Many famous Minnesotans have made their mark in history. A case in point is Charles A. Lindbergh, Jr., who was the first person to fly over the Atlantic Ocean in 1927.
Even if you’re not a famous Minnesotan, you can still enjoy the perks this state has to offer. After all, Minnesota offers many adventures to residents and visitors alike.
If you’re looking for a new bank and live in Minnesota, you’ve come to the right place. Our guide includes everything you need to know about the best banks in Minnesota, and then some.
Sometimes the most challenging part about finding a bank is knowing which one to choose. We’ve got you covered there with a list of ways to compare bank accounts to find the one that best suits you.
Are you ready to learn more about the best banks in Minnesota? Let’s get started!
13 Best Banks in Minnesota
Free checking that actually pays you. No monthly fees. No minimum balance. Earn $75 bonus. Get paid up to 2 days early with direct deposit. FDIC insured.
- Earn $75 bonus
- No monthly fees ever
- Get paid 2 days early with direct deposit
America's largest bank with thousands of branches. Best if you want a physical location nearby and a $400 cash bonus just for switching your direct deposit.
- Thousands of branches and ATMs nationwide
- $400 bonus with direct deposit
- No monthly fees with $500+ deposits
The list below includes only a few of the largest banks in the U.S. Otherwise, these banks offer Minnesota residents personalized banking in this great northern state.
1. Current
Minnesota winters are expensive. Heating bills spike from November through March, car batteries die in subzero temps, and one bad ice storm can crack a windshield or drop a tree limb on your roof. If you're paycheck-to-paycheck like most Minnesotans, that gap between paydays is exactly when emergencies happen.
Current was built for that gap. Switch your direct deposit using code PAYROLL75 and you get $75 free, just for doing what you were going to do anyway. After that, you can pull up to $750 of your next paycheck early, with no interest, no credit check, and no questions asked. For a renter in Minneapolis or someone heating a house in Duluth, that buffer can be the difference between paying rent on time and getting hit with a $50 late fee.
There are no monthly fees, no minimum balance, no overdraft charges, and you get paid up to two days early. The whole account opens in two minutes from your phone, no branch required. Current is FDIC insured, used by 4M+ Americans, and built for the exact kind of paycheck pressure most Minnesotans know too well.
If you don't love it, you can close the account in 60 seconds with no fees and no calls. So there's no real downside to trying it.
Get $75 + $750 Before Payday →
2. Chase Total Checking®
Chase has the largest physical presence of any major bank in the country, including hundreds of branches and ATMs across Minnesota, Minneapolis-Saint Paul, Rochester, Duluth, and most major shopping centers. If you actually use cash, deposit checks regularly, or want a real bank you can walk into, Chase is the obvious pick.
Right now Chase is offering a $400 bonus when you open a new Total Checking® account and set up qualifying direct deposit. Most people qualify, the bonus hits within 90 days, and the $12 monthly fee waives itself the moment your paycheck shows up. So the account is effectively free for anyone working a regular job in Minnesota.
You also get access to 16,000+ free Chase ATMs nationwide, which matters if you travel out of state or visit family in Wisconsin or the Dakotas. The Chase app is solid, Zelle is built in, and you can link a Chase savings or credit card later, all under one login.
If you want the biggest checking bonus on the market and a bank with a real Minnesota presence, Chase is the move.
3. Need More Than Just a Bank?
If Current or Chase cover your banking needs, you're done. Both offer everything most Minnesotans need: early payday access, zero fees, huge bonuses, and rock solid apps. Pick one and move on.
But if you want to tackle other financial goals beyond checking accounts, Minnesota residents have solid options for debt relief, personal loans, budgeting, investing, and passive income.
Here are six products worth considering:
National Debt Relief – If you're carrying credit card debt or multiple unsecured debts, National Debt Relief negotiates settlements with creditors to reduce what you owe. They work with Minnesota residents and typically save clients 24-48% of their enrolled debt. It's a good alternative to bankruptcy if you're looking to consolidate and eliminate debt faster.
Upstart – A personal loan platform that uses AI-powered underwriting to approve borrowers who might not qualify at traditional banks. Upstart often has lower rates than credit cards and can be used for debt consolidation, home improvement, or any major expense. Fast funding (as quick as one business day) makes it popular with Minnesota borrowers.
Monarch Money – A personal finance app that brings all your bank accounts, credit cards, investments, and loans into one dashboard. Track spending, create budgets, and see your net worth in real time. Monarch is stronger than most bank budgeting tools and offers a 7-day free trial with 50% off the first year when you use code MONARCHVIP.
EarnIn – If you need cash before payday, EarnIn lets you access up to $1,000 of your earned wages early, with zero interest and zero fees. Unlike traditional payday loans, you only pay what you think is fair. No credit check required. It's particularly useful for Minnesota's seasonal workers and gig economy earners.
Arrived – A real estate investing app that lets you buy fractional shares of rental properties without being a landlord. You earn passive income from rent and potential property appreciation. Arrived handles all property management, making it hands-off wealth building for Minnesotans who want real estate exposure without the headaches.
Robinhood – A commission-free investing app for stocks, ETFs, options, and crypto. Robinhood is popular with younger Minnesotans and side hustlers who want to start investing without account minimums or commission fees. Sign up and get a free stock worth up to $200.
Want more banking options? Keep reading below for the full list of 13 banks.
4. Wells Fargo
Minnesota residents trust Wells Fargo for its extensive network of branches and ATMs, particularly in Minneapolis, St. Paul, and Rochester.
The Everyday Checking account is a great option, offering a $325 bonus when you open an account with $25 and receive $1,000 in qualifying direct deposits within 90 days.
With fraud monitoring, an intuitive mobile app, and a $15 monthly fee that can be waived, Wells Fargo makes banking easy for Minnesotans.
Open your account today and enjoy banking built for the Land of 10,000 Lakes.
5. BMO Harris Bank
To avoid paying monthly fees for your new checking or savings account, glance at BMO Harris Bank. This bank offers several financial products, including business accounts, credit cards, money market accounts, mortgages, IRAs, CDs, and lines of credit.
BMO Harris Bank incorporates over 600 physical branches and 1,300 ATMs nationwide. You can also earn rewards on your savings account to celebrate your good behavior.
This bank is also well known for its exceptional customer service. You can reach customer support through live chat, over the phone, and in person at a physical branch.
6. Bremer Bank
Based out of Saint Paul, Bremer Bank is a regional bank that serves the greater Minnesota community. It offers FDIC-insured accounts and access to over 37,000 ATMs nationwide.
This community-conscious bank offers several financial products, including checking and savings accounts, small business banking, agricultural banking services, credit cards, money market accounts, loans, and CDs. While Bremer Bank offers low APY rates compared to other banks, its many other services make up for it.
Checking accounts come with a $3 monthly maintenance fee, and savings accounts cost $4 monthly. However, you can waive these monthly fees if you meet specific criteria.
7. Citizens Bank of Minnesota
Like Bremer Bank, Citizens Bank of Minnesota also offers agricultural and business banking. However, this Minnesota bank doesn’t charge any monthly fees for checking or savings accounts.
There are only seven brick-and-mortar Citizens Bank of Minnesota locations. However, this community bank offers high school scholarships and a slew of financial calculators available to the public.
Many Citizens Bank of Minnesota accounts come with overdraft protection. You can also apply for credit cards from this bank.
8. Financial Security Bank
Did you know that Financial Security Bank in Minnesota is an SBA lender? This financial institution has been around since 1884, making it one of the oldest banks in the nation.
In addition to lending to small businesses, Financial Security Bank offers a free small business checking account. This account has no monthly fees or minimum balance requirements, but you must have at least $100 to open the account.
Financial Security Bank offers digital banking options. If you plan on opening a small business in Minnesota, Financial Security Bank can help.
9. Huntington Bank
If you want to open a checking and savings account, you can save with Huntington Bank. This bank waives any fees you would pay for holding a checking account if you also have a savings account in your name.
While Huntington Bank doesn’t offer interest-bearing checking accounts, you won’t pay monthly maintenance fees. This bank doesn’t require you to have a minimum opening deposit either.
Huntington Bank also offers teen and business accounts. You can apply for several credit cards as well.
This regional bank commands a network of 1,000 physical branches across the Midwest. A total of 80 of those locations are in Minnesota.
Your new Huntington Bank checking account comes with a Heads Up feature that alerts you of transactions that seem out of place. You can also use the Spend Setter function for budgeting.
Military members can also open an account with Huntington Bank. Holding an account gives you access to financial planners and a user-friendly mobile app as well.
10. MidWestOne Bank
Believe it or not, MidWestOne Bank has branches in the following states:
- Iowa
- Florida
- Wisconsin
- Colorado
- Minnesota
This community bank may seem spread out, but it offers a superior banking service. You can choose from several financial products and accounts depending on your needs.
For example, MidWestOne Bank offers several checking accounts, one with no minimum daily balance requirements or monthly maintenance fees. However, you may need at least $100 to open the account.
MidWestOne Bank has 15 locations in Minnesota alone. You can also use the bank’s website to manage your finances online.
If you’re looking for personal loans and lines of credit, MidWestOne offers competitive rates. You can also request a custom debit card for your new checking account.
You will be subject to a $35 overdraft fee if you charge more than you have in your account. However, MidWestOne Bank does offer 0.1% APY on savings accounts and over 4% APY on money market accounts and CDs.
11. SPIRE Credit Union
You might not have heard of SPIRE Credit Union if you don’t live in Minnesota. However, this credit union has over 90,000 members and 20 physical locations.
SPIRE Credit Union offers several accounts and services, including business checking accounts. You can choose from four accounts built to help small businesses thrive.
The most basic business account doesn’t require a minimum balance. However, it does come with a $10 monthly fee, but you can waive that if you choose paperless statements and use your free Visa debit card.
SPIRE Credit Union offers access to a network of 30,000 ATMs. If you open a business savings account and keep between $100 and $2,000 in the account, you can earn up to 0.03% APY.
12. Associated Bank
Take a look at the following list of financial products, and you might think we’re talking about a national bank. Instead, it’s all the services you can use Associated Bank for:
- Checking accounts
- Saving accounts
- Business banking
- Certificates of deposit (CDs)
- Money market accounts
- Retirement accounts
- Private banking
Though Associated Bank is headquartered in Wisconsin, Minnesota residents can take advantage of everything this bank offers. This includes no monthly fees for checking and savings accounts.
You can access your Associated Bank digital wallet online to manage your money. Make payments through either Apple or Google Pay with your Associated Bank debit or credit cards.
Associated Bank also offers discounted closing costs if you participate in their mortgage program. While opening deposits might be high for some accounts, Associated Bank is worth checking out if you live in Minnesota.
13. Wings Financial Credit Union
You’ve heard of high-yield savings accounts, but have you heard of Wings Financial Credit Union’s high-yield checking accounts? These checking accounts allow you to earn interest on your checking account balance without jumping through any hoops.
Wings Financial Credit Union also offers high-yield savings accounts, credit cards, mortgages, lines of credit, money market accounts, CDs, and IRAs. Plus, there are no monthly fees for checking or savings accounts.
Membership for Wings Financial Credit Union is open to employees of 50 different airlines. This credit union also gives members access to over 80,000 ATMs and 33 brick-and-mortar locations nationwide.
Note that if you do open an interest-bearing account, it compounds quarterly. This can earn you less than an account that compounds more frequently, but it’s better than checking accounts that don’t accrue interest at all.
How to Choose the Best Bank
With so many banks to choose from, it can be challenging to decide which one best fits your needs. You don’t have to lock yourself into a bank account if you don’t want it, but finding the best fit early on in your search can help.
Here are key elements to consider when comparing banks:
- Account types: Many banks in Minnesota offer checking, savings, investment, and retirement accounts. They may also offer money market accounts.
- Fees: Monthly maintenance fees, ATM surcharges, overdraft fees, and transfer fees can impact how useful a Minnesota bank account truly is.
- Interest rates: Some banks offer interest-bearing checking accounts. However, many only offer the ability to earn interest on savings accounts. Online-only banks tend to have higher interest rates than national or regional banks.
- Account requirements: Each bank will set forth what account holders must do to obtain an account. This can include age requirements or a minimum opening deposit. Credit unions require that you sign up for membership before you can open an account.
- Convenience: The best bank accounts are convenient, whether through an extensive ATM network, a user-friendly mobile app, or helpful customer service hotlines.
- Insurance: Traditional bank accounts are protected by FDIC insurance, whereas the NCUA covers credit union accounts.
- Security: Bank-level security typically includes encryption, two-factor authentication, and fraud monitoring. Research what security measures your favorite bank in Minnesota might have before you open an account.
Use these features to compare and contrast the best banks in Minnesota to find one that suits your needs.
Savings Accounts vs. Money Market Accounts
Banks offer both savings accounts and money market accounts that allow you to save money and earn interest on your balance. While they may seem similar on the surface, the two are distinct in the following ways:
Savings Accounts
Savings accounts allow you to withdraw and deposit money as you earn interest. Many have fewer restrictions, including lower minimum balance requirements and interest rates such as the ones in the table below:
Money Market Accounts
Money market accounts are hybrid accounts that combine a checking and savings account. Minimum balance requirements are higher for this type of account, but account holders earn a higher interest rate such as the ones in the table below:
Overall, money market accounts let you write checks, make transactions, and are generally more flexible than savings accounts. However, they are limited to those who can deposit more into the account immediately.
FAQs
The top banks in Minnesota include Wells Fargo, Huntington Bank, Citizens Bank of Minnesota, and Bremer Bank. These banks offer Minnesota customers a wide range of convenient financial products.
Huntington Bank, Financial Security Bank, and MidWestOne Bank offer free checking accounts. The free checking account at Financial Security Bank is for small businesses, while the other two are for individuals.
Credit unions and banks have different requirements for membership. Banks will require account holders to meet specific requirements, but credit unions require you to apply to join, which may incur a fee.
Which Bank Is Right for You?
Free checking that actually pays you. No monthly fees. No minimum balance. Earn $75 bonus. Get paid up to 2 days early with direct deposit. FDIC insured.
America's largest bank with branches and ATMs in every major city. Earn $400 cash just for setting up direct deposit. Best if you want in-person banking or need a teller for business deposits, wire transfers, or safe deposit boxes.
Banking in the Great State of Minnesota
If you’re a Minnesota resident and love to spend time outdoors, thinking about a bank account can be dull. However, you can use the best banks in Minnesota to store your money for the adventures to come.
We hope this article has helped you to find a bank in Minnesota that offers you the most perks. When you partner with your bank to reach your financial goals, it makes it that much easier.
The best banks in Minnesota also include a few credit unions. While joining these credit unions might seem intimidating, many restrictions are more achievable than at first glance.
Which of the best banks in Minnesota will you choose?
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