Best Banks in Minnesota

From community credit unions to national powerhouses, which banks in Minnesota truly rise above the rest? Find out here.

Beyond its stunning lakes, Minnesota is also home to numerous banks and credit unions, both large and small. But, with so many great options, choosing the right one can feel overwhelming.

To discover your ideal banking partner, check out this curated list of the top banks in Minnesota. Only the best deserves your attention!

Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

• The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
• The offer is for new checking customers only.
• Offer expires 01/31/2025.
• To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
• Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
• Additional terms and conditions apply. See offer page for more details.
• *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
• Bank of America, N.A. Member FDIC.

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Expires 1/31/2025

Member FDIC

U.S. Bank Smartly® Checking - Up to $400 Bonus

Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31, 2024. Member FDIC.

Earn up to $400 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

• Enroll in online banking or the U.S. Bank Mobile App
• Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $200 or $5,000 or more to earn $400

Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.

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Expires 10/31/2024

Member FDIC

Chase Total Checking® - $300 Bonus

• New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking^® account with qualifying activities
• With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
• Chase Mobile^® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• JPMorgan Chase Bank, N.A. Member FDIC
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

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Expires 1/22/2025

Member FDIC

BMO Checking Accounts - Earn up to $600

Earn up to $600 with qualifying activities. Conditions Apply. BMO Bank N.A. Member FDIC

Get either a $250 or $500 cash bonus when you open a new checking account and complete qualifying activities between 9/10/24 and 10/31/24. Plus, get a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online. Combine the cash bonus and the gift card to maximize your rewards.

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Expires 10/31/2024

6 Best Banks in Minnesota

To find the best banks in Minnesota, we looked at factors like account options, interest rates, and branch accessibility.

Your bank significantly impacts your daily life, particularly in terms of convenience and service. But choosing one doesn't have to be hard—discover your ideal bank below.

U.S. Bank: Best National Bank

If you're in Minnesota and prefer banking with a major institution, U.S. Bank is a great choice thanks to its strong local presence.

With over 110 locations statewide and thousands of ATMs nationwide, including those in the MoneyPass network, you can bank conveniently wherever you are.

Additionally, its user-friendly mobile app lets you manage your money from anywhere, whether you're checking balances, transferring funds, or paying bills.

You can use the app to access and manage your U.S. Bank Smartly Checking account. It offers personalized insights, budget tracking, and various overdraft protection options.^[1]

Affinity Plus Credit Union: Best Credit Union

Affinity Plus Credit Union offers customized financial services, ideal for Minnesota residents looking for personalized banking. Members can choose from options like checking, savings, loans, credit cards, and more, all tailored to their needs.

Along with their member-focused services, Affinity Plus makes banking easy with 32 locations across Minnesota.^[2] Plus, with access to over 60,000 ATMs through the MoneyPass, SUM, and CO-OP networks, you'll always have quick and convenient access to your money, wherever you are.

On top of all that, Affinity Plus is also renowned for its exceptional customer service, with staff who consistently go the extra mile for members.

If you're interested, find out more about how to join Affinity Plus Credit Union by checking the membership requirements here.

Huntington Bank: Best Regional Bank

If you're seeking a more regional-focused banking experience, Huntington Bank is a solid option. It not only offers personalized services but also supports communities and businesses with low fees and decent rates.

Plus, with over 80 branches in Minnesota and over 1,800 ATMs across the Midwest, accessing your money is convenient no matter where you are in the region.

Huntington may have fewer branches than national banks, but it still offers a wide range of financial products and services.

Its Asterisk-Free Checking account is a great option with no monthly fees or balance requirements. It also includes free online and mobile banking and access to many ATMs, making it easy and affordable to manage your money.^[3]

Wells Fargo: Largest Branch Network

Wells Fargo is another major bank to consider. With about 120 branches in Minnesota and access to approximately 11,000 ATMs across the country, you'll have easy access to your money both at home and while traveling.

Beyond its strong presence in the North Star State, Wells Fargo is also known for offering a full suite of financial products and services including checking, savings, credit cards, loans, and more.

It also has a Clear Access Banking account, perfect for those just starting to manage their finances—like students, teens, or anyone looking to build their banking history. With a $5 monthly fee that can be avoided, no overdraft charges, and no minimum balance required, it's a hassle-free option to get you started.^[4]

Wells Fargo, with its experience and size, delivers the stability and security you need to confidently manage your finances, whether you're an individual or a business.

Quontic: Best Online Bank

If traditional banking isn't your style, you might want to check out online banks like Quontic Bank. As a digital bank, it's branch-free but still open to everyone, including Minnesotans.

They offer everything from checking and savings accounts to CDs and loans, just like traditional banks. Plus, with their easy-to-use website, mobile app, and access to over 90,000 fee-free ATMs nationwide, managing your money is a breeze.

Additionally, Quontic stands out with its high-yield savings account offering a competitive APY. It boasts no monthly fees and a low minimum deposit of just $100, making it an excellent choice for Minnesota residents looking to boost their savings.

Ally Bank: Best Online Savings Account

Ally Bank is another solid choice for Minnesota residents who prefer digital banking. As an online-only bank, Ally offers everything from checking and savings accounts to credit cards and loans, with competitive rates to help your money grow.

Accessing your cash is easy with 43,000+ no-fee Allpoint ATMs nationwide. Plus, its online and mobile banking platforms are incredibly user-friendly, and packed with tools that make managing your money effortless.

What better way to take advantage of these digital tools than by opening an Ally Online Savings Account? With a high APY, no minimum balance, and no opening deposit required, it's a simple and effective way to grow your savings.

Our Methodology

In creating this list, we focused on FDIC-insured banks with branches in the state to emphasize convenience and community support. We also considered factors like locations, online banking, and service range.

However, we also included reputable online-only banks, which are gaining popularity for offering higher APYs. Our data came from publicly available websites and financial reports.

How the Banks Compare with Each Other

	Member FDIC	Wells FargoChaseBank of AmericaBMO BankFifth Third BankKeyBank	HuntingtonChaseBank of AmericaBMO BankFifth Third BankKeyBank Member FDIC
	Visit Site	Learn More	Learn More
	US Bank	Wells Fargo	Huntington Bank
	SPECIAL OFFER U.S. Bank Smartly® Checking - Up to $400 Bonus - Learn More	SPECIAL OFFER Personal Checking Account - $300 Bonus - Learn More	SPECIAL OFFER Business Checking Account - $1,000 Bonus - Learn More
	Benefits and Features
Savings	0.01% APY. Minimum deposit $25. Monthly maintenance fee $4, unless you have $300 minimum daily ledger balance, have a $1,000 average monthly collected balance, hold the account with an individual age 12 and under, OR open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards® Primary tier or above.	0.01% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, make 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, make 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account, make 1 or more Save As You Go® transfers from a linked Wells Fargo checking account, or primary account owner is 24 years old or under.	0.01% APY (Premier Savings). $4 monthly fee, unless you have 1) daily average balance of $300, or 2) linked to a Huntington Asterisk-Free Checking Account. Minimum deposit of $50.
CD	Standard Term CD: 0.05% - 0.25% APY. Terms ranging from 1 month - 60 months. Minimum deposit of $500. Maximum deposit $250,000.	Standard Fixed Term CD available online: 1.01% to 2.00% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Relationship APY: 1.02% to 2.01% APY when you link a Wells Fargo Prime Checking, Premier Checking, or Private Bank Interest Checking account to the CD. More CD terms are available in branch.	0.50% APY for amounts ranging from $1,000 to $99,999.99. Minimum deposit is $1,000.
Checking	Smartly Checking	Clear Access Banking, Everyday Checking, Prime Checking, Premier Checking	Asterisk-Free Checking: No minimum balance and no monthly maintenance fees Huntington Perks Checking: 5 non-Huntington ATM withdrawals per month Huntington Platinum Perks Checking: Unlimited non-Huntington ATM withdrawals
Money Market	0.01% - 0.25% APY, depending on amount. Minimum opening deposit $100. Monthly maintenance fee is $10 unless you open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards® Primary tier or above, or maintain a $10,000 minimum daily balance.		0.05% APY for amounts of $25,000 to $2,000,000. $25 monthly maintenance fee unless there is 1) average daily balance of $25,000, or 2) linked to a Huntington Perks or Huntington Platinum Perks Checking account.
ATMs	more than 4,500 U.S. Bank ATMs across the country	approximately 11,000 ATMs across the country	over 1,800 ATMs
Customer Service	24/7 Live Customer Service (Telephone)	Available 24 hours a day, 7 days a week.	24/7
Locations	more than 2,000 branches across the country	approximately 4,700 retail banking branches coast to coast	More than 1,000 branches
	Visit Site	Learn More	Learn More
	U.S. Bank Smartly® Checking - Up to $400 Bonus Silver Business Checking account - $400 Bonus Platinum Business Checking account - $900 Bonus	Personal Checking Account - $300 Bonus Personal Checking Account - $125 Bonus Personal Checking Account - $325 Bonus	Business Checking Account - $1,000 Bonus Business Checking Account - $400 Bonus Business Checking Account - $100 Bonus
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. US Bank: Pricing information from published website as of 09/06/2024 based on 91107 zip code. Wells Fargo: Pricing information from the published website as of 09/21/2024 is based on the 91101 zip code. Huntington: Pricing information from published website as of 09/28/2024 based on 43215 zip code.

How to Choose the Best Bank in Minnesota

Just like you're laying down roots in Minnesota, your money also needs a financial home. Here's what to consider when choosing the right bank:

Accessibility
Convenience is key. Choose a bank with branches close to your home and work, so you have easy access to ATMs and in-person support.

Checking and savings accounts
Pick a bank with the accounts and features you need. For example, some banks' checking accounts may have overdraft assistance or free budgeting tools.

Monthly fees
Some banks (especially traditional banks) charge a monthly fee unless you maintain a certain minimum balance or meet other criteria. This doesn't have to be a dealbreaker, as long as you can easily meet the requirements.

Additional services
Looking for more than banking? Banks usually also offer credit cards, loans, investment tools, and small business products. Look into the bank's other services if you want a one-stop-shop.

How to Open a Bank Account in Minnesota

Opening an account at a bank or credit union is simpler than you think, and the process is almost the same everywhere. Here's how it typically works:

1. Go to the website or visit a physical branch of your chosen bank.
   
2. Complete the application form and provide your basic information such as name, address, SSN, valid ID, etc.
   
3. Submit your application and fund your account.

Remember, when opening an account with a credit union, you'll need to meet their membership requirements first.

Types of Banks in Minnesota

Below are the different types of banks you'll find in Minnesota:

National banks
National banks, chartered and supervised by the U.S. Treasury, offer a wide range of financial products like banking, credit cards, loans, and investments. These banks typically provide convenient access to services with branches and ATMs across multiple states.

Regional banks
Regional banks, on the other hand, serve specific geographic areas such as a state or region. They have fewer branches than national banks but offer more personalized services.

Online banks
Online banks offer financial services without physical locations. Everything is handled through their website or mobile app, and you can usually withdraw cash at ATMs.

Without the cost of maintaining branches, online banks often provide higher interest rates, no service fees, and lower balance requirements.

Credit unions
Credit unions offer checking and savings accounts, prioritizing member service over profit. As member-owned institutions, they often provide better savings and loan rates.

However, they have membership requirements and may offer fewer services than traditional banks.

Bottom Line

Minnesota boasts a wide range of banks and credit unions, giving you plenty of options to find the perfect fit for your financial needs.

If you're into traditional banking, consider major players like U.S. Bank or Wells Fargo. For a more personal touch or better rates, check out Affinity Plus Credit Union or Quontic.

At the end of the day, it all boils down to your personal preferences. The choice is yours!

References