New residents will feel at home quickly in the friendly and gorgeous state of Minnesota, but not until all those moving details have been resolved. One of these details that matters to those new to Minnesota, or to current residents looking for a change is where to find the best banks in Minnesota.
Whether looking for savings accounts for new college students or a small business checking account without transaction limits, the answer to which the best banks are in Minnesota is somewhat subjective.
Depending on where you live and what services you need, this information will help you find the right financial fit. Discover Minnesota banks based on criteria that matter to you.
Best National Banks in Minnesota
There are advantages to choosing the largest banks in Minnesota. Large banking chains tend to have a stable financial foundation (read “the bank won’t fail”) and have extra resources that are not available in smaller locations.
Large banks will have additional branches and extra staff and may offer a wider variety of services. In addition, these banks may also be accessible to users out of state or ease banking issues while traveling.
The largest bank in Minnesota is US Bank, which saw a total of $425.28 billion in deposits in the state last year according to Biz Journals statistics. The next runner-up is Wells Fargo Minnesota at $68.47 billion in deposits, which isn’t very close.
Rounding out the top 5 are Bremer Financial Corp with $13.09 billion, TFC bank with $8.44 billion, and BMO Harris Bank with $5.93 billion. The more deposit revenue a bank has, the more resources and stability it is likely to provide for consumers.
Best Credit Unions in Minnesota
Many people do not prefer larger banks, but instead, prefer the many benefits of credit unions. Credit unions tend to be more forgiving of members and offer desirable consumer benefits like higher interest rates on savings accounts and lower interest on loans.
The following credit unions have the most branches in Minnesota, making these the best banks for widespread use.
Wings Financial Credit Union based in Apple Valley has 30 different locations, followed by Affinity Plus Federal Credit Union with 27 locations out of St. Paul.
The next most prolific is TruStone Financial Credit Union of Plymouth, offering service at 24 different locations, then Central Minnesota Credit Union of Melrose with 23 locations, and SPIRE Credit Union of Falcon Heights with 20 locations.
Best Bank in Minnesota for Small Business
US Bank has been named the best bank in Minnesota for small businesses by Value Penguin. Being the largest bank chain in Minnesota, it clearly has business advantages in both services and accessibility, which includes over 140 listed banking locations.
The best for small businesses is the Silver Business Package featuring free business checking and no monthly minimum, but there are actually three tiers of business checking from which a business can choose.
Best Bank in Minnesota for Customer Service
Customer service in banking can make all the difference to its customers. A good bank will help manage your accounts with care, untangle any financial hassles, and provide fast and easy assistance should you open a new account, need a loan, or choose to refinance.
Minnesota is already known for its Midwestern friendliness, so taking the title of best customer service is quite a challenge.
Smart Assets has named Associated Bank the top banking experience for Minnesota based on its excellent customer service.
The ranking was determined in part by the J.D. Power U.S. Banking Satisfaction, which ranks this banker highly, but also by the availability of 24/7 customer service, excellent protection, and a user-friendly web-based ATM finder tool that allows customers to input their zip code or location and find services nearby.
Best Banks in Minnesota for Savings Accounts
If your primary purpose for banking is to establish a savings account for that dream home or that college fund, you’ll need to find the right bank. While checking accounts require easy access and plentiful branching, savings accounts require less interaction and higher interest rates.
My Bank Tracker names TCF National Bank as the best for Minnesota savings with its free savings account.
The fee-free savings account requires $25 to open, then after that, there are no monthly fees and no minimum balance, making the savings experience accessible to all financial levels. TCF savings can also be linked to TCF checking accounts for those who wish to do so.
Best Bank in Minnesota for Community and Charity Support
The modern consumer doesn’t simply want service, they also want to choose businesses that serve their community too. Many companies now seek to invest in community charities and become agents of change in their own right.
One path to community good is through companies that are called B corps. B corps balance business and profit for community good and this certification can extend across all industries.
In Minnesota, one banking organization stands out for its certified B Corp status, which is Sunrise Banks out of St. Paul. Sunrise Banks seeks to, “believe in the power of business as a force for good and your impact will be multiplied”.
The group is focused on urban financial wellness and is one of 100 banks nationwide to be certified as a U.S. Treasury as a Community Development Financial Institution (CDFI).
Best Bank in Minnesota for Students
Student banking needs are often different than those of an established career professional. Youth look to balance tuition, fees, and often limited incomes for the first time by managing these accounts on their own.
While listed at number 3 by Top Universities for student banking, we rank Wells Fargo as number one when balancing availability and services to the Minnesota area.
Wells Fargo’s student checking account is designed for students aged 17 to 24 and limits monthly checking fees for this age group to $0.
Add the 13,000 ATMs available worldwide, 24/7 customer service, and Zero Liability Protection with fraud monitoring, and this bank account suits students well both at home and also should they choose to travel during spring break or summer.
Best Banks in Minnesota According to Yelp
While online groups can review and analyze data, sometimes we want most to hear from other customers to find the best fit. Yelp has long been a tool where consumers share their own insights, compliments, and complaints.
Affinity Credit Union ranks highly with reviewers, with a happy Yelp customer sharing, “The staff is exceptional. They act like they want to see you. You are not a number. And, they don’t fee you to death. My ATM is free.”
Another rave review is for local Bremer Bank. Says a happy Yelp reviewer, “If you want to go to a bank that is quick and efficient with a very friendly staff this is the place for you. Every time I go to this bank it has been a positive experience.”
Your Banking Decision
So decide what banking needs matter to you, but know there is a wide array of quality choices for the best banks in Minnesota. Whether a student starting out, a family looking for easy access and multiple locations, or a small business working to survive the post-pandemic world — the best banks in Minnesota will help support your financial needs.
For information about Minnesota credit union options, check out the Best Minnesota Credit Unions 2022!