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.

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.