May 8, 2025

Best Banks for Small Business in Minnesota

By Alyssa Supetran
Read more about Best Banks for Business Accounts
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Need a bank for your small business in Minnesota? Wells Fargo, Bremer Bank, and Bluevine are some of the top choices in the North Star State.

Which bank is best for a small business account in Minnesota?
These are the 10 best banks for small business accounts in Minnesota:
  1. Wells Fargo for SBA loans
  2. U.S. Bank for national bank with free checking
  3. Bremer Bank for customizable business services
  4. BMO for flexible & inclusive business banking solutions
  5. Chase Bank for built-in credit card processing
  6. Affinity Plus Federal Credit Union for local credit union
  7. Bank of America for flexibility
  8. Associated Bank for multiple checking options
  9. Bluevine for high-interest checking accounts
  10. North One for cash management

Just like its 10,000+ lakes, Minnesota is home to thousands of small businesses, each navigating its own path.

In such a competitive landscape, the right bank can make all the difference between just breaking even and making a profit.

The question is, which bank should you go for?

From national banks to local credit unions, this guide goes over the top banking options for Minnesota entrepreneurs. Explore the benefits of each to find the best fit for your business.

10 Best Banks for Business Accounts in Minnesota

From low fees to accessible loans, these banks offer the necessary services to help your business thrive in Minnesota's dynamic market.

Wells Fargo

Best for: SBA loans and extensive business services

Wells Fargo is a financial giant with a massive physical presence in Minnesota. It has over 120 branches in the state, most in or near Minneapolis.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, and payroll services under one roof.

Need capital to start or grow your business? Wells Fargo is one of the country's top SBA 7(a) lenders. It can help you secure small business loans quickly with more favorable terms, such as longer repayment times or lower interest rates.

For business checking, the Initiate Business Checking Account is a great starter account for new businesses with less activity. As your business grows, you can easily upgrade if you need more features.

Pros:

  • Top SBA lender
  • Comprehensive small business services
  • Several business checking options

Cons:

  • Many banking fees like wires and overdrafts
  • Low interest rates for savings accounts

Which banking service do you need for your small business?

If you're a new business with inconsistent cash flow, this next bank with free checking can help keep more in your pocket.

U.S. Bank

Best for: National bank with free checking

U.S. Bank is another national bank with a large footprint in Minnesota. It has over 100 physical branches in the state, most in or near Minneapolis.

The U.S. Bank Business Essentials account combines business checking and card payment acceptance in one streamlined solution, all without monthly fees.

Accept payments, track cash flow, and access your funds same-day, all from one account. Plus, you get a free mobile card reader, unlimited digital transactions, and the ability to sync with your accounting software for real-time insights.

U.S. Bank also offers a wide range of business credit cards, startup-friendly loans, and personal banking products—so you can keep both your business and personal banking under one roof.

Pros:

  • Free checking account with built-in payment processing
  • Other specialty business checking options
  • Extensive ATM network for no-fee withdrawals

Cons:

  • Limited fee-free paper transactions
  • Fewer features than others

Bremer Bank

Best for: Customizable business services

Bremer Bank is a regional bank based in Saint Paul, MN, with nearly 50 branches across Minnesota. It can be a great choice if you're in a specialized industry, like education or manufacturing.

Its business services—like checking accounts, financing, and even digital banking—are flexible and can be customized to meet your field's unique requirements.

Not sure where to start? Bremer's business banking specialists can help you figure out which services make sense and how you can tailor them to your business.

Have a lot of cash transactions? Check out Bremer Bank's Virtual Vault.
Installing one at your place of business allows you to deposit cash at any time, eliminating the need for frequent trips to the bank. And all deposits are tracked automatically, so they're immediately reflected in your account.

Pros:

  • Flexible business services
  • Hands-on guidance from business banking specialists
  • Virtual Vault feature available

Cons:

  • In-person business account opening only
  • Many banking fees like overdrafts and wires

BMO

Best for: Flexible & inclusive business banking solutions

BMO is a national bank with a large footprint in the Midwest, with over 40 branches in Minnesota alone. Most are around Bloomington and Minneapolis—convenient for businesses in the Twin Cities metro area.

BMO supports small business owners by helping address common challenges, like insufficient capital and financial literacy. For example, its flexible business credit lines only charge interest on the amount you actually use, which is especially helpful to newer entrepreneurs still finding their footing.

Its digital cash management services also simplify your company's payment, bill, and payroll processing. So you can stay focused on running and growing your business.

Additionally, it offers multiple checking options that can accommodate different needs, whether that's minimal fees or higher transaction limits. It even has specialty checking accounts for nonprofits and large enterprises.

BMO also offers tailored support to businesses owned and run by women, Hispanics, Blacks, and Native Americans. This support ranges from additional capital to one-on-one coaching from business experts.[1]

Pros:

  • Flexible financing options
  • Good financial management tools
  • Multiple checking options
  • Low waiver requirements for monthly fees

Cons:

  • No free business checking option (except for the non-profit account)
  • Limited fee-free transactions

Chase Bank

Best for: Built-in credit card processing

Chase Bank is a national bank with a decent local presence in Minnesota. It has 35+ branches across the state, mostly in Minneapolis—a major advantage for businesses based there.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

With the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

Affinity Plus Federal Credit Union

Best for: Local credit union

Affinity Plus Federal Credit Union (Affinity Plus FCU) is a credit union based in Saint Paul, MN, with over 30 local branches, primarily around Minneapolis. If you're looking for a community-focused banking experience with features like lower fees that traditional banks may not offer, it can be a great alternative.

With credit unions, profits are reinvested back into the organization instead of being paid out to shareholders. So, members get more benefits, like lower fees and competitive rates.

Affinity Plus members, in particular, enjoy unique perks like exclusive discounts with partner merchants, useful rewards program, and even free credit monitoring services.

Businesses get additional benefits, like a dedicated banking specialist who can provide personalized guidance. If you apply to its Preferred Employer Partnership program, you can extend the credit union's benefits and services to your employees as well.

Pros:

  • Great member benefits
  • Additional perks for business members
  • Preferred employer partnership available

Cons:

  • Doesn't participate in shared branching
  • Can't open business checking account online

Bank of America

Best for: Flexibility and cash management

Bank of America's footprint in Minnesota isn't as extensive as in other states, with only 20+ local financial centers. But it's still worth checking out if flexibility is one of your top priorities.

Bank of America offers a unique flexible Business Advantage Banking account with two tiers you can switch between. The basic tier is an ideal starting point, thanks to its low requirements. You can seamlessly move up or down as your business needs change.

It also has better digital tools than other basic accounts. With the Cash Flow Monitor®, you can connect to apps like QuickBooks and Expensify to track your business metrics all in one place. Plus, get cash flow projections to help you plan for possible shortfalls.

If you need help, Bank of America's Small Business Specialists provide valuable advice and hands-on support. You can reach them by phone, or schedule an appointment for an in-person consultation if a phone call isn't enough.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to small business banking specialists

Cons:

  • High balance requirement for higher-tier business checking[2]
  • Many miscellaneous banking fees like overdrafts and wires

Associated Bank

Best for: Multiple checking options

Associated Bank is based in Green Bay, WI and is considered one of the largest regional banks in the Midwest. Although it doesn't have as many physical branches in Minnesota—only 18 in total—it can still be a good option for local small businesses.

To start, it has nine business checking options. So it can accommodate most businesses, including those with specialized or complex requirements. Popular checking options include:

Business AccessBusiness BalancedBusiness Choice
Free regular transactions/mo50250500
Fee-free cash deposits/moup to $3,000up to $7,500up to $15,000

For simple needs and low activity, the Business Access Checking® account is more than enough. It also has no monthly fee or minimum balance requirements, letting you keep more money in the account.

Associated Bank also has a good selection of business services, like business loans and merchant services. It even has an employee benefits program that lets you create comprehensive benefits packages with the help of a financial advisor. You can get what you need to keep your business running smoothly from one place.

Associated Bank offers hands-on support to entrepreneurs by assigning a dedicated team for business accounts. Thanks to this, you can enjoy quicker response times and more personalized guidance.

Pros:

  • Multiple checking options
  • Good selection of business services
  • Dedicated team for business accounts

Cons:

  • Must turn off paper statements to avoid the fee
  • Many banking fees like wires and stop payments

Don't need in-person banking? Consider an online account for more features and benefits.

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. There are no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to five free sub-accounts with their own account numbers. This allows you to organize your funds better and set budgets for payroll, taxes, and vendor payments. You can even set custom rules and permissions for better security and account management.

All sub-accounts also earn interest up to the combined maximum.[3] You can keep your funds well-organized and still get the most out of your high-yield checking account.

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[4] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to five sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank.
It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

North One

Best for: Cash management

North One is a great online-only option if you’re looking for a well-rounded business checking account with built-in financial tools.

For example, its unlimited digital envelopes give you greater control over your budget, making it easier to save and plan for your business operations. You can use these envelopes to set aside money for specific expenses like taxes, payroll, office supplies, and more.

Plus, you can set custom rules for each one, like scheduling automatic transfers, so you don’t have to worry about it every time. You can do monthly, weekly, or even daily transfers.

North One’s business checking account lets you pay invoices automatically, track revenue, and integrate with popular accounting tools like QuickBooks. And there are no monthly fees or minimum balance requirements to worry about.

Pros:

  • No monthly fee for Standard account
  • Unlimited digital envelopes
  • Integrations with popular business apps (Gusto, QuickBooks, Shopify, etc.)

Cons:

  • Possible withdrawal fees from ATM operators[5]
  • Fees for cash deposits

North One is a financial technology company, not a bank. Banking services and FDIC insurance are provided by The Bancorp Bank, N.A., Member FDIC.[6]

How to Choose the Right Bank for Your Business

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged thereafter. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Minnesota. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in Minnesota. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Our Methodology

To identify the best banks for small businesses in Minnesota, we first looked for banks with a strong presence in the state. So you'll be able to find branches or ATMs easily wherever you are.

Then, we looked into the banks' fees, account features, and other business services. We chose banks with a free business checking option or reasonable terms to waive the monthly fees.

We also looked for unique banking features that cater to the specific needs of small businesses. This includes built-in payment processing, cash flow tools, and digital banking services.

FAQs

Do I need a Minnesota ID to open a business bank account in Minnesota?
Yes, most banks in Minnesota require proof of residency to open a business bank account. You may need to present a Minnesota driver's license, business license, or business registration.

Should a Minnesota LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Minnesota LLC's liability protection by proving you're not commingling funds.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range from $0 to $1,000. It differs from bank to bank, so it's best to check with your preferred bank.

Can I use a regular bank account for my small business?
It's best to have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's possible to open a business bank account, even with low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account. If you think that'll be an issue, consider banks that don't use ChexSystems.

Bottom Line

For Minnesota's small businesses, Wells Fargo is one of the best banks available because of its massive local presence and extensive business services.

Alternatively, a local credit union like Affinity Plus FCU might be better for unique perks and strong support. Don't forget to consider online-only options like Bluevine, which usually have higher APYs and fewer fees.

No matter which bank appeals to you, consider your business's unique requirements first before deciding.

References

  1. ^ BMO. Specialty Lending: Zero Barriers to Business, Retrieved 07/18/2024
  2. ^ Bank of America. Business Schedule of Fees, Retrieved 04/23/2025
  3. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 02/23/2025
  4. ^ Bluevine. Line of Credit, Retrieved 02/23/2025
  5. ^ North One. Announcing Free Cash Withdrawals at Millions of ATMs Worldwide, Retrieved 10/03/2024
  6. ^ North One. Pricing, Retrieved 10/03/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Bank of America
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  • Offer expires 05/31/2025.
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