Whether you’re looking for a community bank with a small-town feel, or you want to make a national bank your bank, you’re spoiled with choices for the best banks in South Dakota.
South Dakota has a number of national, regional, and small business banks dotting the state. It can be overwhelming with so many options, but we’ve done the homework for you, researching the best banks for South Dakotans.
We’ve compared monthly maintenance fees, direct deposit, and minimum balance requirements, annual percentage yield (APY) rates, and different certificate of deposit (CD) options.
7 Best Banks in South Dakota
Here are the best banks in South Dakota that you can open an account with today:
- U.S. Bank
- Wells Fargo
- Minnwest Bank
- Dacotah Bank
- First National Bank of Omaha
- First Bank & Trust
- First Dakota National Bank
1. U.S. Bank
U.S. Bank has a solid presence in South Dakota with 14 branches throughout the state. It has the resources and variety of products needed to be a one-stop shop for banking and investment needs.
And although it’s a regional bank, U.S. Bank’s headquarters are located in neighboring Minnesota.
- Checking Account: U.S. Bank has three checking account options, from bare bones to the Platinum account with loads of extra perks. The Bank Smartly Checking Account offers tier-based interest (based on balance), overdraft protection, no transfer fees, 100 free trades per year, and a mortgage loan closing cost credit of 0.25%.
- Savings Account: APY rates range from 0.01% to 3.85% depending on the type of savings account and minimum balance.
- Plenty of S. Bank branch locations throughout the state.
- Personal and business checking options and banking solutions.
- Security and resources of a large, national bank.
- More overdraft forgiveness than other financial institutes of similar sizes. S. Bank offers a cushion of up to negative $50 before any overdraft fees are assessed. Additionally, customers have until the end of the following day before any overdraft is charged.
- The website is harder to navigate than other banks and credit unions on this list, in particular when looking for information about CD rates or bank account APYs.
- More limited checking account options than other similar size banks.
U.S. Bank’s Smartly Checking Account earns variable interest and comes with a wealth of benefits to help you manage, move, and spend your money wisely.
2. Wells Fargo
With 1 in 3 American households banking at Wells Fargo, the bank has a huge reach across the U.S. and South Dakota is no exception. Wells Fargo has 30 branches in South Dakota, the second-highest bank footprint in the state (behind First Interstate Bank with 46).
With its huge size, Wells Fargo flexes to do it all: bank accounts, credit cards, mortgages and home equity loans, retirement, student loans, personal loans, business loans, investment services, and more.
In addition to branches just about everywhere, Wells Fargo has hundreds of ATM machines throughout the state for easy, fee-free withdrawals. Wells Fargo was also one of the first banks to offer secure internet (website) and mobile (app) banking.
- Checking Account: There are 4 options including 2 interest-bearing checking accounts, with a minimum opening deposit of $25 required for any account.
- Savings Account: 2 easy, traditional savings account options. Either requires a $25 opening deposit and offers APYs starting at 0.15%.
- Unrivaled accessibility with stores and ATMs everywhere.
- 24/7 customer assistance by phone or online.
- Wells Fargo is an all-in-one financial solution offering every kind of loan or financial product out there.
- Not BBB accredited.
- Many critics of this “big box” bank feel that Wells Fargo cares more about shareholders than its customers.
- Wells Fargo does not have South Dakota-specific ties, but it does offer immense convenience for South Dakota
3. Minnwest Bank
Minnwest Bank is a family-owned bank known for its outstanding customer service. With over 30 locations (6 in South Dakota) and more than $2 billion in assets, Minnwest is big enough to meet your daily banking needs and long-term financial goals for consumers and businesses.
Minnwest offers SBA loans, equipment leasing, business loans and business lines of credit, commercial insurance, checking and savings accounts, payroll management, business CDs, mortgages, and IRAs.
With the motto of “Doers Welcome,” Minnwest specializes in meeting commercial, agricultural, and personal consumer banking needs.
- Checking Account: There are four different options, all requiring a $100 minimum opening deposit. Two account options are interest-bearing with interest rates up to 0.50% APY.
- Savings Account: Three different options. The most basic requires a $50 opening deposit and a $50 minimum daily balance and offers a 0.05% APY. Other options have higher APYs but require a $10K opening deposit and minimum daily balance.
- Wide variety of fee-free checking and saving account options, including special options for non-profits with APYs up to 0.40%
- Local ties. Designed to meet the business and personal banking needs of the agricultural communities it serves.
- A relatively high opening deposit is required to open a checking account.
- Better suited for farmers and small business owners than the average urban or suburban consumer.
- Extremely low savings account APY (0.05%) for those with less than $10K in their account.
4. Dacotah Bank
Headquartered in Aberdeen, Dacotah Bank is a state-chartered bank with locations throughout all of South and North Dakota and a limited presence in Minnesota, Iowa, Nebraska, Wyoming, and Montana.
Dacotah Bank specializes in being run by and for local community members and has a history of supporting local charities and nonprofit causes.
- Checking Account: There are 5 options to choose from, with minimum opening balance requirements ranging from $25 to $100. Free mobile check deposit (in the banking app) and free bill pay are offered across all accounts, and 3 of the 5 accounts are interest-bearing.
- Savings Account: There are 4 money market account options, including Young Dacotah Money Market for savers 18 years or younger. Other accounts require a $100, $10K, or $50K opening balance.
- There are 23 locations throughout the state.
- Options to encourage young consumers to start saving, with minimum balances of $0 or $100 needed to open a money market account.
- Can open a checking account with a minimum balance of just $25.
- Multiple interest-bearing checking accounts
- The top CD APY rate is below the national average.
5. First National Bank of Omaha
While its name suggests Nebraska, the First National Bank of Omaha (FNBO) is an excellent choice for South Dakotans looking for a South Dakota Bank.
Founded in Nebraska (South Dakota’s southern neighbor) in 1857, FNBO has been a family-run, family-centric business for six generations.
The bank’s mission is to be an integral part of their customers’ lives and a force for good in their communities. Tied to serving families, the bank’s focus is on the long game and not meeting the shareholders’ next-quarter goals.
- Checking Account: FNBO offers 3 account options, including 1 interest-bearing checking account.
- Savings Account: 3 savings account options, 2 of which require a $1K minimum daily balance.
- Family-centric banking services with a small-town feel.
- 2 checking account options with no requirements for the opening deposit or daily minimum balance. This includes the Access Debit account which has no overdraft fees and controlled money management.
- More limited customer service. No 24/7 support. FNBO offers in-branch, email, or phone assistance.
- CD rates are much lower than the current national average of other banks featured on our list.
6. First Bank & Trust
Founded in 1880, South Dakota-based First Bank & Trust (FBT) is a small-town bank with big-town resources and vision. Their mission is to meet the needs of each local community they serve with integrity and innovation.
Headquartered in Brookings, South Dakota, FBT has grown to 15 locations throughout the state. The bank has 7 additional locations in neighboring Minnesota, and an eighth location is being built in Edina, Minnesota.
- Checking Account: FBT offers 4 checking account options, 2 of which have no minimum balance or opening deposit There’s 1 interest-bearing account and special options for seniors (age 55+) and younger consumers (age 24 and younger).
- Savings Account: 3 savings account options, including 1 designed for teens and another designed specifically for kids.
- Full-service financial options and services beyond checking and saving that include mortgages, personal and business loans, ID theft protection, Mobile Wallet, credit cards, estate planning, Health Saving Accounts (HSA), and home loans and mortgages.
- Free checking account options with no opening deposit
- Specially designed options for the spending and saving goals of kids, teens, and seniors.
- CD rates are not published. Consumers are advised to directly contact a banker. This suggests the rates are not competitive, but it could be done in an abundance of caution as rates can change frequently.
- More limited hours of customer service. Assistance is primarily available via phone or in person during traditional business hours.
7. First Dakota National Bank
Founded in Yankton, South Dakota in 1872, First Dakota National Bank (FDNB) became the first fully chartered bank of the Dakota Territory (before statehood).
For the past 150 years, FDNB has served the needs of pioneers, river-based commerce, local settlers, and today’s 21st-century consumer. Worth over $2.6 billion in assets, the bank delivers a full array of banking, trust, and investment services for agricultural, business, and individual consumers.
FDNB has 18 locations throughout South Dakota, including 4 branches in Sioux Falls alone.
- Checking Account: FDNB has 4 checking account options, including 2 with no minimum requirements for an opening deposit or daily balance.
- Savings Account: FDNB has 3 savings account options, including a money market account that bears interest if your balance stays above $10K. For the other 2 traditional account options, there is a $3 monthly fee for balances below $100 with exceptions for accountholders under age 18.
- Strong South Dakota community ties.
- Free checking and savings account
- APY rates of up to 3.71% for higher-tier savings accounts.
- Up to 1.00% APY for a FirstParnters checking account.
- Monthly fees ($3) and semi-annual fees ($2) for balances below $100 on eSavings and Statement Savings accounts. (This could also be a pro if it discourages withdrawals and overspending.)
- 24-hour phone banking is an automated menu. Most customer support and banking services are only offered during traditional business hours.
- outside of traditional business hours.
Choosing the Best Banks in South Dakota for Your Needs
To help you decide which bank is best for you, here’s a list of things to evaluate.
This will help you understand your preferences so that you can pick the financial institution that’s the best fit for you.
- Do you prefer a bank or credit union? Typically, banks have more branch locations and are more apt to keep up with the latest trends and technologies. However, credit unions often have better customer service and more favorable financial products (including loans and credit cards) for consumers with negative credit history.
- Monthly service or overdraft fees. Avoid paying these fees! We’ve shared a list of banks with you that have fee-free options for checking and savings accounts.
- Credit and debit cards issued. What kind of credit card or debit card does the bank offer? Do you prefer a Visa card to a Mastercard? Do you want the option of getting an Amex card?
- Your customer service needs. Do you prefer to do your banking online only, or do you need a brick-and-mortar location with a teller who knows your name?
- Access to Branches and ATMs. From time to time, everyone needs cash. Are you willing to pay withdrawal fees? Or are you the type of person who will drive across town to avoid them? Do you need to be within a few blocks of a fee-free machine?
- Online banking and mobile app. Most banks and federal credit unions offer online banking (through their website) and mobile apps, but what is the user experience? Is it clunky? Are you constantly asked to re-verify your identity and getting locked out of your account — even when you’re on the same machine and WiFi network? Can you easily navigate to what you need? It should be a smooth, seamless, and very secure experience.
- Annual interest rates. More interest is better than less when it comes to your money. It’s an important consideration, but it’s not the be-all and end-all. If you’ve got a $1,000 average daily balance, the difference between a 0.05% and 1.0% interest rate is only $9.50 a year. By nixing out just one fast food run, you could make up that difference. Unless you’ve got loads of money in the bank, APYs might not matter that much. Convenience, flexibility, and a bank’s values and philanthropy may matter to you much more.
- Security of your assets. Make sure that the bank you consider is a member-FDIC or insured by NCUSIF.
Frequently Asked Questions
What is the best local bank to use in South Dakota?
In terms of convenience (branch locations and customer service) and competitiveness (offerings, fees, APYs), we recommend Dacotah Bank. Headquartered in South Dakota, Dacotah Bank has 23 locations throughout the state and a number of different attractive and flexible checking, savings, and CD options.
What is the biggest bank in South Dakota?
According to the South Dakota Department of Labor and Regulation, Great Western Bank is the largest state-chartered bank. Great Western Bank is headquartered in Sioux Falls and has nearly $13 billion in assets.
What is the best major bank to use in South Dakota?
There are a number of major banks with a strong presence in South Dakota, including:
- U.S. Bank
- Wells Fargo
- Bank of the West (BNP Paribas)
- First Interstate Bank
We highly recommend the U.S. Bank Smartly checking account.
Is Citibank in South Dakota?
Yes. Citibank has headquarters in Sioux Falls and operates 2 branch locations for consumers. Founded in New York in 1812, Citibank moved headquarters to South Dakota in 1980 for more favorable regulatory laws: the ability to charge credit cardholders much higher rates of interest.
What bank has the most branches in South Dakota?
The winner for most branches in South Dakota is First Interstate Bank.
Here is a list of all banks with a large number of South Dakota locations:
- First Interstate Bank: 46
- Wells Fargo: 30
- Dacotah Bank: 23
- CorTrust Bank: 22
- BankWest: 18
- First Dakota National Bank: 18
- The First National Bank in Sioux Falls: 18
- First Bank & Trust: 15
- American Bank & Trust: 15
- First PREMIER Bank: 15
- S. Bank: 14
- First National Bank: 12
- First Savings Bank: 11
- Reliabank Dakota: 9
*Exact numbers may vary slightly over time.
How We Chose the Best Banks in South Dakota
Each bank that we’ve selected on this list delivers an excellent experience. We did the homework for you, evaluating banking options based on a number of factors:
- Checking and savings account interest rates
- Minimum balance requirements
- Opening balance requirements
- Monthly or annual fees
- NSF or overdraft fees
- ATM fees and reimbursement
- Accessibility — for branches and ATM machines
- Customer service
- Online experience
- App experience