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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.
Headquartered in Minneapolis, U.S. Bank holds a prominent position in the state’s banking landscape with its extensive network of branches and ATMs.
The bank is currently welcoming new applicants in 26 U.S. states with a special online offering:
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account online and complete qualifying activities. Subject to certain terms and limitations. Offer valid through November 30, 2023. Member FDIC.
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.
U.S. Bank also offers a wide variety of financial services, including checking and savings accounts, loans, and investment opportunities, all accessible through their easy-to-use online and mobile banking tools.
To open a checking account, customers need an initial deposit of $25. The bank charges a $6.95 monthly service fee, but customers can avoid this fee by either keeping a minimum daily balance of $1,500 or setting up direct deposits totaling at least $1,000 per month. The bank also offers the perk of no-fee overdraft protection transfers from a connected deposit account.
As for earnings on deposits, U.S. Bank offers up to 4.50% APY on money market accounts and 4.75% APY on CDs.
The SoFi Checking & Savings account is a top choice for high-yield online banking. With no monthly fees, the online savings account boasts an impressive 4.60% APY, and you’ll even get 0.50% APY on checking balances.
SoFi is designed for a seamless banking experience. Not only does it offer an impressive interest rate, but also perks such as early direct deposit, which can expedite your paycheck by up to two days.
Additionally, SoFi debit card users can get up to 15% cash back at certain local spots. For added peace of mind, there’s FDIC insurance coverage up to $2M.
Unexpected shortfalls? SoFi offers overdraft coverage up to $50 without fees, provided you have qualifying direct deposits.
In addition, new customers might earn bonuses between $50 and $250 based on the amount of their direct deposits. The vast access to over 55,000 Allpoint® Network ATMs is another reason why many choose SoFi.
Green Dot’s GO2bank is a simple and easy-to-use digital bank. You can quickly set up a checking account and also save money in “vaults.” The high yield savings account earns a rate of 4.50% APY for amounts up to $5,000.
GO2bank has 90,000 places where you can deposit cash and 55,000 ATMs you can use without extra fees. They also make it easy to move money to other banks for free. Plus, you can get your paycheck or government checks a few days early.
With monthly direct deposits, you won’t have to pay the $5 monthly fee. And if you spend more than you have, GO2bank will cover you up to $200.
Want to build better credit? Try the GO2bank Secured Visa Credit Card. It can help you build credit and boost your credit score.
Associated Bank is a regional bank with branches in Minnesota, Wisconsin, and Illinois. There are 19 branches in Minnesota, including cities like Minneapolis, St. Paul, Rochester, Bloomington, Plymouth, and Eagan.
The bank offers a variety of checking accounts to suit different customer needs, including an option that comes with no monthly maintenance fees and no minimum balance requirements.
To open a checking account with Associated Bank, you’ll need an opening deposit of at least $25. Associated Bank also offers a $50 grace zone on overdrafts.
Associated Bank provides convenient cash access not only at its branches but also through an extensive network of over 30,000 MoneyPass ATMs nationwide.
As a customer, you can take advantage of some favorable rates on various deposit accounts. Savings accounts offer up to 2.50% APY, CDs yield up to 4.50% APY, and the money market account a rate of 1.25% APY, ranking Associated Bank among the best banks in Minnesota.
Wings Financial Credit Union has its main office in the Apple Valley region, but you can find its branches dispersed throughout Minnesota and Wisconsin.
Currently, they offer a $300 bonus for new members who open a checking account. To qualify, you must set up a direct deposit of at least $600 monthly and make five debit card transactions, each over $25.
To become a member, a one-time non-refundable fee of $5 is obligatory. However, once you’re a member, you can enjoy the benefit of no balance requirements and no monthly maintenance fees.
Wings Financial Credit Union is quite generous with its ATM policy, allowing fee-free withdrawals not only at their own locations but also at over 80,000 Co-Op, MoneyPass, and Allpoint ATMs scattered nationwide.
Financial growth is plausible with their competitive annual percentage yields (APY) on various accounts. You can earn up to 3.04% on checking accounts, 1.56% on savings accounts, and a substantial 4.59% on CDs. Aside from these, the credit union offers attractive rates for mortgages as well as auto and boat loans.
Wells Fargo is a prominent national bank that operates in 37 states, including Minnesota. One of its notable offerings is a checking account with no monthly fees if you can maintain a $500 balance or have a monthly total of at least $500 in qualifying deposits.
To further welcome new customers, the bank is currently offering a $300 bonus for new checking accounts that facilitate at least $1,000 in qualifying direct deposits within the first 90 days.
Getting started with Wells Fargo is straightforward with a minimum deposit requirement of $25 to open a checking account, coupled with no mandatory minimum balance.
Additionally, Wells Fargo offers promising avenues to grow your savings with a 2.51% APY on savings accounts and a 4.51% APY on CDs.
7. Home Federal Savings Bank
Home Federal Savings Bank stands out as a local bank with 14 branches and 2 loan production offices spread across Minnesota, Wisconsin, and Iowa. They offer free checking accounts, with a bonus of four out-of-network ATM transactions monthly.
Opening an account is straightforward, requiring a minimum deposit of just $25, and there are no requirements to maintain a minimum balance.
Additionally, the bank offers up to 2.02% APY on checking accounts, and has several savings accounts, personal loans, mortgages, and more.
For business owners, Home Federal Savings Bank offers a business savings account, several business checking accounts, and business credit cards.
Huntington Bank is a regional bank with branches in 11 states. It offers the Asterisk-Free Checking account that comes with quite a few benefits.
There are no monthly fees to worry about, and getting started is easy with no minimum deposit required to open the bank account. Plus, there’s no need to maintain a minimum account balance.
When you bank with Huntington, you have access to over 1,400 ATMs, making it convenient to access your money wherever you are.
The “Standby Cash” feature is a significant perk. If you have at least $1,000 in monthly deposits and keep a daily balance of $200, you can access this benefit. It offers an interest-free line of credit that you need to repay within three months through automatic payments.
Despite the low interest rates on savings accounts, Huntington Bank offers impressive rates on CDs and money market accounts, going up to 5.13% APY and 4.18% respectively. Another benefit to note is the “Early Pay” feature, which allows you to get your pay two days sooner.
MidWestOne Bank serves communities in several states, including Minnesota, providing various checking accounts to choose from.
One appealing possibility is a free checking account that doesn’t have any minimum daily balance requirements. To open an account, you’ll need a minimum deposit of $100, and once it’s set up, you won’t have to worry about a monthly maintenance fee.
To help you access your money, MidWestOne offers a broad network of fee-free ATMs. Not only can you use the bank’s facilities without incurring charges, but the same benefit extends to MoneyPass and Presto! locations nationwide.
For those thinking about saving, MidWestOne presents lucrative rates with 4.28% APY on CDs and a slightly lesser, yet impressive, 4.25% APY on money market accounts. However, to qualify for higher rates on their savings accounts, you have to have a balance of at least $25,000.00.
Beyond the basics, the bank offers some exciting extras, including the option to get a customized debit card. If you’re considering personal loans or lines of credit, they have competitive rates to ensure you get the best deal for your financial circumstances.
If you are connected to a qualifying county in Minnesota or Wisconsin through residence, work, worship, volunteering, or schooling, you can become a member of TruStone Financial Federal Credit Union.
Membership here unlocks a range of benefits, including a points-earning debit card, where every $5 spent on purchases earns you a point.
To open a checking account with TruStone Financial, you will need to start with a share savings account. However, this comes with a perk — new checking accounts are eligible for a $150 bonus, provided you meet the qualifying activities.
Setting up an account is easy with a $25 minimum deposit, and there are no monthly maintenance fees, or minimum balance requirements. In terms of accessing your cash, TruStone Financial offers fee-free transactions at their own machines, as well as over 65,000 other ATMs nationwide.
In terms of savings accounts, the credit union offers competitive rates of 4.75% APY on share certificates and 2.00% APY on money market accounts.
Active in several states, including Minnesota, BMO Harris is a national bank that brings essential banking services right to your fingertips.
Their mobile banking app is designed to simplify your financial management, offering features such as mobile check deposit, seamless fund transfers between your savings and checking accounts, and easy online bill pay.
Start-up with BMO Harris is easy, with a $25 minimum deposit to open a checking account and no minimum balance requirement. You also won’t be charged monthly maintenance fees.
ATM accessibility is a strong point for BMO Harris Bank customers. You’ll have access to BMO Harris facilities nationwide and over 40,000 other ATMs across the country.
Savings enthusiasts will appreciate the competitive APY of 4.50% on savings account balances. Additionally, BMO Harris also offers business accounts, credit cards, all kinds of loans, as well as investment and retirement products.
If you’re looking to build or manage your wealth, you can take advantage of their wealth management services to help you reach your financial goals.
Bremer Bank stands tall in Minnesota, as well as North Dakota and Wisconsin, with one of the highest customer service ratings among banks in the region.
Their basic checking account offers no monthly fee, provided you sign up for free online statements, maintain an average balance of $1,500, or if you are below 21 or above 64 years of age. If you do not meet these criteria, a modest $3 monthly service fee applies.
To kickstart your banking journey with them, a $100 minimum deposit is required to open a checking account. When it comes to accessibility, Bremer Bank offers an extensive network of over 37,000 MoneyPass ATMs nationwide where you can withdraw cash without incurring fees.
As for savings accounts, they present attractive rates with 3.00% APY on CDs and a slightly higher 3.30% APY on money market accounts, aiding you in growing your savings steadily over time.
Bremer goes the extra mile with additional perks including a complimentary first order of their checks. They also offer business and agricultural banking services with specialized business checking account options available.
How to Choose the Best Bank in Minnesota
When seeking the best banks in Minnesota, understanding the unique benefits and offerings of each institution type can guide your decision. With a plethora of options at your disposal, here’s a breakdown to help you navigate your choices and find the perfect fit for your financial needs:
1. Explore Various Types of Banks
Minnesota’s banking landscape is diverse, featuring a rich selection of financial institutions, each catering to different needs:
National Banks: Operating on a large scale, these banks offer a comprehensive range of services and have vast ATM networks across multiple regions.
Regional Banks: Serving a specific region more intensely, regional banks provide a balance between national and local services, offering a deep understanding of the area’s market nuances.
Community Banks: These are smaller banks rooted in the local community of Minnesota, often providing a personalized touch and fostering relationships with their clients.
Online Banks: Operating without physical branches, these banks tend to offer higher interest rates on savings accounts and lower fees due to the reduced overhead costs.
Credit Unions: As not-for-profit organizations, credit unions focus on serving their members, providing them with favorable interest rates and a community-oriented approach.
2. Analyze the Fee Structure
Investigate the various fee structures of different banks and credit unions to avoid unexpected fees in the future. When analyzing bank accounts, consider aspects such as monthly maintenance fees, overdraft fees, ATM charges, and transaction fees.
3. Interest Rates
Review the interest rates offered by different banks on savings and checking accounts, as well as on loans and credit cards, to identify the most beneficial options.
4. Consider the Range of Services
Ensure that the bank you are considering offers a wide range of services that align with your financial goals. This might include services like mortgage loans, business banking, personal loans, and investment services.
5. Customer Service
Prioritize banks and credit unions that are known for their excellent customer service. Responsive and helpful customer service can be a great asset in managing your finances smoothly.
6. Online and Mobile Banking
Given the increasing reliance on digital platforms, opt for banks and credit unions that offer robust online platforms, mobile banking services, and other tech-savvy amenities to facilitate easy and convenient banking.
7. Convenience
Lastly, consider the convenience of banking with a particular institution, considering factors like the proximity of branches and ATMs, as well as the working hours of the branches.
By evaluating each of these factors carefully, you can pinpoint the best banks in Minnesota that cater to your individual needs and preferences, steering you towards a fruitful banking experience.
Bottom Line
While we haven’t covered every available checking and savings account option in Minnesota, this overview offers a substantial glimpse into the diverse offerings at hand. Our focus has been to showcase a balanced mix of online, local, regional, and national banks, as well as credit unions, aiming to highlight the strengths and weaknesses inherent to each type.
In our evaluation process, we considered a multifaceted array of factors to provide a well-rounded perspective. From scrutinizing the fee structures associated with checking accounts to assessing the accessibility of ATM cash withdrawal facilities, our analysis was comprehensive. Additionally, we selected banks that offer compelling rates on both savings accounts and high-yield checking accounts, thus enabling you to optimize your financial gains.
Identifying the best banks in Minnesota is indeed a subjective endeavor, highly influenced by individual preferences and requirements. By pinpointing the financial products that resonate most with your needs, you stand a better chance of saving money and securing a banking experience tailored to facilitate your financial growth and stability.
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.
