Finding a bank in Minnesota can be an arduous task because there are so many options. Benzinga found some of the most popular banks so you can carry out your banking needs.
Read on to learn about our top picks and match with the bank that suits you best.
Best Banks in Minnesota Near You:
- Best for Range of Accounts: Wells Fargo
- Best for Loans and Line of Credit: U.S. Bank
- Best for Mobile App: Bank of the West
- Best for Businesses: Bremer Bank
- Best for Digital Banking: Old National Bank
- In-person service and support
Best for Range of Accounts: Wells Fargo
Wells Fargo Bank is 1 of the largest banks in the U.S. with over 144 branches in 96 cities and towns in the state of Minnesota.
The bank offers 4 types of checking accounts to cater to unique banking needs. Some of them include:
- Everyday Checking: Popular among college students, you can get free access to its mobile app, debit card and alerts.
- Preferred Checking: You can earn interest on this account. It’s ideal for Wells Fargo Home Mortgage customers. An added benefit of owning this account includes a $10 discount on personal style checks.
- Portfolio by Wells Fargo®: You can earn interest and also get access to the Dedicated Wells Fargo Premier Banking Team for around-the-clock personalized phone service.
- Teen Checking: An account especially for teenagers, parents can set limits on purchases and withdrawals.
- Opportunity Checking. An alternative account if you don’t qualify for the regular checking accounts.
Best for Loans and Line of Credit: U.S. Bank
U.S. Bank is the 5th largest bank in the country and it’s headquartered in Minneapolis, Minnesota. The bank operates with 130 branches in 79 different cities and towns in the state of Minnesota.
U.S. Bank offers multiple refinancing options. Some of them include:
- Home equity: There are 4 ways to access your home equity — through a line of credit, loan, no-cost closing and cash at closing.
- Auto loans: Rates as low as 3.09% annual percentage rate (APR) are available for auto loans on meeting certain requirements.
- Personal loans: Borrow up to $25,000 or get access to a line of credit.
- Boat and RV loans: Get loans of up to $150,000 on new and used boats or RVs at 5.24% APR.
Best for Mobile App: Bank of the West
Bank of the West operates with 20 branches in 20 different cities and towns in the state of Minnesota.
Bank of the West offers 2 types of checking accounts — the Any Deposit Checking Account and Premier Checking account. The Any Deposit account is a low-cost account that gives you the flexibility and convenience to carry out your simple day-to-day banking needs. The Premier account is an interest-bearing account with added benefits.
The bank has a cutting edge mobile app. Some of its features include:
- Quick mobile payments
- Secure fingerprint login
- Account text alerts
- Easy mobile deposits
Best for Businesses: Bremer Bank
Bremer Bank operates with 54 branches in 49 different cities and towns in Minnesota. The bank also has 24 more offices in 2 states.
Apart from personal banking, Bremer Bank also specializes in offering a variety of checking and banking packages specially designed for business owners, finance professionals, nonprofits, farmers and more. The bank has handled over $3.2 million small business transactions every year and has helped business for over 75 years.
Some of the business banking options include:
- Bremer Classic Business Banking℠: A basic checking account for smaller businesses with simple money management needs.
- Bremer Community Business Banking℠: Ideal for middle-sized businesses with comprehensive money management tools.
- Bremer Commercial Business Banking℠: Best for large companies with full analysis statement and cash availability schedule.
Best for Digital Banking: Old National Bank
Old National Bank (ONB) operates with 35 branches in 32 different cities and towns in the state of Minnesota.
ONB’s mobile banking makes it extremely convenient if you wish to bank from home, the office or anywhere with internet access. Available on the App Store or Google Play, you can download the ONB mobile app to do any of the following:
- Mobile deposit: Deposit a check safely and securely with your smartphone.
- Account-to-account transfers: Transfer money from accounts you have at other financial institutions to your Old National account.
- Online bill pay: Set up who you want to pay, when and how much.
- eStatements: View, download and print an electronic version of your statement.
- Money management: See all your financial accounts in 1 place so that you can track and analyze your total spending, loans and investments.
- Popmoney®: Send or receive money through email or text using your existing checking account at Old National.
- Text banking: Use simple text commands to check account balances, transfer funds between accounts and view recent transaction history.
Frequently Asked Questions
Q: What is the difference between a checking account and a savings account?
A: A checking account is an account that you would use for your everyday spending and bills. There is typically no limit on the number of times you can use it at an ATM. The account pays little or no interest.
A savings account is an account you would use to deposit your savings. There is only a limited number of withdrawals you can make on this account. A savings account usually pays a small interest.
Q: What are the basic requirements to open a checking account?
A: Banks generally ask for your Social Security number and a valid government-issued photo ID like a driver’s license, passport or military ID. Most checking accounts require a minimum opening deposit but some basic accounts like a student account are typically free.
Choose the Right Bank in Minnesota
When choosing a bank to open an account, make sure you check out all the options available to you. Selecting the right account can help you utilize the benefits that an account has to offer you and so that you avoid paying unnecessary fees.
Methodology
To determine the best banks in Minnesota, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Minnesota with co-op ATMs and cashback options. We also gave greater rankings to banks that offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources, and a mobile app.
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