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There’s plenty to love about the Land of 10,000 Lakes, from its professional sports teams to its polite residents. For the many people who live and work in Minnesota, though, a strong economy and reasonable cost of living make it a great place to live.
If you’re in the market for a bank account in Minnesota, you’ll have plenty of choices. From national banks with branches in Minnesota to local and community bank options, the state has a little of everything.
11 Best Banks in Minnesota
To help you find the right bank account to fit your needs, here are some of the best banks in Minnesota.
Subject to certain terms and limitations. Offer valid through May 6, 2025. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.
The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).
Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.
The SoFi Checking & Savings account is a strong option for online banking, offering up to 3.80% APY on savings and 0.50% APY on checking balances—with no monthly fees.
New customers may also qualify for a cash bonus between $50 and $300 by setting up eligible direct deposits. With access to over 55,000 Allpoint® Network ATMs, managing your money on the go is easy.
SoFi includes helpful features like early direct deposit, allowing you to receive your paycheck up to two days early. It also provides up to $50 in fee-free overdraft coverage for those with qualifying direct deposits.
For added security, deposits are FDIC insured up to $2 million through SoFi’s partner banks.
Current offers a flexible digital banking experience that works well for Minnesota residents who want a fast, fee-free way to manage money.
There are no monthly maintenance fees, no minimum balance requirements, and no credit checks.
Customers can get paid up to two days early with direct deposit and access over 40,000 fee-free Allpoint® ATMs across the U.S.
Current also provides free overdraft protection up to $200 when you meet direct deposit eligibility requirements.
What makes Current stand out is the ability to build credit just by using your debit card—no credit check or loan required.
For savers, Current offers up to 4.00% APY on Savings Pods, giving you a way to grow your money without locking it up in a CD. It’s a convenient choice for anyone who prefers a modern, mobile-first banking option.
Associated Bank is a regional bank with branches in Minnesota, Wisconsin, and Illinois.
There are 19 branches in Minnesota, including cities like Bloomington, Eagan, Minneapolis, Plymouth, Rochester, and St. Paul.
The bank offers various checking accounts to suit different customer needs, including an option that comes with no monthly maintenance fees and no minimum balance requirements.
To open a checking account with Associated Bank, you’ll need an opening deposit of at least $25. Associated Bank also offers a $50 grace zone on overdrafts.
Associated Bank provides convenient cash access not only at its branches but also through an extensive network of over 30,000 MoneyPass ATMs nationwide.
As a customer, you can benefit from competitive rates on various deposit accounts. With attractive options for savings accounts, CDs, and money market accounts, Associated Bank stands out as one of the top banks in Minnesota.
Wings Credit Union is based in Apple Valley and has branches throughout Minnesota, including Duluth, Eden Prairie, Minneapolis, Rochester, and St. Paul.
It also operates locations in Wisconsin, making it convenient for members across the region.
New members can earn a $300 bonus by opening a checking account, setting up a monthly direct deposit of at least $600, and making five debit card purchases over $25 each. Membership requires a one-time $5 fee.
Wings Credit Union doesn’t charge monthly maintenance fees and has no minimum balance requirements. Members also get access to over 80,000 fee-free ATMs through Co-Op, MoneyPass, and Allpoint networks.
You can earn interest on checking, savings, and CD accounts. Wings also offers competitive rates on home, auto, and boat loans, making it a well-rounded option for personal banking and lending needs.
Wells Fargo has a strong presence across Minnesota, with branches in cities like Duluth, Minneapolis, Rochester, and St. Paul.
It’s a convenient choice for those who want nationwide access along with in-person service.
New customers can earn a $300 bonus by opening an eligible checking account and receiving at least $1,000 in direct deposits within the first 90 days.
The account has a $10 monthly fee, but you can waive it by maintaining a $500 balance or receiving $500 in monthly deposits.
It only takes $25 to open a checking account, and there’s no ongoing minimum balance requirement. Wells Fargo also offers savings accounts and CDs with competitive rates, giving customers more ways to grow their money.
Huntington Bank is a popular choice for Minnesotans who want a fee-free checking account with convenient access to branches and ATMs.
You’ll find Huntington locations in cities like Minneapolis, St. Paul, Bloomington, Edina, and Brooklyn Park.
The Asterisk-Free Checking account has no monthly maintenance fees, no minimum balance, and no opening deposit requirement. It’s easy to open and manage, especially with access to more than 1,400 ATMs.
Huntington’s “Standby Cash” feature allows eligible customers to borrow up to $500 interest-free. To qualify, you’ll need at least $1,000 in monthly deposits and a $200 daily balance. The borrowed amount must be repaid over three months via automatic payments.
While savings interest rates are modest, Huntington offers competitive CD and money market rates. Its Early Pay feature is another plus, allowing customers to access paychecks up to two days early.
MidWestOne Bank serves Minnesota residents with physical branches in cities like Eden Prairie, Elk River, Forest Lake, Minneapolis, Stillwater, and White Bear Lake.
It offers convenient access to in-person service along with digital tools for managing your finances online or through its mobile app.
One of the standout options is its Free Checking account, which requires a $100 opening deposit but has no monthly maintenance fees or minimum daily balance requirements.
Customers can also withdraw cash at no cost from MidWestOne ATMs, as well as MoneyPass and Presto! locations across the country.
For savers, the bank offers competitive rates on CDs and money market accounts. However, higher rates on savings accounts generally require a balance of $25,000 or more.
MidWestOne also provides personal loans and lines of credit with competitive rates, along with customizable debit cards for added convenience.
TruStone Financial Federal Credit Union serves eligible members across Minnesota and Wisconsin, with branches in cities like Brooklyn Park, Burnsville, Duluth, Maple Grove, Minneapolis, and Plymouth.
You can join if you live, work, volunteer, worship, or attend school in a qualifying county.
To open a checking account, you’ll first need to open a share savings account. The checking account requires a $25 opening deposit, comes with no monthly fees, and no minimum balance.
New members can earn a $150 bonus by meeting simple direct deposit and debit card use requirements.
TruStone offers a points-based debit card rewards program, giving you one point for every $5 spent. Members also get fee-free access to TruStone ATMs and over 65,000 partner ATMs nationwide.
For savings, TruStone offers competitive rates on money market accounts and share certificates, making it a solid option for both everyday banking and long-term saving.
Bremer Bank is a well-established regional bank with branches across Minnesota, including locations in Duluth, Mankato, Minneapolis, Rochester, St. Cloud, and St. Paul.
The standard checking account has no monthly fee if you meet one of three conditions: enroll in online statements, maintain an average balance of $1,500, or fall under the age of 21 or over 64.
Otherwise, the fee is $3 per month. Opening an account requires a $100 deposit.
Customers get free access to over 37,000 MoneyPass ATMs nationwide. Bremer also offers competitive rates on money market accounts and CDs.
Other benefits include a free first order of checks and specialized business and agricultural banking services for those who need more than just personal banking.
Active in several states, including Minnesota, BMO Harris is a national bank that brings essential banking services right to your fingertips.
Their mobile banking app is designed to simplify your financial management, offering features such as mobile check deposit, seamless fund transfers between your savings and checking accounts, and easy online bill pay.
Start-up with BMO Harris is easy, with a $25 minimum deposit to open a checking account and no minimum balance requirement. You also won’t be charged monthly maintenance fees.
ATM accessibility is a strong point for BMO Harris Bank customers. You’ll have access to BMO Harris facilities nationwide and over 40,000 other ATMs across the country.
Savings enthusiasts will appreciate the competitive APYs on savings account balances. Additionally, BMO Harris also offers business accounts, credit cards, all kinds of loans, as well as investment and retirement products.
If you’re looking to build or manage your wealth, you can take advantage of their wealth management services to help you reach your financial goals.
How to Choose the Best Bank in Minnesota
When seeking the best banks in Minnesota, understanding the unique benefits and offerings of each institution type can guide your decision. With a plethora of options at your disposal, here’s a breakdown to help you find the perfect fit for your financial needs:
1. Explore Various Types of Banks
Minnesota’s banking landscape is diverse, featuring a rich selection of financial institutions, each catering to different needs:
National Banks: Operating on a large scale, these banks offer a comprehensive range of services and have vast ATM networks across multiple regions.
Regional Banks: Serving a specific region more intensely, regional banks provide a balance between national and local services, offering an in-depth understanding of the area’s market nuances.
Community Banks: These are smaller banks rooted in the local community of Minnesota, often providing a personalized touch and fostering relationships with their clients.
Online Banks: Operating without physical branches, these banks tend to offer higher interest rates on savings accounts and lower fees due to the reduced overhead costs.
Credit Unions: As not-for-profit organizations, credit unions focus on serving their members, providing them with favorable interest rates and a community-oriented approach.
2. Analyze the Fee Structure
Investigate the various fee structures of different banks and credit unions to avoid unexpected fees in the future. When analyzing bank accounts, consider aspects such as monthly maintenance fees, overdraft fees, ATM charges, and transaction fees.
3. Interest Rates
Review the interest rates offered by different banks on savings and checking accounts, as well as on loans and credit cards, to identify the most beneficial options.
4. Consider the Range of Services
Ensure that the bank you are considering offers a wide range of services that align with your financial goals. This might include services like mortgage loans, business banking, personal loans, and investment services.
5. Customer Service
Prioritize banks and credit unions that are known for their excellent customer service. Responsive and helpful customer service can be a great asset in managing your finances smoothly.
6. Online and Mobile Banking
Given the increasing reliance on digital platforms, opt for banks and credit unions that offer robust online platforms, mobile banking services, and other tech-savvy amenities to facilitate easy and convenient banking.
7. Convenience
Lastly, consider the convenience of banking with a particular institution, considering factors like the proximity of branches and ATMs, as well as the working hours of the branches.
By evaluating each of these factors carefully, you can pinpoint the best banks in Minnesota that cater to your individual needs and preferences, steering you towards a fruitful banking experience.
Final Thoughts
Minnesota offers plenty of solid banking choices, from big-name institutions to trusted local credit unions. Whether you’re looking for low fees, high savings rates, or easy ATM access, there’s an option to match your needs.
The best banks in Minnesota will depend on your habits and goals. By focusing on what matters most—whether it’s mobile tools, strong customer support, or local access—you can find a bank that helps you manage your money more effectively.
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.
