There’s plenty to love about the Land of 10,000 Lakes, from its professional sports teams to its polite residents. For the many people who live and work in Minnesota, though, a strong economy and reasonable cost of living make it a great place to live.
If you’re in the market for a bank account in Minnesota, you’ll have plenty of choices. From national banks with branches in Minnesota to local and community bank options, the state has a little of everything.
12 Best Banks in Minnesota
To help you find the right bank account to fit your needs, here are some of the best banks in Minnesota.
1. Associated Bank
Associated Bank is a regional bank with branches in Minnesota, Wisconsin, and Illinois. You’ll find branches throughout the region, but you’ll also have cash access while traveling at more than 30,000 MoneyPass ATMs nationwide. There are several checking account options, including a fee-free checking account with no minimum balance requirements.
Fees:
- No monthly maintenance fees
- $32 overdraft fee
Balance requirements:
- $25 opening deposit
- No minimum balance requirements
ATMs:
- Fee-free at Associated Bank ATMs
- Fee-free at 30,000+ MoneyPass ATMs nationwide
- $3 for each non-Associated Bank ATM transaction
Interest on balance:
- Up to 2.50% APY on savings accounts
- Up to 4.50% APY on CDs
- Up to 1.25% APY on money market accounts
Additional perks:
- $50 grace zone on overdrafts
- Multiple debit card designs available
2. CIT Bank
CIT Bank provides online banking solutions to consumers and small business owners. Although CIT Bank has no ATMs, you’ll pay no ATM fees, no matter which ATM you use, and CIT Bank reimburses up to $30 of the fees you’ll pay other banks for using their ATMs.
The best thing about CIT’s checking account is that you’ll earn interest. Balances below $25,000 earn 0.10% APY, while balances of $25,000 and over earn 0.25% APY.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- $100 minimum deposit to open
- No minimum balance requirement
ATMs:
- Up to $30 in waivable monthly fees for out-of-network ATMs
Interest on balance:
- Up to 0.25% APY on checking accounts
- Up to 4.85% APY on savings accounts
- Up to 5.00% APY on CDs
- Up to 1.538% APY on money market accounts
Additional perks:
- Competitive rates on financing for small business owners
- Competitive rates on no-penalty CDs
3. Wings Financial Credit Union
Credit unions are a great way to get perks and competitive rates, as long as you qualify for membership. Wings Financial Credit Union was originally founded to serve Northwest Airlines employees, but it has recently expanded to include those in certain states and counties.
Wings Financial is headquartered in the Apple Valley area, with branches throughout Minnesota and Wisconsin. Currently, Wings Financial is offering a $300 bonus for opening a new checking account and setting up a recurring direct deposit of at least $600 a month. You’ll also need to make at least five debit card transactions of $25 or more.
Fees:
- No monthly maintenance fees
- $30 overdraft fee
Balance requirements:
- $5 nonrefundable donation required for credit union membership
- No minimum balance requirement
ATMs:
- Fee-free at Wings Financial ATMs
- Fee-free at 80,000+ Co-Op, MoneyPass, and Allpoint ATMs nationwide
Interest on balance:
- Up to 3.04% APY on checking accounts
- Up to 1.56% APY on savings accounts
- Up to 4.59% APY on CDs
- Up to .25% APY on money market accounts
Additional perks:
- $300 bonus for eligible new checking account
- Competitive rates on mortgage, auto, and boat loans
4. GO2bank
Another online banking option is GO2bank, which offers a savings account with 4.50% APY, and a checking account with no fees, as long as you have at least one payroll or government benefits direct deposit each month.
Otherwise, you’ll pay $5 a month for checking. One feature that sets GO2bank apart, though, is its cash access. Not only can you withdraw cash at Allpoint ATMs nationwide, but you can also deposit cash at more than 90,000 retailers.
Fees:
- $5 monthly maintenance fee (waived with requirements)
- $15 overdraft fee (24-hour grace period)
Balance requirements:
- No minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at Allpoint ATMs nationwide
- $3 out-of-network ATM fee
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Deposit cash at 90,000+ retailers nationwide
- Secured credit card helps you build credit without a credit check
5. Wells Fargo
Although Wells Fargo is a national bank, it’s only available in 37 states. This could be a problem if you travel outside those areas, as you’ll pay $2.50 for each out-of-network ATM withdrawal.
Wells Fargo offers a selection of checking and savings accounts, including a checking account that has no monthly fees if you can maintain a $500 balance or have at least $500 monthly in qualifying deposits. Currently, Wells Fargo is offering a $300 bonus for new checking accounts with at least $1,000 in qualifying direct deposits in the first 90 days.
Fees:
- $10 monthly fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at Wells Fargo ATMs nationwide
- $2.50 out-of-network ATM fee
Interest on balance:
- Up to 2.51% APY on savings accounts
- Up to 4.51% APY on CDs
Additional perks:
- $300 bonus on new checking accounts
- Robust mobile banking services
6. Chime
Chime is an online banking solution that works best for those who rarely need to deposit cash. The mobile banking app comes with everything you need to pay bills, transfer funds, and monitor your checking account.
You’ll get fee-free ATM access at more than 60,000 partner ATMs nationwide. If you have electronic deposits each month, you’ll qualify for SpotMe, which covers you for up to $200 in overdrafts, as well as early access to your paycheck.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at more than 60,000 ATMs nationwide
- $2.50 out-of-network transaction fee
Interest on balance:
- 2.00% APY on savings account balances
Additional perks:
- SpotMe covers up to $200 in overdrafts
- Access to paycheck up to two days early
7. Home Federal Savings Bank
Those looking for a local bank should consider Home Federal Savings Bank, which has 14 branches and 2 loan production offices in Minnesota, Wisconsin, and Iowa. Home Federal has fee-free checking account options, but those who travel outside the service area may want to take a look at ATM fees.
The checking account comes with four free out-of-network transactions a month. After that, you’ll pay $2 for each withdrawal. In all instances, you’ll pay third-party ATM fees for each transaction.
Fees:
- No monthly maintenance fees
Balance requirements:
- $25 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free use at Home Federal ATMs
- $2 per out-of-network ATM transaction (4 free per month)
Interest on balance:
- Up to 2.02% APY on checking accounts
Additional perks:
- $10 off your first box of checks
- Robust business checking account options
8. Huntington Bank
Huntington Bank is another regional bank with branches in 11 states. You’ll get fee-free ATM access at more than 1,400 Huntington ATMs, as well as competitive rates on CDs and money market accounts.
If you receive at least 1,000 in deposits each month and keep a daily balance of $200, your checking account may qualify for Standby Cash. With Standby Cash, you’ll get interest-free access to a line of credit as long as you repay it with automatic payments within three months.
Fees:
- No monthly fees
- $15 overdraft fee (waived up to $50)
Balance requirements:
- No minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at more than 1,700 ATMs within service area
- $3.50 out-of-network ATM transaction fee
Interest on balance:
- Up to .06% APY on savings accounts
- Up to 5.13% APY on CDs
- Up to 4.18% on money market accounts
Additional perks:
- Standby Cash issues no-interest loan as needed
- Early Pay gives you two days early access to your paychecks
9. MidWestOne Bank
MidWestOne Bank is a community bank with branches in Minnesota, Iowa, Wisconsin, Florida, and Colorado. You’ll find multiple checking accounts, including one free option with no minimum daily balance requirements. You’ll get fee-free access to cash while traveling at any MoneyPass or Presto! ATM.
Fees:
- No monthly maintenance fees
- $35 overdraft fee
Balance requirements:
- $100 minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at MidWestOne ATMs
- Fee-free at MoneyPass and Presto! ATMs nationwide
- $1 out-of-network transaction fee
Interest on balance:
- Up to .10% APY on savings account balances
- Up to 4.28% APY on CDs
- Up to 4.25% APY on money market accounts
Additional perks:
- Customized debit cards available
- Competitive rates on personal loans and lines of credit
10. TruStone Financial Federal Credit Union
If you live, work, worship, volunteer, or go to school in a qualifying Minnesota or Wisconsin county, you’ll qualify for membership with TruStone Financial Federal Credit Union. You’ll get plenty of perks with your membership, including a debit card that earns you 1 point for every $5 you spend on purchases.
You’ll need a share savings account to qualify for a checking account with TruStone Financial, but new checking accounts currently earn a $150 bonus with qualifying activities.
Fees:
- No monthly maintenance fees
- $30 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at TruStone ATMs
- Fee-free at 65,000+ ATMs nationwide
- $2 out-of-network transaction fee (5 free per month)
Interest on balance:
- .30% APY on savings account balances
- Up to 4.75% APY on savings certificates
- Up to 2.00% APY on money market accounts
Additional perks:
- Rewards on debit card transactions
- Up to $150 bonus on new checking accounts
11. BMO Harris Bank
BMO Harris offers banking services in Minnesota, as well as Illinois, Wisconsin, Indiana, Kansas, Missouri, Arizona, Florida, and California. You’ll get all the features you need through the banking app, including mobile check deposit, online bill pay, and the ability to transfer funds back and forth from your savings account to your checking account.
Fees:
- No monthly maintenance fees
- $15 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at BMO Harris ATMs nationwide
- Fee-free at 40,000+ ATMs nationwide
- $3 out-of-network transaction fee
Interest on balance:
- Up to 4.50% APY on savings account balances
- Up to .25% APY on CDs
Additional perks:
- Wealth management services available to account holders
- View all accounts in one dashboard, including those with other banks
12. Bremer Bank
With a service area that includes Minnesota, North Dakota, and Wisconsin, Bremer Bank has one of the best customer service ratings of all the banks in Minnesota. Whether you’re looking for a personal or business checking account, Bremer Bank is worth considering.
The basic checking account is fee-free as long as you enroll in free online statements, maintain a $1,500 average balance, or are under age 21 or over age 64.
Fees:
- $3 monthly service fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $100 minimum deposit to open
- No minimum daily balance required ($1,500 to waive service fee)
ATMs:
- Fee-free at 37,000+ MoneyPass ATMs nationwide
- $2.75 out-of-network transaction fee
Interest on balance:
- Up to .30% APY on savings account balances
- Up to 3.00% APY on CDs
- Up to 3.30% APY on money market accounts
Additional perks:
- First order of Bremer Bank checks is free
- Agriculture and business checking account options available
Frequently Asked Questions
What is the best bank in Minnesota?
Minnesota banks have worked hard to keep up with the latest banking trends. In 2023, customers not only want great rates on savings accounts and plenty of checking account features, but they also want the convenience of managing their accounts using a mobile app.
While the in-person customer service you get with a local bank is valuable, it’s easy to do everything from your phone, so that feature might not be as important.
What is the most financially stable bank in the US?
Stability is an important feature in a bank. This is one area where a national bank will tend to be a better option than a local or regional bank. Wells Fargo is largely considered one of the most financially stable, with more than $1.8 trillion in assets. Traditional banks can tend to be more reliable in general than newer banks simply because they have a long history in the industry.
Do I need good credit to open a Minnesota bank account?
You don’t need good credit to open a savings or checking account. However, when you apply with a national, local, or regional bank, the bank will likely pull something called a ChexSystems report.
This will provide information on any deposit accounts you’ve held before. This includes any joint accounts that used your Social Security number. If you have a history of closed accounts, you may find that your application is denied.
Can I get a bank account if I don’t have a job?
Banks don’t typically factor employment into account approvals. You can even find a bank that will accept your application without any money. Look for a bank that requires no minimum opening deposit. In some cases, you may find you’ll pay monthly fees or that you won’t be eligible for some features without direct deposit.
Can an online-only bank meet all my banking needs?
Online banking has more financial products than ever. In many cases, you’ll be able to do all your banking using only the app. If you like to be able to visit a local branch, online banking might not suffice, but some banks provide live teller access through the app. Also, make sure your online bank offers cash deposit and withdrawal without charging massive fees.
Our Methodology
Although this list certainly doesn’t include all the checking and savings accounts available in Minnesota, it’s a great snapshot of what’s available. We strove to include a combination of online banks, local banks, regional banks, and national banks to help you see the pros and cons of each.
When looking at a bank, we considered a variety of factors. A bank may have no fees on checking accounts but offer few ATM cash withdrawal options, which may mean out-of-network fees each month. We also looked for banks that pay competitive rates on savings accounts or on high-yield checking accounts to help you make the most of your money.
The best banks in Minnesota can vary dramatically from one person to another. By narrowing down the types of financial products that matter most to you, you’ll be able to save money while also getting the features you need.
