5 Best Banks in Minnesota: A Guide to Landing Your Perfect Partner
We were surprised to learn that there are over 300 banking institutions in Minnesota, which means that if you’re living in this state, you should have no problem finding a banking institution nearby that provides all the services you need.
With that being said, it’s important to look into banks carefully before you decide to open up an account. If you want to be able to earn high interest on your savings, apply for loans or mortgages, or use financial wellness services, you need to choose one of the best banks.
We’ve compiled a list of the 5 best banks in Minnesota, so you can choose the best financial institution to meet your needs within the state. Read on to find out which Minnesota banks are better than the rest!
Our criteria for ranking the best banks in Minnesota
- Minimal Account Fees. The last thing you want when opening a bank account is to be hit with lots of fees, so be sure to check whether you’ll be charged a fee for opening your account, or on a monthly basis. Some banks will have fees in place that can be waived in certain circumstances. It’s also worth checking whether there’s a minimum balance requirement or minimum deposit for opening an account.
- Competitive Rates. Interest rates are important to anyone looking for banking services, whether it’s high rates on the deposit side of things or low rates on the borrowing side. While a bank doesn’t have to provide the world’s highest interest rates to be a good bank, it’s still a good idea to prioritize banks with competitive APRs if your goal is to save money.
- Online/Mobile Banking. If you don’t want to have to go into the bank in person every time you want to deposit money, adjust your overdraft, or generally manage your finances, you should look for Minnesota banks that offer online banking. If you can, we recommend prioritizing mobile banking, since this is often more convenient.
- Additional Services. Always do your research and look into additional services provided by a Minnesota bank before opening an account. If you already know what you want from your bank (for example, the ability to take out a business loan), make this service a priority when selecting your bank. Other examples of additional services provided by some Minnesota banks include financial planning tools, financial calculators, mortgages, scholarship programs, and more.
- Customer-First Reputation. When it comes to choosing a bank to trust with your money, you need to make sure you will be put first. That’s why choosing a bank with a reputation for centering its customers in business is so important. Make sure to look into the customer service options offered by each bank and read testimonials from existing customers before getting in touch.
The 5 Best Banks In Minnesota
1. Minnwest Bank
Minnwest Bank is a local Minnesota bank that also happens to be a family-run banking business. If you’re looking for a local bank that you can trust in the state of Minnesota, you should consider banking with Minnwest.
Minnwest Bank was founded during the farm crisis of 1987 with the aim of helping the local community through hard times. Minnwest continues to be a force for good in the community to this day, providing various types of community support such as educational events and volunteer work.
You can open a personal checking, savings, and retirement accounts with Minnwest Bank, as well as business and agri-business accounts. It’s also possible to take out both personal and business loans and secure mortgages.
Other services provided by Minnwest Bank include online banking and bill paying, cash management services (such as funds management and payroll processing), and overdraft protection.
There’s no minimum balance for the classic checking account at Minnwest – you just need $100 for the deposit, and there’s a $2 service charge each month that can be waived. Mobile and online banking, a debit card, and bill pay are all included.
While interest rates at Minnwest Bank vary depending on what kind of account you open, some accounts, such as the IRA, come with competitive rates that surpass those of the average standard savings account.
2. Bank Of America
Bank of America has branches in all 50 states in the US. If you’re in the state of Minnesota and are looking for a full-service bank offering a wide range of accounts and other products, it’s definitely worth looking into Bank of America.
When you open an account with Bank of America, you get access to Zelle, which means you can use the bill-paying services, calculate loan equity, and make instant payments. You can also choose between six different credit cards depending on your financial requirements.
You will also be able to use the Bank of America app, which allows you to do basic banking tasks from your phone and provides you with a virtual assistant and tools to help you with budgeting.
With that being said, the interest rates on the savings accounts you can open with Bank of America are not the highest, and you’ll also have to pay a monthly maintenance fee on your account.
3. Bremer Bank
Bremer Bank is a national bank based in Minnesota, and it’s known for its community-conscious practices and services, so it’s one of the most popular banking options for state residents.
Whether you’re looking to open a checking, savings, money market, or small business bank account, Bremer Bank has you covered. Not only that, but you can also use loan and mortgage services as well as agricultural banking services.
Although you will have a monthly maintenance fee on your bank account, you can waive it if you keep your balance within a specific limit, which you can verify with the balance checks.
One of the biggest reasons a lot of people in Minnesota choose to bank with Bremer Bank is that customers are given much more individual attention compared to other banks.
That’s because it’s a community bank that is dedicated to catering to customers’ individual needs. For example, you can fill out a form through the website and receive a call back from a personal banker to discuss your specific situation in detail.
4. Huntington Bank
Formerly known as TCF Bank, Huntington Bank is one of the best regional banks in Minnesota.
You can open a checking account with no monthly fees, and the same goes for a savings account. The only thing to bear in mind about the free checking account is that you can’t earn any interest on it.
Additionally, there’s the option to get a credit card and use business banking or treasury management services.
If you don’t want to have to go to a bank in person, you’re in luck with Huntington Bank because you can use the various online and mobile services to do most of your banking at home. This includes online financial planners, which can be helpful if you’re a beginner trying to plan for the future.
5. Citizens Bank Of Minnesota
If you don’t necessarily need to go into your chosen bank in person very often and prefer to conduct most of your banking tasks online, you should consider banking with Citizens Bank of Minnesota.
There are no monthly fees on checking or savings accounts, which is good if you’re trying to save money. Additionally, most of the accounts offered by Citizens Bank of Minnesota come with overdraft protection.
If you’re looking to apply for a high school scholarship, this is a service you can apply for once you start banking with Citizens Bank of Minnesota. In addition to that, this bank offers services for business banking, loans, lending, and agricultural banking services.
If you’re in need of a financial calculator, you can access this tool with Citizens Bank of Minnesota.
Although access to in-person banking is limited with this particular bank due to its small size, you can do a lot online using the online banking platform and mobile app.
The app includes an online messaging system where you can get customer support without having to wait in a call line. You can also view your transactions and make deposits this way, so everything is simplified.
Last call: choosing the best Minnesota bank
Finding a good bank is about more than competitive interest rates (although, of course, these are important).
The best banks in Minnesota can help you to have a positive experience of financial maintenance and growth by providing you with excellent customer service and offering wealth management, loan, investment, scholarship, and retirement planning options, plus so much more.
Before you open a bank account with any bank in Minnesota, write down the services that are a priority for you and make sure your chosen bank offers them.
Look into all 5 of the best banks in Minnesota and improve your financial situation today. If possible, speak to friends and family who have experiences with these banks, and check out customer testimonials online.
If you’re really struggling to choose the Best Minnesota bank, remember that you always have the option of opening more than one account at different institutions and seeing which one works best for you.
At Personal Finance Guru, we want to help you maximize your lifestyle through personal finance. You can trust the integrity of our independent financial advice. Our opinions are our own and have not been provided, reviewed, approved, or endorsed by any advertiser or financial product provider. To support and grow the site, however, we may receive compensation from the issuers of some products.
John has always been fascinated by money, wealth, and investing. He got a front row seat into how Ultra High Net Worth individuals, families, and entities manage their money while working for years in Goldman Sachs’ Private Bank.
He learned a great deal about personal finance and wealth management from some of the most experienced professionals in the industry.
Now he enjoys helping all kinds of people grow their wealth and achieve their financial goals.
When he’s not advising clients, Cody enjoys playing golf and spending time with family and friends.