Valid Thru: 10/18/2026
Valid Thru: 10/18/2026
Balance: $250,000 or Less
- Oct 2, 20263.49%▼ from 3.50%
- Sep 27, 20263.50%▼ from 3.75%
- Sep 24, 20263.75%first recorded
Balance: $0.01 - $999.99
Balance: $0.01 - $999.99
- Oct 9, 20263.40%▼ from 3.45%
- Sep 18, 20263.45%first recorded
Balance: $1000
- Oct 9, 20263.40%▼ from 3.45%
- Sep 14, 20263.45%first recorded
Balance: Greater than $100,000 up to $250,000
Balance: $5,000.00 to $2,000,000.99
Balance: $5,000.00 to $2,000,000.99
Balance: $10,000 or more; Rate is variable and may change after the account is opened.
Tiered rate account, the dividend rate and annual percentage yield for each balance range will apply to the portion of the balance in each tier. $50 minimum withdrawal. No minimum balance to earn dividends. Platinum Perks members with balances $5,000+ receive a rate bump of 0.50% APY; VIP Perks, 0.75% APY.
Balance: $100,000.00 and less
Balance: Greater than $50,000 up to $100,000
Tiered, variable rate account. When your balance falls into a specific rate tier, your entire balance will earn the interest rate and APY for that tier. Promotional and Platinum rates are not available for Health Savings Accounts.
Balance: Greater than $100,000 up to $250,000
Tiered, variable rate account. Available to new FNBA customers. When your balance falls into a specific rate tier, your entire balance will earn the applicable rate for that tier.
Tiered, variable-rate account. The APY for the applicable tier applies to the entire account balance.
- Oct 7, 20263.00%▲ from 2.75%
- Sep 18, 20262.75%first recorded
2.80% APY for balances of $0.01 - $4,999.99; 2.80% APY for balances of $5,000 or more.
Tiered, variable rate account. When your balance falls into a specific rate tier, your entire balance will earn the interest rate and APY for that tier. Promotional and Platinum rates are not available for Health Savings Accounts.
Balance: Greater than $50,000 up to $100,000
Balance: $200,000 - $499,999.99
Balance: $25,000.00 - $3,000,000.00
Balance: $500,000 +
Balance: Balance $1,000,000 and over
Balance $1,000,000 and over
Balance: up to $50,000
Tiered, variable rate account. When your balance falls into a specific rate tier, your entire balance will earn the interest rate and APY for that tier. Promotional and Platinum rates are not available for Health Savings Accounts.
Balance: Greater than $20,000 up to $50,000
Tiered, variable-rate account. The APY for the applicable tier applies to the entire account balance.
- Oct 7, 20262.50%▲ from 2.25%
- Sep 18, 20262.25%first recorded
Published APY range: 2.40%-4.00%; Published rate range: 2.40%-4.00%. Rates based on zip code and with a minimum of $5,000 not currently deposited at Huntington. Get your variable rate after opening a Huntington Relationship Savings Account when you maintain deposits of $5,000.00 - $2,000,000.99. Balances $2,000,001.00 and above will earn 0.01% (0.01% APY). Balances below $5,000.00 will earn 0.01% (0.01% APY). Balances below $2,500 may be subject to a $10.00 per month maintenance fee. Fees may reduce earnings. When your balance falls into a specific rate tier, your entire balance will earn the applicable rate in effect for that tier. Initial minimum opening deposit to earn the higher interest rate on the HRSA is $5,000.00 and must be "New Money" which is defined as money that is not currently on deposit in any Huntington account (except maturing CDs).
Balance: $250,000 - $499,999.99
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Michigan Savings Rate Trends
Compare local Michigan savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Michigan high-yield savings rates fell 0.150 points over the past 7 days to 2.191% APY, down from 2.341%.
Michigan standard savings rates rose 0.078 points over the past 7 days to 0.499% APY, up from 0.422%.
Michigan Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current MI high-yield average and a Fed funds spread to project the likely rate trajectory for 2026 to 2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current MI high-yield savings average of 2.191% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60 to 90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Michigan.
Savings Account Earnings in Michigan
Annual interest earnings at current MI average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (2.191% APY) | Monthly Earnings | Standard Savings (0.499% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $109.53 / year | $9.13 | $24.96 / year | $2.08 |
| $10,000 | $219.06 / year | $18.26 | $49.92 / year | $4.16 |
| $25,000 | $547.65 / year | $45.64 | $124.80 / year | $10.40 |
| $50,000 | $1,095.30 / year | $91.27 | $249.60 / year | $20.80 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Michigan savings rate averages as of October 13, 2026. | ||||
About Our Michigan Savings Rate Database
MonitorBankRates tracks 588 savings rates from 13 banks and 20 credit unions offering savings accounts to Michigan residents, including community institutions, regional banks, and national online options. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1 to 5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: ORSA Credit Union offers a savings account at 10.00% APY with a minimum deposit of $5. Use the rate table above to compare all current offers in Michigan.
How to Find the Best Savings Rates in Michigan
What to compare when shopping for a savings account in Michigan
To find the best savings APYs in Michigan, start with credit unions and online-only banks: Michigan has 20 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current MI high-yield savings average is 2.191% but top local institutions are offering as high as 10.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3 to 6 months of expenses in a liquid, FDIC-insured account. Michigan high-yield savings rates currently average 2.191% APY, far above a typical checking account.
- Short-term savings goals (6 to 24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Michigan institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 33 institutions in Michigan report savings rates to our database.
- You’re among Michigan’s 18.6% of residents aged 65+ for whom liquid, accessible savings complement fixed-income holdings.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return Michigan CD rates
- You want check-writing flexibility Michigan money market rates
- You need daily transaction access Michigan checking rates
Michigan Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
18.6% of residents are 65 or older, in line with the national average of 17.3%. At today’s MI high-yield savings average of 2.191%, saving 10% of the local median salary ($4,293/year) would earn an additional $94 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Michigan Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Michigan.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current MI Avg APY | 2.191% | 0.499% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 to $100 | $25 to $100 | $0 to $2,500 | $500 to $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Michigan averages tracked in our database as of October 13, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Michigan
At MI’s top rate of 10.00% from ORSA Credit Union, a $10,000 deposit earns $1,000 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Michigan earner is roughly $10,700. At 2.191% APY, saving $890/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsMichigan’s high-yield savings average is 2.191% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Michigan earner makes $42,935/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 2.191% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.191% APY grows to roughly $38,562 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Michigan savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Michigan directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Michigan. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in MI.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Michigan
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Michigan safe?
How often do savings rates change in Michigan?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Michigan?
How do I open a savings account in Michigan?
Best Savings Rates in Michigan
- ORSA Credit Union
High Yield Savings Account: 10.00% APY - Traverse Catholic Federal Credit Union
STUDENT SHARES: 6.17% APY - Genisys Credit Union
High Yield Youth Savings: 6.00% APY - Alpena-Alcona Area Credit Union
Health Savings Account: 5.12% APY - Commercial Bank Ithaca, MI
Blue Ribbon Savings: 5.00% APY
Cities in Michigan
