South Dakota may be known for its stunning landscapes, from the Black Hills to Badlands National Park, but it’s also home to a solid financial landscape with a variety of banking options.
Whether you’re looking for a robust set of online services or more personalized customer care, there’s likely a bank in the Mount Rushmore State that meets your needs. Read on to discover which institutions stand out in terms of services, fees, and customer experience.
10 Best Banks in South Dakota
When it comes to banking, one size does not fit all. It’s important to find a bank that aligns with your financial goals—whether you’re saving for a house, starting a business, or simply looking for a reliable place to deposit your paycheck. We’ve sifted through the options and have compiled a list of the best banks in South Dakota to make your choice a little easier.
U.S. Bank stands as a leading choice for South Dakotans seeking a range of financial services. Its strong national standing and expansive network of branches in the state make it a popular option for residents.
Gaining traction among South Dakotans for its standout online banking solutions, SoFi excels with its combined Checking & Savings account offering. Clients have the opportunity to earn an eye-catching 4.50% annual percentage yield (APY) on savings and a 0.50% APY on checking accounts, all while enjoying the absence of monthly fees.
Breaking the mold of traditional banking, Current is a U.S.-based fintech that offers streamlined online banking solutions, tailored specifically for individuals with limited or poor credit history. Setting itself apart from conventional banks, Current skips the use of ChexSystems and doesn’t require a credit check for account approval.
With a strong local presence, First National Bank of Sioux Falls has built a strong reputation by providing various financial services tailored to the community. Offering everything from personal checking and savings accounts to mortgages, this bank serves as a one-stop-shop for all your banking needs.
How to Choose the Best Bank in South Dakota
Choosing a bank is a significant decision that can affect your financial well-being for years to come. With several factors to consider and a plethora of options available, making the right choice can feel overwhelming. Here’s a guide to help you find the best bank in South Dakota that aligns with your financial needs and lifestyle.
- Location and accessibility: The first step in choosing the best bank is to consider its locations and accessibility. Even though online banking has become increasingly popular, there are times you might wish to visit a physical branch. Make sure the bank you choose has locations near your home or workplace, and check their operating hours for your convenience.
- Types of accounts offered: Different banks offer different types of accounts, each with its own set of features and benefits. Whether you’re looking for a basic checking account, a high-yield savings account, or specialized accounts like HSAs and IRAs, scrutinize the options to ensure they align with your financial goals.
- Fees and charges: Banks often have various fees attached to their accounts, such as monthly maintenance fees, ATM withdrawal fees, and overdraft fees. Make sure to read the fine print and understand all the costs associated with an account before you decide. Many of the best banks in South Dakota offer accounts with no or low fees, making them a cost-effective choice.
- Interest rates: Interest rates can have a significant impact on your savings over time. Higher interest rates on savings accounts, CDs, and other interest-bearing accounts can make your money work harder for you. Compare the annual percentage yield (APY) across different banks to get the most bang for your buck.
- Online and mobile banking features: In today’s digital age, having robust online and mobile banking capabilities is crucial. From checking your balance and transferring funds to depositing checks and paying bills, you should be able to handle most of your banking needs remotely.
- Customer service: Good customer service can be invaluable, especially when you encounter issues or have questions about your account. Look for banks with a reputation for excellent customer service, multiple contact options, and extended support hours.
- Additional services: Beyond basic banking, you may need other financial services such as loans, credit cards, or investment options. Many of the best banks in South Dakota offer a full range of financial products, making it easier to manage all your finances in one place.
- Reviews and recommendations: Lastly, don’t underestimate the value of reviews and personal recommendations. Reading customer reviews can provide real-world insights into what you can expect from a bank. Also, don’t hesitate to ask friends, family, or coworkers for their recommendations, especially if they have similar financial needs.
Choosing the right bank is an important decision that influences your financial health and day-to-day convenience. By evaluating various factors such as location, account types, fees, and customer service, you can narrow down your options and select the best bank in South Dakota that aligns with your needs.
Remember, the best banks in South Dakota are those that offer a blend of competitive rates, low fees, and excellent customer service, all while providing the financial products and services that fit your lifestyle. Make a well-informed choice and enjoy the peace of mind that comes with knowing your finances are in good hands.