September 30, 2024

Best Banks in Minnesota

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From community credit unions to national powerhouses, which banks in Minnesota truly rise above the rest? Find out here.

Beyond its stunning lakes, Minnesota is also home to numerous banks and credit unions, both large and small. But, with so many great options, choosing the right one can feel overwhelming.

To discover your ideal banking partner, check out this curated list of the top banks in Minnesota. Only the best deserves your attention!

Banking offers in Minnesota that you may like:

6 Best Banks in Minnesota

To find the best banks in Minnesota, we looked at factors like account options, interest rates, and branch accessibility.

Your bank significantly impacts your daily life, particularly in terms of convenience and service. But choosing one doesn't have to be hard—discover your ideal bank below.

U.S. Bank: Best National Bank

If you're in Minnesota and prefer banking with a major institution, U.S. Bank is a great choice thanks to its strong local presence.

With over 110 locations statewide and thousands of ATMs nationwide, including those in the MoneyPass network, you can bank conveniently wherever you are.

Additionally, its user-friendly mobile app lets you manage your money from anywhere, whether you're checking balances, transferring funds, or paying bills.

You can use the app to access and manage your U.S. Bank Smartly Checking account. It offers personalized insights, budget tracking, and various overdraft protection options.[1]

Affinity Plus Credit Union: Best Credit Union

Affinity Plus Credit Union offers customized financial services, ideal for Minnesota residents looking for personalized banking. Members can choose from options like checking, savings, loans, credit cards, and more, all tailored to their needs.

Along with their member-focused services, Affinity Plus makes banking easy with 32 locations across Minnesota.[2] Plus, with access to over 60,000 ATMs through the MoneyPass, SUM, and CO-OP networks, you'll always have quick and convenient access to your money, wherever you are.

On top of all that, Affinity Plus is also renowned for its exceptional customer service, with staff who consistently go the extra mile for members.

If you're interested, find out more about how to join Affinity Plus Credit Union by checking the membership requirements here.

How does a credit union differ from a local bank?
A credit union is owned by members, not for profit, and usually has lower fees and better rates. They offer personal service but may have fewer locations and older tech. Banks are for-profit, with more branches and better digital services. Both are safe, but credit unions may limit who can join.

Huntington Bank: Best Regional Bank

If you're seeking a more regional-focused banking experience, Huntington Bank is a solid option. It not only offers personalized services but also supports communities and businesses with low fees and decent rates.

Plus, with over 80 branches in Minnesota and over 1,800 ATMs across the Midwest, accessing your money is convenient no matter where you are in the region.

Huntington may have fewer branches than national banks, but it still offers a wide range of financial products and services.

Its Asterisk-Free Checking account is a great option with no monthly fees or balance requirements. It also includes free online and mobile banking and access to many ATMs, making it easy and affordable to manage your money.[3]

Wells Fargo: Largest Branch Network

Wells Fargo is another major bank to consider. With about 120 branches in Minnesota and access to approximately 11,000 ATMs across the country, you'll have easy access to your money both at home and while traveling.

Beyond its strong presence in the North Star State, Wells Fargo is also known for offering a full suite of financial products and services including checking, savings, credit cards, loans, and more.

It also has a Clear Access Banking account, perfect for those just starting to manage their finances—like students, teens, or anyone looking to build their banking history. With a $5 monthly fee that can be avoided, no overdraft charges, and no minimum balance required, it's a hassle-free option to get you started.[4]

You can waive the monthly fee by meeting one of the following each fee period:
  • Be a primary account owner between 13-24 years old
  • Have a Wells Fargo Campus ATM Card or Campus Debit Card linked to the Clear Access Banking account
  • Make a qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program

Wells Fargo, with its experience and size, delivers the stability and security you need to confidently manage your finances, whether you're an individual or a business.

Quontic: Best Online Bank

If traditional banking isn't your style, you might want to check out online banks like Quontic Bank. As a digital bank, it's branch-free but still open to everyone, including Minnesotans.

They offer everything from checking and savings accounts to CDs and loans, just like traditional banks. Plus, with their easy-to-use website, mobile app, and access to over 90,000 fee-free ATMs nationwide, managing your money is a breeze.

Additionally, Quontic stands out with its high-yield savings account offering a competitive APY. It boasts no monthly fees and a low minimum deposit of just $100, making it an excellent choice for Minnesota residents looking to boost their savings.

Ally Bank: Best Online Savings Account

Ally Bank is another solid choice for Minnesota residents who prefer digital banking. As an online-only bank, Ally offers everything from checking and savings accounts to credit cards and loans, with competitive rates to help your money grow.

Accessing your cash is easy with 43,000+ no-fee Allpoint ATMs nationwide. Plus, its online and mobile banking platforms are incredibly user-friendly, and packed with tools that make managing your money effortless.

What better way to take advantage of these digital tools than by opening an Ally Online Savings Account? With a high APY, no minimum balance, and no opening deposit required, it's a simple and effective way to grow your savings.

Our Methodology

In creating this list, we focused on FDIC-insured banks with branches in the state to emphasize convenience and community support. We also considered factors like locations, online banking, and service range.

However, we also included reputable online-only banks, which are gaining popularity for offering higher APYs. Our data came from publicly available websites and financial reports.

How the Banks Compare with Each Other

How to Choose the Best Bank in Minnesota

Just like you're laying down roots in Minnesota, your money also needs a financial home. Here's what to consider when choosing the right bank:

Accessibility
Convenience is key. Choose a bank with branches close to your home and work, so you have easy access to ATMs and in-person support.

Checking and savings accounts
Pick a bank with the accounts and features you need. For example, some banks' checking accounts may have overdraft assistance or free budgeting tools.

Monthly fees
Some banks (especially traditional banks) charge a monthly fee unless you maintain a certain minimum balance or meet other criteria. This doesn't have to be a dealbreaker, as long as you can easily meet the requirements.

Additional services
Looking for more than banking? Banks usually also offer credit cards, loans, investment tools, and small business products. Look into the bank's other services if you want a one-stop-shop.

How to Open a Bank Account in Minnesota

Opening an account at a bank or credit union is simpler than you think, and the process is almost the same everywhere. Here's how it typically works:

  1. Go to the website or visit a physical branch of your chosen bank.
  2. Complete the application form and provide your basic information such as name, address, SSN, valid ID, etc.
  3. Submit your application and fund your account.

Remember, when opening an account with a credit union, you'll need to meet their membership requirements first.

Types of Banks in Minnesota

Below are the different types of banks you'll find in Minnesota:

National banks
National banks, chartered and supervised by the U.S. Treasury, offer a wide range of financial products like banking, credit cards, loans, and investments. These banks typically provide convenient access to services with branches and ATMs across multiple states.

Regional banks
Regional banks, on the other hand, serve specific geographic areas such as a state or region. They have fewer branches than national banks but offer more personalized services.

Online banks
Online banks offer financial services without physical locations. Everything is handled through their website or mobile app, and you can usually withdraw cash at ATMs.

Without the cost of maintaining branches, online banks often provide higher interest rates, no service fees, and lower balance requirements.

Credit unions
Credit unions offer checking and savings accounts, prioritizing member service over profit. As member-owned institutions, they often provide better savings and loan rates.

However, they have membership requirements and may offer fewer services than traditional banks.

Bottom Line

Minnesota boasts a wide range of banks and credit unions, giving you plenty of options to find the perfect fit for your financial needs.

If you're into traditional banking, consider major players like U.S. Bank or Wells Fargo. For a more personal touch or better rates, check out Affinity Plus Credit Union or Quontic.

At the end of the day, it all boils down to your personal preferences. The choice is yours!

References

  1. ^ U.S. Bank. U.S. Bank Smartly Checking, Retrieved 08/23/2024
  2. ^ Affinity Plus Credit Union. Locations, Retrieved 08/23/2024
  3. ^ Huntington Bank. Asterisk-Free Checking, Retrieved 08/23/2024
  4. ^ Wells Fargo. Clear Access Banking, Retrieved 08/23/2024

Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@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.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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