11 Best Banks in South Dakota in 2024

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Find out everything there is to know about the best banks in South Dakota, from welcome bonuses and special offers to daily account features you can depend on.

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Did you know that the dollar sign was first used in 1785? Since then, it’s hard to go a day without seeing that same dollar sign multiple times. 

Most people see this sign when they check their bank account balance, make a purchase, or pay a bill. With the best banks, you can do all that without breaking a sweat.

Our list of the best banks in South Dakota includes several major and community banks that offer superior financial products and services. These banks make it easy to manage your money and save for your future. 

If you already have a personal bank account, consider using these local banks to open a business account. Many people started a side business during the pandemic and now’s a good time to get in on welcome bonuses and savings. 

Are you ready to learn more about the best banks in South Dakota? Let’s get started! 

11 Best Banks in South Dakota

Some of the best bank account bonuses don’t come from earning money when you open the account. Instead, they show up daily when you want to transfer funds, seek out a loan, or need to overdraft your account. 

1. U.S. Bank 

U.S. Bank, considered one of the best national banks, operates as a full-service regional bank with its headquarters in Minnesota. Within South Dakota, it offers a network of 104 branches.

The bank offers three distinct checking accounts. These accounts range from a basic account to a Platinum account with numerous perks. 

The Bank Smartly Checking Account stands out with tier-based interest, overdraft protection, no transfer fees, and an impressive 100 free annual trades. Additionally, it offers a competitive mortgage loan closing cost credit for homebuyers.

For savings accounts, U.S. Bank provides average APYs, varying depending on the account type and the balance maintained. Both personal and business banking services are available.

For business accounts, U.S. Bank has three business checking accounts, Gold and Platinum — including a free option with its Silver Business Checking. You can apply for an account online, over the phone or in person at a branch (U.S. Bank has branches in 26 states).

$800 Bonus Offer
U.S. Bank Business Checking
Act fast: Expires August 30, 2024. Member FDIC.

To earn up to $800, open a U.S. Bank Business Checking account using the promo code Q2AFL24 and complete the following activities:

  • Open a U.S. Bank Business Checking account online (Silver, Gold, Platinum)
  • Deposit $5,000 to earn $400 or $25,000 to earn $800 in new money within 30 days of account opening and maintain at least that balance for 60 days after opening the account
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Deposit products offered by U.S. Bank National Association. Member FDIC.

The bank provides a buffer for overdrafts, allowing customers to overdraft up to $50 before fees apply. You also have a 24-hour window to rectify your account and avoid additional charges.

U.S. Bank offers convenient online and mobile banking services. The bank’s CDs offer fixed-term savings with competitive rates.

2. Bank of the West

Bank of the West is a prominent financial institution operating in multiple states, including South Dakota. With a strong presence in the region, it boasts eight branches spread across eight cities in South Dakota alone. 

In addition, the bank extends its services to 18 other states. Bank of the West provides some of the best checking accounts among its offerings. 

The first is the Any Deposit Checking Account, known for its affordability. Bank of the West offers the Premier Checking account for those interested in interest-bearing accounts. 

Bank of the West stays ahead of the curve with its mobile app, which also features account alerts, mobile deposits, and bill payments. Including a fingerprint login method further enhances security and simplifies the login process.

3. Dacotah Bank 

Dacotah Bank, headquartered in Aberdeen, is a state-chartered financial institution with a significant presence in South Dakota and North Dakota. While it has limited operations in Minnesota, Iowa, Nebraska, Wyoming, and Montana, the bank maintains its local roots and is run by community members. 

Demonstrating a commitment to the community, Dacotah Bank actively supports charities and nonprofit organizations. The bank offers a diverse selection of five checking accounts. 

Minimum balance requirements for these accounts range from $0 to $1,000. Customers enjoy the convenience of free mobile check deposits through the bank's mobile app and online banking, which also includes bill pay services. 

Three out of the five checking accounts are interest-bearing. Dacotah Bank provides four savings account options, all in the form of some of the best money market accounts

These accounts include a Young Dacotah Money Market account tailored for young savers aged 18 and below. Minimum balance requirements for the savings accounts range from $100 to $50,000, accommodating a wide range of savers.

Dacotah Bank operates an impressive network of 15 locations within the state. However, the bank's APYs are below average compared to other financial institutions.

4. First Bank & Trust 

This small-town South Dakota bank was founded in 1880 and is headquartered in Brookings. You can find 20 First Bank & Trust banks throughout South Dakota and six additional locations in Minnesota. 

In addition to business and personal loans, First Bank & Trust offers four checking accounts, two of which don’t require a minimum balance or opening deposit. You can open an interest-bearing account, and there are also accounts geared toward specific age groups. 

Choose from three savings accounts with First Bank & Trust. You can open accounts for your teen or younger children, depending on their age. 

First Bank & Trust also offers mortgages, credit cards, HSAs, home loans, CDs, and estate planning. You can also obtain a Mobile Wallet and identity theft protection with this South Dakota bank. 

5. First Dakota National Bank 

First Dakota National Bank was established in Yankton in 1872. This bank was the first fully chartered bank in South Dakota before the state even formed. 

This South Dakota bank offers a wide range of services for personal and business banking needs and trust and investment services. Boasting 16 locations, including four in Sioux Falls alone, First Dakota National Bank has a strong presence in the state.

This bank offers four distinct checking account options, two of which have no minimum requirements for opening or maintaining a daily balance. In addition, First Dakota National Bank provides three savings account choices. 

One of those choices includes a money market account that earns interest on balances exceeding $10,000. First Dakota National Bank also offers two traditional savings accounts, one of which incurs a $3 monthly fee if the balance falls below $100.

Customers under the age of 18 enjoy fee-free checking and savings accounts. The bank competes with other banks by offering competitive APYs for higher account balances.

6. First National Bank of Omaha

The First National Bank of Omaha (FNBO) was founded in Nebraska in 1857. This bank has been family-run for six generations, solidifying a strong connection to local South Dakota communities. 

FNBO offers a selection of two checking accounts. One account stands out as it earns interest on deposited funds. The Access Debit account is noteworthy as it does not incur overdraft fees.

For those looking to save, the bank provides three savings account options. However, it's worth noting that two of these accounts require a minimum balance of $1,000. 

This bank offers limited customer service options. For customers interested in CDs, FNBO's APY rates are relatively low compared to other financial institutions.

7. First National Bank of Sioux Falls

The First National Bank of Sioux Falls stands out with its above-average APY for balances up to $10,000. Customers can enjoy additional perks, like up to $20 in monthly ATM reimbursements.

To qualify for ATM reimbursement, account holders must: 

  • Have at least one direct deposit, ACH credit, or ACH payment each month
  • Make 12 debit card purchases
  • Enroll in eStatements

You must be enrolled in online or mobile banking and regularly log in to your account. The bank offers a range of convenient services, including a debit card for easy transactions, online and mobile banking with bill pay features, and the option for mobile check deposits.

First National Bank of Sioux Falls operates 14 branches across six locations. It’s a solid bank to consider if you live in South Dakota. 

8. First Premier Bank

First Premier Bank offers its customers a FREE+ Checking account. There are no monthly fees or minimum balance requirements, and you only need $50 to open the account. 

For those maintaining a balance of $500 or more, there is the added benefit of earning interest. However, it's essential to note that the APY on this account is relatively low.

Customers can enjoy the convenience of online and mobile banking, complete with bill pay and mobile check deposit functionalities. In addition, you can opt for eStatements and a debit card. 

9. Great Western Bank 

Great Western Bank operates 37 branches located in South Dakota. You’ll find an additional 135 offices spread across eight other states. However, in the first quarter of 2022, Great Western Bank merged with First Interstate Bancsystem.

Customers can enjoy the benefits of free online and mobile banking, complete with bill pay and mobile check deposit functionalities. Great Western Bank also provides debit cards with no monthly fees. 

In addition, you get free online statements and Visa Secure Remote Commerce. Great Western Bank supports agricultural businesses with a comprehensive range of financial products, including loans and other tailored services.

10. Minnwest Bank 

Minnwest Bank, a family-owned institution, has a strong presence with over 30 locations. South Dakota hosts a total of six branches. 

As a full-service bank, Minnwest Bank caters to personal and business banking needs. For businesses, the bank provides specialized services such as SBA loans, equipment leasing, business loans and lines of credit, and commercial insurance. 

Customers can also find checking and savings accounts tailored to their needs, including business CDs, mortgages, and IRAs. Minnwest Bank offers four checking accounts, each requiring a $100 minimum deposit to open. 

Two of these accounts bear interest. The accounts also feature competitive APYs compared to national and community banks if you maintain a $10,000 minimum balance.

For savings options, customers have three accounts to choose from. The basic savings account requires a $50 opening deposit and a minimum daily balance of $50 to avoid fees. 

11. Wells Fargo 

Wells Fargo, one of the largest banks in the U.S., operates with a strong national presence. In South Dakota alone, it has a network of 8 branches.

The bank provides a wide range of financial products and services. These offerings include various bank accounts, credit cards, mortgages, home equity loans, retirement accounts, investment accounts, student loans, and personal and business loans. 

With thousands of ATMs nationwide, customers can easily access their funds wherever they are. Online and mobile banking services provide added convenience.

Wells Fargo offers four distinct checking accounts, including two that accrue interest for account holders. This bank requires a  minimum deposit of $25 to open these accounts.

For savings options, customers have a choice between two accounts. Both accounts require a $25 opening deposit and offer decent APY rates.

Wells Fargo offers 24/7 customer support through online channels and over the phone.

Which of the best banks in South Dakota offer free checking accounts?

Dacotah Bank, First Bank & Trust, First Dakota National Bank, First National Bank of Omaha, First Premier Bank, and First National Bank of Sioux Falls offer free checking accounts. Other banks on our list may offer free checking accounts if you meet specific requirements to waive the monthly fees. 

What do you need to open a bank account in South Dakota?

You need a form of identification, proof of mailing address, your Social Security number, and an initial deposit to open a bank account in South Dakota. Many banks may waive the initial deposit requirements, so you can potentially open an account for free. 

What is the largest bank in South Dakota? 

Great Western Bank and Wells Fargo vie for the title of the largest bank in South Dakota. Both banks operate several branches in the state and work with thousands of customers daily. 

What are some of the best credit unions in South Dakota? 

Some of the best credit unions in South Dakota include Aberdeen Federal Credit Union, Sioux Falls Federal Credit Union, and Black Hills Federal Credit Union. Capital Credit Union and Dakotaland Federal Credit Union also offer superior financial services. 

Superior Banking in the Mount Rushmore State

South Dakota’s Black Hills and agricultural heritage make it stand out from other states. The best banks in South Dakota also help it stand out differently. 

We hope this article helps you find a local bank you can work with if you live in South Dakota. Our list includes a few national banks you can lean on if you want greater access to your account when you travel. 

The best banks let you manage your money effortlessly so that you can spend more time in the beautiful South Dakota wilderness. Which of the best banks in this state will you choose? 

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Axos Bank® Rewards Checking

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About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!