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 $450 Bonus

Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC.

Earn up to $450 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 deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.

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 12/30/2024

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 Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*

$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC

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Expires 2/3/2025

7 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

U.S. Bank is a national bank with a strong local presence in Minnesota. It boasts over 110 locations statewide and access to thousands of ATMs nationwide, including those in the MoneyPass network, making banking convenient wherever you are.

U.S. Bank is a great option for those who want a reliable, everyday bank account. Its main checking account, U.S. Bank Smartly Checking, comes with a Visa debit card and lets you manage your money online or through the app.^[1]

You'll also get tools to track your spending and budget easily, helping you stay in control of your finances. Plus, with different overdraft protection options, you're covered for unexpected expenses.

Pros + Cons

Bremer Bank: Best for Interest-Earning Checking

Bremer Bank, headquartered in Minnesota, has a solid presence in the state with over 40 branches. Whether you're an individual or a business, Bremer delivers a full suite of banking services, with a strong focus on supporting the agricultural sector.

For everyday accounts, Bremer has a couple of checking options to meet your needs. If you want something simple, consider Bremer Select Banking which requires a $100 minimum deposit and has a $3 monthly fee.

But, if you're seeking to earn interest, Bremer Choice Banking is the way to go, also with a $100 minimum deposit but with a $10 monthly fee.^[2]

Whichever checking account you choose, you'll get a debit card that you can use at over 37,000 ATMs nationwide. Plus, with access to free online and mobile banking, your money is within reach both physically and virtually.

Pros + Cons

Associated Bank: Best Digital App

Associated Bank is a regional bank with a solid footprint in the Midwest, boasting nearly 200 locations across several states. It has 19 branches in Minnesota, which may be fewer than other banks, but customers can use over 30,000 fee-free ATMs for easy access to their money.

It stands out thanks to its wide range of checking accounts, offering about eight options to choose from.^[3] For a hassle-free account, you can opt for the Associated Access Checking which has no monthly fees or minimum balance requirements.

Alternatively, if you're after more features, the Balanced Checking account is a great choice, offering perks like credit monitoring and overdraft protection. Just remember, it requires a $100 opening deposit and has a $9 monthly fee, which can be waived.

Lastly, no matter which account you choose, you can use the Associated Bank Digital app to manage your finances anytime and anywhere. With just a few taps, you can send and receive money, pay bills, track your spending, set budgets, deposit checks, and more.

Pros + Cons

Affinity Plus Credit Union: Best Credit Union

If you're looking for an alternative to traditional banks, Affinity Plus Credit Union is an excellent choice. With 32 locations across Minnesota and 60,000+ in-network ATMs throughout the country, accessing your money is a breeze.^[4]

Affinity Plus Credit Union offers great checking options for those looking to manage their funds. With the Better Than Free Checking account, you can enjoy no minimum balance, no monthly fees, and no ATM fees at partner ATMs—ensuring a hassle-free banking experience.

Plus, you can easily manage your account through their mobile app, which lets you deposit checks, make automatic bill payments, and set up direct deposits. Qualified members can also enjoy overdraft protection for checks and ACH transfers.

At Affinity Plus Credit Union, you get all the perks of a traditional bank, plus personalized service rooted in their member-focused approach.

Pros + Cons

Quontic: Best Online Bank

If traditional banking isn't for you, consider online banks like Quontic Bank. Even without physical branches, you get easy access to your funds from anywhere in the country with a user-friendly mobile app and over 90,000 fee-free ATMs.

Much like brick-and-mortar banks, Quontic offers a full range of services including checking and savings accounts, CDs, and loans.

If you're looking to earn interest on your everyday account, check out the High Interest Checking account, where you can get a minimal APY by making at least 10 qualifying debit card purchases of $10 or more each month.

Meanwhile, if your goal is to grow your savings, consider the High Yield Savings account. It offers a high APY with no monthly fees and requires a minimum deposit of just $100.

Pros + Cons

Huntington Bank: Best Regional Bank

Huntington Bank is a regional bank focused on the Midwest, boasting over 80 branches in Minnesota and more than 1,800 ATMs throughout the region. It is an excellent choice for those seeking a local banking experience featuring decent rates and low fees.

You'll have a range of checking accounts to choose from, including interest-bearing options like Huntington Platinum Perks and Huntington Perks Checking, or a no-fee option like Asterisk-Free Checking. ^[5]

Plus, you'll also have access to Huntington Bank's top-rated mobile app, making it easy to manage your finances on the go. You can track your spending, send and receive money, set up direct deposits, etc. whenever and wherever you want.

Pros + Cons

Ally Bank: Best Online Savings Account

Ally Bank is another digital bank worth considering, especially for tech-savvy individuals who enjoy managing their banking online.

Despite not having physical branches, you can easily access your money at over 43,000 fee-free Allpoint ATMs nationwide, ensuring your funds are always within reach.

Ally offers a user-friendly online banking platform with handy tools for easy money management. With a few taps, you can save for future goals by organizing your funds into buckets or enhance your savings with automatic recurring transfers.

And 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.

Pros + Cons

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 AmericaBMOFifth Third BankKeyBank	HuntingtonChaseBank of AmericaBMOFifth 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 $450 Bonus - Learn More	SPECIAL OFFER Personal Checking Account - $300 Bonus - Learn More	SPECIAL OFFER Personal Checking Account - $600 Bonus - Learn More
	Benefits and Features
Savings	Bank Smartly® Savings: Minimum deposit $25. Monthly maintenance fee $5, unless you have a Bank Smartly® Checking or Safe Debit account, or for accounts with a minor under the age of 18.	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: 2.00% to 2.75% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Relationship APY: 2.01% to 2.76% 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 $450 Bonus Silver Business Checking account - $400 Bonus Platinum Business Checking account - $900 Bonus	Personal Checking Account - $300 Bonus Personal Checking Account - $125 Bonus Savings Account - $525 Bonus	Personal Checking Account - $600 Bonus Personal Checking Account - $400 Bonus Personal Checking Account - $200 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 11/12/2024 based on 91107 zip code. Wells Fargo: Pricing information from the published website as of 10/26/2024 is based on the 91101 zip code. Huntington: Pricing information from published website as of 11/15/2024 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