Best Banks in Minnesota for 2022

Minnesota is the 12th largest state in the United States and home to over 5.75 million residents. Locals may find choosing the best banks in Minnesota somewhat daunting due to the volume of available options.

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.

Apart from traditional local community banks, state banks, and national brick-and-mortar banks, the digitization of the financial sector has made way for online banks to take up some market share. Potential bank customers should weigh their options before committing to one of the many Minnesota banks available.

9 Best Banks and Credit Unions in Minnesota

Here are some of the best banks in Minnesota you can open an account with today:

  1. U.S. Bank
  2. Wells Fargo
  3. Bank of America
  4. Bremer Bank
  5. Citizens Bank of Minnesota
  6. Huntington Bank
  7. BMO Harris Bank
  8. Wings Financial Credit Union
  9. Associated Bank

1. U.S. Bank

  • Offers: Checking Accounts, Savings Accounts, Student Accounts, Money Market Accounts, Credit Cards, Debit Cards, Trust Services, CDs (Certificate of Deposit), Loans & Mortgage Services
  • Savings Monthly Fee: Starting from $4.00
  • Checking Monthly Fee: Starting from $4.95

U.S. Bank is headquartered in Minneapolis, Minnesota, and offers its services to customers across the West and Midwest. The bank’s presence is quite visible in Minneapolis due to the U.S. Bancorp center being the 13th tallest building in the city. It 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 3,000 branches and almost 5,000 ATMs across several states.

Products and Services

U.S. Bank is a full-service financial institution. It offers credit and debit cards, trust services, CDs, mortgages, and loans. Online account opening features. Overdraft fees don’t apply if funds become available in the bank account by the end of the business day.

Pros:

  • Full-service bank
  • Large selection of financial products
  • Access to nearly 5,000 network ATMs

Cons:

  • Low-interest rates on savings accounts

2. Wells Fargo

  • Offers: Checking Accounts, Savings Accounts, Teen Checking Accounts, Kids Savings Accounts, Credit Cards, Debit Cards, CDs (Certificates of Deposit), Loans & Mortgage Services
  • Savings Monthly Fee: Starting from $5
  • Checking Monthly Fee: Starting from $5

Wells Fargo is headquartered in San Francisco, California, and offers products and services to over 70 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 8,000 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.

Products and Services

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
  • 24/7 fraud monitoring
  • zero liability credit card protection

Cons:

  • Low Savings accounts interest rate

3. Bank of America

  • Offers: Checking Accounts, Savings Accounts, Credit Cards, Investment Services, Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), Loans & Mortgage Services
  • Savings Monthly Fee: Starting from $8 (first six months free)
  • Checking Monthly Fee: Starting from $4.95

Bank of America is an FDIC-insured multinational, full-service bank headquartered in Charlotte, North Carolina. They offer banking services across all 50 states and have multiple brick-and-mortar branches in Minnesota. Bank customers have access to over 4,600 branches and close to 16,000 ATMs across the United States and abroad.

Products and Services

Their mobile banking app comes with 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 facilities, and loan and home equity calculators. They offer six credit card options tailored to different customer needs.

Pros:

  • Banking services accessible across the US and in selected overseas locations
  • Investing and retirement planning products on offer through Merrill
  • Monthly fees are avoidable

Cons:

  • Low savings account interest rates
  • Accounts come with monthly maintenance fees

4. Bremer Bank

  • Offers: Checking Accounts, Savings Accounts, Small Business Banking Services, Credit Cards, Debit Cards, Money Market Accounts, Loans & Mortgages, Agricultural Banking Services, CDs, and other deposit accounts.
  • Savings Monthly Fee: Starting from $4
  • Checking Monthly Fee: Starting from $3

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.

Products and Services

Business, non-profit, and agricultural banking services are available. Monthly fees on checking accounts are waived if specific criteria are met. Online services offered 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

Cons:

  • Low APY on savings accounts

5. Citizens Bank Minnesota

  • Offers: Checking Accounts, Savings Accounts, Agricultural and Business Banking Services, Credit Cards, and Debit Cards.
  • Savings Monthly Fee: Starting from $0
  • Checking Monthly Fee: Starting from $0

Citizens Bank Minnesota is a local community bank headquartered in New Ulm, Minnesota. Customers have access to 7 local brick-and-mortar branches and online banking services.

Notable Products and Services

Further to the typical financial products that most institutions offer, Citizens Bank Minnesota offers High School Scholarships and financial calculators. Agricultural & business banking services and lending.

Pros:

  • No monthly maintenance fees
  • Overdraft protection on most accounts

Cons:

  • Limited bank branch access due to the size of the bank

6. Huntington Bank (formerly TCF Bank)

  • Offers: Checking Accounts, Savings Accounts, Teen Checking Accounts, Business Banking Services, Credit Cards, Debit Cards, and Treasury Management Services.
  • Savings Monthly Fee: Starting from $0 (for checking account holders)
  • Checking Monthly Fee: Starting from $0

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.

Products and Services

Huntington bank offers extensive online and mobile banking services. Some of these are their Heads Up feature that notifies customers when transactions seem out of place and their Spend Setter feature that allows for budgeting. Military bank accounts are also available.

Pros:

  • No monthly maintenance fees
  • No minimum balance requirement on checking accounts
  • Online banking services
  • Access to financial planners through their website and mobile app

Cons:

  • Free checking account earns no interest

7. BMO Harris Bank

  • Offers: Checking Accounts, Savings Accounts, Business Banking Services, Credit Cards, Debit Cards, Money Market Accounts, CDs, IRAs, Mortgages, and Lines of Credit
  • Savings Monthly Fee: Starting from $0
  • Checking Monthly Fee: Starting from $0

BMO Harris Bank is a national bank headquartered in Chicago, Illinois. They offer services through 600 physical branches, facilitating withdrawal through 1,300 ATMs.

Products and Services

BMO Harris Bank offers a wide range of traditional banking services. Some checking and savings accounts have no monthly maintenance fees or minimum balance requirements. They also offer a range of lending options, including student loans, home equity loans, and mortgages.

Pros:

  • No 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

8. Wings Financial Credit Union

  • Offers: Regular and High Yield Checking Accounts, Regular and High Yield Savings Accounts, Custodial Accounts, Credit Cards, Debit Cards, Holiday Club, IRAs, Mortgages and Lines of Credit, CDs, and Money Market Accounts.
  • Savings Monthly Fee: Starting from $0
  • Checking Monthly Fee: Starting from $0

Wings Financial Credit Union is a federal credit union that services the employees of more than 50 different airlines. The credit union operates 33 brick-and-mortar branches and over 80,000 network ATMs across the United States.

Products and Services

Many of Wings Financial Credit Union’s checking and savings accounts come with no monthly maintenance fees or minimum balance requirements. They offer a range of lending options, including student loans, aircraft loans, recreational vehicle loans, and traditional lending like mortgages and renovation loans.

Pros:

  • No monthly maintenance fees
  • Earn rewards on certain accounts
  • Holiday club features
  • Extensive online banking features
  • High Yield checking and savings account options

Cons:

  • Interest compounds quarterly on some accounts

9. Associated Bank

  • Offers: Checking Accounts, Savings Accounts, Business Banking Facilities, IRAs, CDs, Private Banking, Money Market Accounts, and Health Savings Accounts.
  • Savings Monthly Fee: Starting from $0
  • Checking Monthly Fee: Starting from $0

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.

Products and Services

Associated Bank offers private banking services for those customers that 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.

Pros:

  • No monthly maintenance fees as long as minimum account balances are maintained
  • Discounted closing costs when choosing one of their mortgage programs

Cons:

  • Most checking and savings accounts come with above-average opening deposit amounts

What to Look Out for When Choosing a Bank in Minnesota

  • Features and interest rates on checking and savings accounts
  • Overdraft, monthly maintenance fees, and minimum account balance requirements
  • Small business, non-profit, agricultural, commercial, and personal banking options
  • Access to online or in-person customer service facilities
  • Family banking services such as accounts for kids and teens
  • Financial literacy and educational services to help you grow your knowledge
  • Sign up and loyalty incentives or rewards
  • Access to lines of credit, auto or home loans, and credit cards
  • Wealth management and investment services

Frequently Asked Questions

What is the most popular bank in Minnesota?

Minnesota has a substantial population, so identifying the most popular bank isn’t straightforward. The state is serviced by some of the biggest names in the financial sector, like the U.S. Bank, Bank of America, and Wells Fargo, which have a solid physical presence.

What’s the biggest bank in Minnesota?

The largest banks can be measured in different ways, including by the number of branches the institutions operate within state lines.

Wells Fargo currently operates 135 bank branches in Minnesota, according to the Wells Fargo branch locator. Meanwhile, U.S. Bank ranks second with 97 branches. Both banks are household names and rank pretty highly on the list of the top banks in the country.

What banks are headquartered in Minnesota?

Over 70 banks are headquartered in Minnesota. Most operate in the twin cities of Minneapolis–Saint Paul. U.S. Bank, Bremer Bank, and Minnwest Bank are some of the most popular banks in the state.

How many banks are in M.N.?

Finding out the exact number of banks in Minnesota can be difficult due to the lack of accessible official data. However, according to several online sources, there are over 300 different banks and credit unions operating in the state. Potential customers are spoiled for choosing the best bank or credit union to meet their individual or business banking needs.