Minnesota is the 12th largest state in the United States, home to over 5.7 million residents. There are many financial institutions to choose from, so I’ve narrowed down the best banks in Minnesota to make your choice easier.
If you live in the twin cities of Minneapolis–Saint Paul, you have more brick-and-mortar branches to choose from than in other Minnesota cities. However, the state is served by financial institutions across the board.
Keep reading to learn the best banks to consider, their pros and cons, and discover how they work.
9 Best Banks and Credit Unions in Minnesota
Here are some of the best banks in Minnesota you can open an account with today:
- U.S. Bank
- Wells Fargo
- Bank of America
- Bremer Bank
- Citizens Bank of Minnesota
- Huntington Bank
- BMO
- Wings Financial Credit Union
- Associated Bank
See the Best Bank Bonus Offers & Promotions in Minnesota
1. U.S. Bank 
U.S. Bank is headquartered in Minneapolis, Minnesota, and offers its services to customers across the West and Midwest. U.S. Bank is one of the more popular banks with Minnesota locals.
U.S. Bank’s parent company, U.S. Bancorp, provides investment, banking, loan, and payment services to government entities, individuals, and businesses. Bank customers have access to over 2,000 branches and almost thousands of ATMs across several states.
Accounts
U.S. Bank has one bank account called the Smartly Checking account. With a $1,500 average balance or $1,000 in monthly direct deposits, you can avoid the $6.95 monthly fee. The account provides exclusive benefits and pricing discounts with Smart Rewards® and three options for overdraft protection.
They also offer a savings account, which is good for savers with only a little money to deposit, as well as a money market account for those with higher balances (you’ll earn more interest). You can also set up a retirement savings account to save for the future.
Because U.S. Bank is a full-service financial institution, it offers credit and debit cards, trust services, CDs, mortgages, and loans. You’ll also find business and corporate banking products.
Pros:
- Full-service bank
- Large selection of financial products
- Large ATM network
Cons:
- Low-interest rates on savings accounts
- Limited checking/savings account options
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2. Wells Fargo 
Wells Fargo, headquartered in San Francisco, California, offers products and services to over 68 million customers across the United States and 34 other countries. Wells Fargo provides personal, commercial, and small business banking products and wealth management services. Bank customers have access to over 5,600 branches and around 12,000 ATMs.
You don’t have to worry about losing your money if the bank goes bust: Wells Fargo is FDIC-insured and an equal housing lender.
Accounts
Wells Fargo offers online & mobile banking services to its customers, as well as access to Zelle and automatic bill payment facilities. All Credit and Debit cards come with zero liability protection and 24/7 fraud monitoring. Bank customers who travel internationally have the support of a global bank.
Pros:
- Full-service bank
- Large selection of financial products
- A global bank with a network across 35 countries
Cons:
- Low Savings accounts interest rate
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3. Bank of America 
Bank of America is an FDIC-insured multinational, full-service bank headquartered in Charlotte, North Carolina. It offers banking services in all 50 states and has multiple brick-and-mortar branches in Minnesota. Bank customers have access to over 3,800 branches and close to 15,000 ATMs across the United States and abroad.
Accounts
Bank of America Advantage Banking offers three checking accounts with monthly fees ranging from $4.95 to $25, but they are all waivable. Each account offers different benefits, including digital banking and overdraft protection options. However, only the Advantage Relationship account pays interest, and you need a $20,000 balance to waive the $25 monthly fee.
Bank of America also offers a savings account that’s great for short and long-term savings, goals, CDs, and IRAs.
Their mobile banking app includes a virtual banking assistant, budgeting tools, a home equity calculator, and mobile check deposit features. Bank of America customers also have access to Zelle for instant payments, bill pay, and loan and home equity calculators. Bank of America also offers credit cards, small business and corporate banking products.
Pros:
- Banking services accessible across the US and in selected overseas locations
- Investing and retirement planning products are available
- Monthly fees are avoidable
Cons:
- Low savings account interest rates
- Accounts come with monthly maintenance fees
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4. Bremer Bank 
Bremer Bank is a community-conscious, FDIC-insured national bank based in Saint Paul, Minnesota. Bremer offers customers various financial services across Minnesota, North Dakota, and Wisconsin.
Customers can access personal, business, and agricultural banking services – and 37,000 Moneypass network ATMs.
Accounts
Bremer Bank offers three checking accounts: a basic checking account, an interest-bearing account, and Benefit Banking, which offers perks like no transfer fees, $750 off mortgage closing costs, and free Bremer Bank wallet checks. They each have monthly fees, but there are ways to waive them.
Bremer Bank has two savings accounts, one if you’re under 21 and one if you’re older than 21. They also have money market accounts with required balances starting at $5,000 to earn interest.
Bremer Bank also offers business, non-profit, and agricultural banking services. Their online services include e-statements, bill pay, and balance checks.
Pros:
- A community bank with more individual attention given to customers
- Agricultural and business banking and lending options
- Options to earn interest
Cons:
- Low APY on savings accounts
- Limited locations
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5. Citizens Bank Minnesota 
Citizens Bank Minnesota is a local community bank headquartered in New Ulm, Minnesota. Customers have access to 6 local brick-and-mortar branches and online banking services.
Accounts
Citizens Bank Minnesota offers four checking accounts, three of which don’t have a minimum balance requirement. Their Easy Interest Checking and Woohoo! Checking pay interest. Some of the perks offered between the accounts include overdraft protection and ATM fee refunds.
Citizens Bank Minnesota also offers a few savings accounts, with minimum balance requirements ranging from $50 – $5,000. Its WooHoo! Savings pays tiered interest rates of 3% on balances up to $5,000.
In addition, Citizens Bank Minnesota offers high school scholarships, financial calculators, agricultural and business banking services, and lending.
Pros:
- Many opportunities to earn interest
- Offers scholarships to high school seniors
- Overdraft protection on most accounts
Cons:
- Limited bank branch access due to the size of the bank
- Many requirements to earn interest
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6. Huntington Bank 
Huntington Bank is a regional bank, and a subsidiary of Huntington Bancshares incorporated. They operate over 1,000 branches across the Midwest, 80 of which are in Minnesota.
Accounts
Huntington Bank offers a handful of checking accounts, many with no monthly maintenance fees. A few accounts are also interest-bearing but rely on tiered rates. Huntington Bank has a checking account for anyone, whether you have a little or a lot of money to deposit.
Huntington Bank also offers two savings accounts, but their Relationship Savings offers higher interest rates, and there are no monthly maintenance fees if you have a Huntington Perks Checking℠ account.
Huntington Bank offers extensive online and mobile banking services. Some of these are its Heads Up feature, which notifies customers when transactions seem out of place, and its Spend Setter feature, which allows for budgeting. Military bank accounts are also available.
Pros:
- No minimum balance requirement on most checking accounts
- Online banking services
- Access to financial planners through their website and mobile app
Cons:
- Limited options to earn interest
- Interest rates are low
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7. BMO 
BMO Bank is a national bank headquartered in Chicago, Illinois. They offer services through 600 physical branches and 1,400 ATMs.
Accounts
BMO Bank offers a wide range of traditional banking services. Some checking and savings accounts have no monthly maintenance fees or minimum balance requirements. BMO also offers money markets, CDs, and HSAs to help with your savings goals.
They also offer a range of lending options, including student loans, home equity loans, mortgages, and business and commercial banking products.
Pros:
- Easy to waive monthly maintenance fees
- Earn rewards on savings accounts
- Online, live chat, phone, and in-person customer service facilities
Cons:
- Interest on savings accounts is low
- Not as many locations as other large banks
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8. Wings Financial Credit Union 
Wings Financial Credit Union is a federal credit union that services the employees of more than 50 different airlines. The credit union operates 34 brick-and-mortar branches and over 80,000 network ATMs across the United States.
Accounts
Many of Wings Financial Credit Union’s checking and savings accounts come with no monthly maintenance fees or minimum balance requirements. The nice thing about their checking accounts is you can earn dividends on any balance without worrying about minimums or monthly maintenance fees and their savings accounts have higher rates than large banks.
They also offer a range of lending options, including student loans, aircraft loans, recreational vehicle loans, and traditional lending like mortgages and renovation loans. They even offer business banking products.
Pros:
- No monthly maintenance fees on most accounts
- Extensive online banking features
- High Yield checking and savings account options
Cons:
- Interest compounds quarterly on some accounts
- You must be a credit union member
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9. Associated Bank 
Associated Banc-Corp, commonly known as Associated Bank, is a regional financial institution that offers services across Wisconsin, Minnesota, and Illinois. Associated Bank operates more than 200 brick-and-mortar branches and loan production offices. The bank, headquartered in Green Bay, Wisconsin, is known for personal, corporate, real estate, and retail banking.
Accounts
Associated Bank offers private banking services for customers who require bespoke banking. All credit and debit cards come with a digital wallet feature, where account holders can make payments securely through Apple Pay or Google Pay. They also offer a wide range of loans as well as business and commercial banking products.
Pros:
- No monthly maintenance fees as long as minimum account balances are maintained
- Discounted closing costs when choosing one of their mortgage programs
- Overdraft grace gives you a little wiggle room
Cons:
- Most checking and savings accounts come with above-average opening deposit amounts
- Paper statements automatically charge a fee; you must opt out
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How to Choose the Best Bank in Minnesota
At BankBonus.com, we’re committed to providing consumers with the resources they need to select a bank or credit union. Here’s an overview of the steps we recommend our readers take to choose a bank:
- Understand different types of banks: You have access to traditional banks, online banks, credit unions, and neobanks. It’s important to understand the differences between them and determine which type of institution aligns best with your preferences.
- Choose the right account: Checking, savings, money market, and certificate of deposit accounts are the most common types of bank accounts. Understand what each offers and choose a bank with the type of account(s) you need.
- Look for low-fee banks: Account fees can add up quickly. As you compare bank accounts, look for an account that doesn’t charge unavoidable monthly maintenance fees, overdraft fees, and ATM fees.
- Consider branch and ATM access: If having access to branches matters to you, choose a bank with physical locations. Regardless, you should prioritize banks that have a vast ATM network or reimburse ATM fees.
- Compare account features: Determine which features you’re looking for. A few common bank account features to consider are interest, cashback, mobile features, cash deposits, and minimum account balance requirements.
- Check out reviews and ratings: It’s crucial to pick a reputable bank. To get an idea of a bank’s customer experience, you can read expert reviews and look to sources like TrustPilot, the Better Business Bureau, and J.D. Power.
- Read the fine print: Don’t sign up for an account without understanding the terms and conditions. Make sure the account is FDIC or NCUA insured and get a sense of its requirements, fees, and expiration dates for bank bonuses.
- Look at the bank’s additional products: If you want to manage all of your finances under one roof, look into each bank’s additional products. A lot of banks also offer credit cards, wealth management, investment accounts, and loans.
Read our Full Guide to Choosing a Bank
Our Methodology
The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews. We evaluated digital financial platforms, online banks, regional banks, and national banks with a presence in Minnesota.
Our assessment of each bank factors in these considerations:
- Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
- Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
- Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
- Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
- Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
- User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
- Branch and ATM access: To gauge convenience, we also look at each bank’s branch and ATM availability and consider their ATM reimbursement policies.
- Customer service: In our review process, we also explore their customer service channels, hours of availability, and third-party reviews.
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