Finding the best banks for small business in Michigan is a matter of defining your priorities and researching your options. After all, the right bank can be a great financial partner for your business. Whether you need fee-free business checking, money market accounts to earn interest on excess funds or access to lines of credit, every bank is different—just like your small business. 

These five banks are our picks for your small Michigan business. They range from digital-first options to traditional, local banks with ties to the Michigan community: find out which one is right for you.

Top Banks for Michigan Small Businesses

The best banks in Michigan offer tailored financial solutions, competitive fees, and flexible account options. These banks provide essential services such as business checking and savings accounts, lines of credit, and loan products, all designed to support growth and cash flow management. Additionally, they feature user-friendly online banking platforms, local customer support and valuable resources to help entrepreneurs thrive in a competitive market.

1. North One

If you’re searching for a flexible, fee-free business checking account, North One is a great contender. Their Business Checking Accounts have no monthly fees and only require a $50 opening deposit. Additionally, they offer cash-back rewards on eligible debit card purchases. This makes them ideal for small business owners seeking perks without hefty costs. You’ll also enjoy instant access to client payments and same-day bill pay. This can simplify your cash flow management, keeping your business running smoothly.

North One has high transaction limits on wire transfers, ACH payments, checks and debit card transactions, making them perfect for businesses planning to scale up over time. Plus, the Envelope budgeting tool allows you to organize and budget within the account.

North One isn’t a direct lender. However, they facilitate access to business loans up to $250,000. Its easy integration with essential tools like QuickBooks enhances usability. Additionally, its user-friendly online and mobile banking makes it ideal for tech-savvy owners comfortable with digital-first banking.

Every North One account is FDIC-insured. Although they don’t have physical branches, customers have access to a wide network of fee-free ATMs across North America. Keep in mind, though, that there are additional fees for services like wire transfers and physical checks, and North One currently does not offer savings account options—you may need to mix and match if you need savings.

2. United Bank of Michigan

For established businesses seeking a traditional banking experience, the United Bank of Michigan is an excellent choice. Founded in 1887 as Wayland Exchange Bank, it now operates 12 physical branches across the state.

United Bank offers tiered business checking accounts to accommodate various business sizes and types. The Business Checking I account is ideal for startups, requiring just a $250 minimum balance to waive fees and providing 250 free transactions per month. As businesses grow, they can transition to Business Checking II, which waives fees with a $5,000 balance and allows for 500 free monthly transactions. For larger operations, Business Checking III requires a $15,000 minimum balance and offers 750 free transactions each month. Non-profits can benefit from the Association Checking account, which has no minimum balance.

For those looking to maximize cash reserves, United Bank’s savings options are appealing. The Business High-Yield Savings account offers tiered interest rates with a $10,000 minimum balance to waive the $30 monthly fee. More established businesses might prefer the Business Money Market Savings account, which offers the highest interest rates but requires a $50,000 minimum balance to avoid service charges.

United Bank provides a variety of financing options, including commercial real estate loans for property purchases, renovations, and expansions. They offer equipment financing and expansion loans to support business growth. They also provide cash flow solutions and lines of credit for short-term needs. Their business credit cards cater to various preferences. The Platinum Card features a 0% APR for 18 months. The Max Cash Preferred Card offers up to 5% cash back in selected categories.

3. Michigan First Credit Union

If a credit union better suits your needs, consider Michigan First Credit Union, founded in 1926 as the Detroit Teachers Credit Union. Membership is open to anyone who lives, works or worships in Michigan, and they offer a transparent fee structure. Members benefit from 30 physical branches, over 1,600 surcharge-free CO-OP ATMs across Michigan, and 30,000 ATMs nationwide.

Michigan First is a full-service financial institution for in-state businesses, providing everything from business checking and savings to lines of credit, treasury and merchant services, and credit cards. However, if maximizing savings is your goal, you might find better options for high-yield accounts elsewhere.

One standout feature is their Business Checking Account, which has no minimum balance requirements, check fees, or service charges. This structure simplifies daily operations without hidden fees. The account includes debit cards for multiple users, allowing both PIN and signature transactions. Additionally, the Mastercard Easy Savings program offers automatic rebates on essential business expenses like fuel, dining, and hotel stays, enabling savings of up to 4% at over 50,000 participating merchants.

Their Business Savings Account earns dividends on balances over $1,000, building financial reserves and providing collateral for loans, thus enhancing funding flexibility. For better returns, Michigan First offers a Money Market Account starting with interest at a $2,500 balance and Certificates of Deposit (CDs) with tiered rates.

With online and mobile banking tools, Michigan First allows small business owners to manage finances conveniently. Combined with their lending options, like term loans and lines of credit, Michigan First is an excellent choice for local businesses.

4. Bank of Ann Arbor

The Bank of Ann Arbor merged with First National Bank in Howell in 2021 and has 17 branch locations across the state. This is another traditional banking option that should appeal to owners who like in-person and online banking with a personal touch.

The bank offers several business checking options. Small Business Checking requires a low minimum balance of $1,000 to avoid a $10 monthly fee. Cash Management Checking is designed for businesses with complex banking needs. Commercial Checking caters to companies that need unlimited transactions. Money Market Checking for Organizations and Community Interest Accounts provide interest-earning opportunities, ideal for non-profits and businesses with higher balances. This offers competitive rates and no activity limits.

The Bank of Ann Arbor has business savings options for organizations of all sizes. Their Commercial Money Market Savings account offers a tiered interest rate structure for businesses that want to grow their reserves. There’s also a Statement Savings Account with a low minimum deposit of $100, ideal for small businesses looking to save while earning interest.

They offer business lines of credit, term loans, and real estate mortgages. This gives businesses the flexibility to finance operations, purchase equipment, or acquire commercial real estate. Their letters of credit and local decision-making processes are especially valuable for businesses involved in domestic and international trade.

In addition to deposit and loan services, Bank of Ann Arbor provides essential tools such as free business online banking, mobile banking, merchant services, wire transfers and foreign exchange services, ensuring that small business owners have everything they need to efficiently manage their operations. 

5. The State Bank

The State Bank rounds out our selections. This is another traditional, community-focused Michigan bank that focuses on lending. It was founded in 1898 and has 20 locations within the state.

The Basic Business Checking account offers essential features at a low cost, with no monthly maintenance fee and up to 150 free transactions each month. Small business owners can have free online banking and bill payment services, making it easy to manage cash flow without worrying about additional fees. This is ideal for businesses just starting out, or those with moderate transaction volumes.

One of the key advantages of The State Bank is its strong focus on business lending, particularly through Small Business Administration (SBA) loans. As a preferred SBA lender, The State Bank has the expertise to help small businesses access financing. They also offer capital for expansion, purchasing equipment and managing cash flow. 

In addition to lending, The State Bank offers a range of savings accounts designed for small businesses. The Business Savings account requires a low minimum opening balance of $500 and offers up to 15 free withdrawals per quarter. For businesses anticipating growth, the Select Business Savings account provides higher earning potential with tiered interest rates.

Lastly, The State Bank’s Treasury Management and Merchant Services provide small businesses with the tools they need to optimize cash flow and accept payments efficiently. With remote deposit capture and a focus on streamlining everyday transactions, The State Bank offers flexibility and convenience.

Choosing the Best Bank Accounts for Michigan Small Businesses

The best bank for your small business in Michigan depends on your unique needs or preferences. Digital-first options like North One are a great choice for online banking, but a traditional community bank or credit union might be more your speed. By carefully considering your business’s financial requirements, transaction volumes and growth plans, you can select a banking partner that will support your Michigan business.